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Men's Wearhouse to close Canadian manufacturing facility
29 May '08
3 min read
Accordingly, the following highlights of the Company's operating results are based on a comparison of the pro forma results for the 2007 first quarter with the GAAP results for the 2008 first quarter.
• Total company sales decreased 6.7% for the quarter.
• Apparel sales, representing 79.11% of 2008 total net sales, decreased 4.6% due primarily to decreases in the Company's
comparable store sales driven by a reduction in store traffic levels.
• Tuxedo rental revenues, representing 14.29% of 2008 total net sales, decreased 18.6%. This decline was primarily driven by
• reduced tuxedo rental sales at the Company's stores acquired from After Hours as well as the sale of the acquired wholesale tuxedo rental operations in July 2007. These declines were partially offset by increases at the Company's Men's Wearhouse stores.
• Gross margin before occupancy costs, as a percentage of total net sales, decreased 28 basis points from pro forma 58.38% to 58.10%. Increases in clothing product margins, as a percentage of related sales, of 97 basis points were offset by a reduction in the percentage of total net sales derived from tuxedo rentals from 16.38% to 14.29% as well as deleveraging of fixed costs related to alteration and other services.
• Occupancy costs increased, as a percentage of total net sales, by 271 basis points from pro forma 12.27% to 14.98% primarily due to the deleveraging effect of reduced comparable store sales, increased rental rates for new and renewed leases and increased depreciation expense from the rebranding of After Hours stores to MW Tux.
• Selling, general, and administrative expenses, as a percentage of total net sales, increased 378 basis points from pro forma 36.26% to 40.04%. This increase was primarily due to the deleveraging effect of reduced net sales.
• Operating income was $15.1 million compared to pro forma $51.8 million for the same period last year and net income was $9.9 million compared to pro forma $32.1 million.
• The effective tax rate for the 2008 first quarter was 30.6%.
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• Total company sales decreased 6.7% for the quarter.
• Apparel sales, representing 79.11% of 2008 total net sales, decreased 4.6% due primarily to decreases in the Company's
comparable store sales driven by a reduction in store traffic levels.
• Tuxedo rental revenues, representing 14.29% of 2008 total net sales, decreased 18.6%. This decline was primarily driven by
• reduced tuxedo rental sales at the Company's stores acquired from After Hours as well as the sale of the acquired wholesale tuxedo rental operations in July 2007. These declines were partially offset by increases at the Company's Men's Wearhouse stores.
• Gross margin before occupancy costs, as a percentage of total net sales, decreased 28 basis points from pro forma 58.38% to 58.10%. Increases in clothing product margins, as a percentage of related sales, of 97 basis points were offset by a reduction in the percentage of total net sales derived from tuxedo rentals from 16.38% to 14.29% as well as deleveraging of fixed costs related to alteration and other services.
• Occupancy costs increased, as a percentage of total net sales, by 271 basis points from pro forma 12.27% to 14.98% primarily due to the deleveraging effect of reduced comparable store sales, increased rental rates for new and renewed leases and increased depreciation expense from the rebranding of After Hours stores to MW Tux.
• Selling, general, and administrative expenses, as a percentage of total net sales, increased 378 basis points from pro forma 36.26% to 40.04%. This increase was primarily due to the deleveraging effect of reduced net sales.
• Operating income was $15.1 million compared to pro forma $51.8 million for the same period last year and net income was $9.9 million compared to pro forma $32.1 million.
• The effective tax rate for the 2008 first quarter was 30.6%.
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Men's Wearhouse
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