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Men's Wearhouse comparable sales decreased 4.3 per cent. Comparable sales for clothing decreased due to a decrease in transactions, average unit retail and units per transaction. Jos A Bank comparable sales decreased 3.3 per cent primarily from a decrease in average unit retail partially offset by an increase in both transactions and units per transaction. K&G comparable sales decreased 1.3 per cent primarily due to a decrease in both units per transaction and transactions partially offset by an increase in average unit retail. Moores comparable sales decreased 2.5 per cent primarily due to a decrease in both transactions and average unit retail partially offset by an increase in units per transaction.
"We were pleased to deliver second quarter comparable sales in line with our guidance and adjusted earnings per share above our guidance," said Tailored Brands president and CEO Dinesh Lathi. "We are also seeing early customer response to our initiatives, which gives us confidence that unleashing the potential for this business to generate healthy positive comps lies in our transformational strategies of providing i) personalised products and services, ii) inspiring and seamless experiences in and across every channel, and iii) brands that stand for more than just price."
"On our year-end call, we indicated that we had work ahead of us to transform our customer-facing experience to one that can generate sustainable and profitable growth. We also said that, while we transform the experience, we would execute and invest in a focused manner with a clear goal of continuing to generate cash that we would deploy responsibly. Our sale of the corporate apparel business is consistent with our commitment to focused execution and investment. The board of directors' unanimous decision to suspend the quarterly cash dividend for reallocation to debt repayment and share repurchases is consistent with our commitment to responsible allocation of capital. And while our Q2 results and Q3 guidance reflect what we've previously shared about the need to transform our customer experience and the fact that transformations take time, the early signs of customer response to our strategies indicate that we are making healthy progress on our journey," added Lathi.
For Q3 of fiscal 2019, the company expects to achieve adjusted diluted EPS in the range of $0.40 to $0.45, excluding the impact of any share repurchases. Comparable sales for Men's Wearhouse is expected to be down 3-5 per cent, Jos A Bank to be down 2-4 per cent, K&G to be down 2-4 per cent and Moores to be down 4-6 per cent. (PC)
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