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Increase in clothing product revenues at Men's Wearhouse
08 Dec '10
4 min read
o Tuxedo rental service revenues as a percentage of total retail segment net sales increased from 21.3% in the third quarter of 2009 to 22.5% in the third quarter of 2010. In absolute dollars, tuxedo rental service revenues increased $13.6 million or 13.9% due mainly to a 14.6% increase in paid units rented, offset partially by lower average rental rates in the U.S.
• Corporate apparel segment net sales increased $51.8 million to $55.5 million for the quarter ended October 30, 2010 as compared to the same prior year quarter. The increase was due to our acquisitions of Dimensions and Alexandra in the UK on August 6, 2010.
• Gross margin, as a percentage of total net sales, decreased 101 basis points from 43.7% to 42.7% due primarily to more aggressive promotional offerings in 2010 compared to 2009 and the increased mix of the lower margin corporate apparel business.
• In the retail segment, total gross margin as a percentage of related sales increased from 43.9% in the third quarter of 2009 to 44.5% in the third quarter of 2010 primarily due to improved tuxedo rental margins and a decrease in occupancy costs. As a percentage of retail segment sales, occupancy costs decreased by 185 basis points from 15.8% to 13.9% primarily due to fewer open stores in 2010 and reduced depreciation following impairment charges taken in the fourth quarter of 2009. These improvements were partially offset by a decrease in clothing margin due primarily to more aggressive promotional offerings in the current year. As a percentage of related sales, clothing margin decreased 265 basis points from 56.0% to 53.4%.
• In the corporate apparel segment, total gross margin as a percentage of related sales increased from 22.6% in the third quarter of 2009 to 26.5% in the third quarter of 2010 due to our acquisitions of Dimensions and Alexandra in the UK on August 6, 2010.
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• Corporate apparel segment net sales increased $51.8 million to $55.5 million for the quarter ended October 30, 2010 as compared to the same prior year quarter. The increase was due to our acquisitions of Dimensions and Alexandra in the UK on August 6, 2010.
• Gross margin, as a percentage of total net sales, decreased 101 basis points from 43.7% to 42.7% due primarily to more aggressive promotional offerings in 2010 compared to 2009 and the increased mix of the lower margin corporate apparel business.
• In the retail segment, total gross margin as a percentage of related sales increased from 43.9% in the third quarter of 2009 to 44.5% in the third quarter of 2010 primarily due to improved tuxedo rental margins and a decrease in occupancy costs. As a percentage of retail segment sales, occupancy costs decreased by 185 basis points from 15.8% to 13.9% primarily due to fewer open stores in 2010 and reduced depreciation following impairment charges taken in the fourth quarter of 2009. These improvements were partially offset by a decrease in clothing margin due primarily to more aggressive promotional offerings in the current year. As a percentage of related sales, clothing margin decreased 265 basis points from 56.0% to 53.4%.
• In the corporate apparel segment, total gross margin as a percentage of related sales increased from 22.6% in the third quarter of 2009 to 26.5% in the third quarter of 2010 due to our acquisitions of Dimensions and Alexandra in the UK on August 6, 2010.
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