Home / Knowledge / News / Apparel/Garments / Tailored Brands posts $810.8 million sales in Q3 FY17
Tailored Brands posts $810.8 million sales in Q3 FY17
15
Dec '17
Courtesy: Tailored Brands
Courtesy: Tailored Brands
Tailored Brands, a leading US-based specialty retailer of menswear, has posted net sales of $810.8 million for the third quarter of fiscal 2017, down 4.3 per cent compared to the same quarter in previous year. Retail net sales decreased 2.1 per cent due to the impact of last year's store closures, with retail segment comparable sales up 0.1 per cent.

Third quarter 2017 GAAP diluted earnings per share (EPS) were $0.75, which included $0.03 per share from a net gain on extinguishment of debt, compared to GAAP diluted EPS of $0.58, or adjusted diluted EPS of $0.71, for the third quarter last year, which includes $0.03 per share from a net gain on extinguishment of debt. 

On a GAAP basis, total gross margin was $358.8 million, a decrease of $18.4 million, primarily due to a decrease in corporate apparel net sales.  As a percent of sales, total gross margin decreased to 44.2 per cent. 

"While we still have more work to do, we are pleased with the progress in our business in the third quarter. We posted positive comparable sales at Jos. A. Bank and sequential comparable sales improvement at Men's Wearhouse and K&G, resulting in our second consecutive quarter of positive comparable sales for our retail segment. Based on solid third quarter results and a good start to the fourth quarter, we have increased our EPS outlook for the year," said Tailored Brands CEO Doug Ewert. 

"We also continued to make progress toward strengthening our balance sheet.  During the third quarter, we repurchased and retired $65 million face value of senior notes, resulting in year-to-date repurchases of $115 million. We remain committed to a balanced capital allocation strategy, investing to support our growth initiatives, returning cash to shareholders via our dividend and using excess free cash flow to reduce debt," Ewert added,

For fiscal 2017, the company continues to expect comparable sales for Men's Wearhouse and Moores to be down low-single digits and comparable sales for Jos. A. Bank to increase mid-single digits. The company now expects comparable sales for K&G to be down low-single digits.

"Our new marketing campaigns are building awareness about the solutions we provide to men of all shapes and sizes. We're bringing new customers into our stores where we win with superior service and selection, including custom suiting at a disruptive price.  We are encouraged by the progress we are making on our strategic initiatives to grow our custom business and enhance our online and in-store omni-channel capabilities.  These initiatives are part of our strategy to deliver a superior customer experience in order to increase market share and drive long-term sustainable growth," said Ewert. (RR)

Fibre2Fashion News Desk – India


Must ReadView All

Pic: Riddell

Apparel/Garments | On 24th Feb 2020

Riddell sells part of apparel business to BSN Sports

Riddell, leader in football helmet technology, has sold certain...

Pic: Agfa

Textiles | On 24th Feb 2020

Agfa and TFL collaborating to develop Alussa

Agfa and TFL are collaborating to develop Alussa, an inkjet printing...

Pic: FESPA

Textiles | On 24th Feb 2020

FESPA to see latest in printing

FESPA Global Print Expo 2020 will see the international print...

Interviews View All

Awen Delaval, Samatoa

Awen Delaval
Samatoa

'Natural fibres are appreciated for traditional authenticity'

Nitin Bhatia, Trend Arrest

Nitin Bhatia
Trend Arrest

Setting up a brand for online selling is easy, but running the brand is not

Sachin Sharma, Gem Enviro Management Pvt Ltd

Sachin Sharma
Gem Enviro Management Pvt Ltd

There are no significant differences between virgin yarn and PET recycled...

C Dhandayuthapani,

C Dhandayuthapani

MAG Solvics Private Limited was established in 1991 to design and develop...

Akshat Chaudhary,

Akshat Chaudhary

Aizome, Asia's first Fairtrade denim brand, is all set to launch next...

Tejas N Patel, Navin D Patel,

Tejas N Patel, Navin D Patel

Founded in 1999 by Navin Patel in the name of Tejas Fabrics with 100...

Pranesh Sridharan & Berndt Koll, Lenzing

Pranesh Sridharan & Berndt Koll
Lenzing

The Lenzing Group produces Lenzing Lyocell and Modal cellulosic fibres of...

Prof Seokheun (Sean) Choi, Binghamton University, State University of New York (SUNY)

Prof Seokheun (Sean) Choi
Binghamton University, State University of New York (SUNY)

A team of researchers from the State University of New York (SUNY),...

Lynda Kelly, Suominen Corporation

Lynda Kelly
Suominen Corporation

Suominen Corporation is a manufacturer of nonwovens as roll goods for...

Sailesh Singhania, Sailesh Singhania Label

Sailesh Singhania
Sailesh Singhania Label

The Sailesh Singhania label was created to promote handwoven sarees and...

Madhu Jain, Madhu Jain

Madhu Jain
Madhu Jain

She grew up in the walled city of Old Delhi, completed her studies, and...

Sarah Denise Cordery, Sarah Denise Studio

Sarah Denise Cordery
Sarah Denise Studio

Manchester, England-based Sarah Denise Studio provides relevant fashion...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

Leave your Comments


February 2020

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.


Advanced Search