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
| On 22nd Apr 2021
The international NGO Environmental Coalition on Standards (ECOS) has ...
| On 22nd Apr 2021
Italian luxury goods company Salvatore Ferragamo has launched...
Canada-based Lululemon Athletica has announced 2 new initiatives that ...
Blockchains will be in heavy use by early adopters by 2025
Increased need for online fitting solutions as retailers shift to...
Value of 'Made in India' should get more importance
Surat-based Sunrise Imports & Exports Co is a
One of the first few Indian denim brands, Spykar, established in 1992, was ...
Hollywood Footwear’s story began in 1946 when Jummabhai Ajani started the...
INDA, a global association of the nonwoven fabrics industry, has been...
Steve McCullough & Marco Weichert
Functional Fabric Fair & Design and Development GmbH Textile Consult respectively
Functional Fabric Fair is a trade-exclusive event showcasing the latest...
Garware Technical Fibres
Garware Technical Fibres Ltd (formerly Garware-Wall Ropes Ltd) is a...
Sailesh Singhania Label
The Sailesh Singhania label was created to promote handwoven sarees and...
Artisan Saga, founded by Kaushik Rajani and Seema Agrawal, is an online...
Designer <b>Suman Nathwani</b> talks about her journey of opening a...
Letter to Editor
Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.
Subscribe today and get the latest information on Textiles, Fashion, Apparel.
Download Free Report
Rising Opportunities in Technical Textiles Market: 2020-2026
Thank you for showing interest in our free report on 'Rising Opportunities in Technical Textiles Market: 2020-2026'
You will receive an email shortly with a link to download the report and in case if you don't receive our email, you can write back to email@example.com.