Corporate Apparel Segment sales up - Men's Wearhouse
07 Dec '11
4 min read
2011 GUIDANCE For the fiscal year, GAAP diluted earnings per share is expected to be in a range of $2.21 to $2.24. Adjusted diluted earnings per share are expected to be in a range of $2.28 to $2.31. Adjusted earnings per share exclude acquisition related integration costs of $4.0 million ($2.6 million after tax or $0.05 per diluted share outstanding) and impairment charges of $1.7 million ($1.1 million after tax or $0.02 per diluted share outstanding). Both GAAP and adjusted earnings per share reflect the dilutive effect of participating securities which approximates $0.03 for the full year.
Estimated fourth quarter GAAP and adjusted diluted loss per share include a $0.02 per share negative impact from previous guidance due to the shifting of certain costs into the fourth quarter, which favorably impacted the third quarter, and severance costs due to a reorganization in the Company's technology workgroup.
For the fourth quarter of the fiscal year, GAAP diluted loss per share is expected to be in a range of ($0.17) to ($0.14). Adjusted diluted loss per share is expected to be in a range of ($0.15) to ($0.12). Adjusted earnings per share exclude acquisition related integration costs of $1.5 million ($1.0 million after tax or $0.02 per diluted share outstanding). Neither GAAP nor adjusted loss per share have an impact from the dilutive effect of participating securities.
The financial results of the combined UK acquisitions, excluding acquisition related integration costs, are expected to be accretive to the Company's full year and fourth quarter diluted earnings per share.
Founded in 1973, Men's Wearhouse is one of North America's largest specialty retailers of men's apparel with 1,175 stores. The Men's Wearhouse, Moores and K&G stores carry a full selection of men's designer, brand name and private label suits, sport coats, furnishings and accessories and Men's Wearhouse and Tux stores carry a limited selection.
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