"After a tough February, our first quarter comparable sales improved as the quarter progressed," said Tailored Brands chief executive officer Doug Ewert. "We were pleased to have reached an agreement with Macy's to wind down our tuxedo rental partnership, which eliminates the risk of extended future operating losses and enables us to focus on our rental business at Men's Wearhouse, Jos. A. Bank and Moores. As such, we are reaffirming our EPS outlook for fiscal 2017 that we provided on May 3, 2017" said Ewert.
"We are gaining traction on our initiatives of engaging more customers across all channels, strengthening our omni-channel experience and increasing sales of custom clothing. These initiatives support our strategy to innovate the best men's specialty store of the future by delighting our customers with an unmatched level of convenience, authority and personalisation," he added.
For the reported quarter, net sales decreased 5.5 per cent to $782.9 million. Retail segment net sales decreased by 5.3 per cent primarily due to the impact of last year's store closures as well as comparable sales declines. Corporate apparel segment net sales also decreased 8.0 per cent primarily due to unfavorable currency fluctuations partially offset by higher US sales.
"We are committed to a balanced approach of investing in the business while maintaining discipline in our management of inventory, expense and capital, and finding opportunities to unlock additional cash flow," said Ewert.
For fiscal 2017, the company continues to expect comparable sales for Men's Wearhouse to be down low-single digits. (RR)
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