Men's Wearhouse presents preliminary review of Q1 retail sales
07 May '11
2 min read
The Men's Wearhouse announced results for its retail segment sales and updated its diluted earnings per share guidance ranges for the fiscal first quarter ended April 30, 2011.
Neill Davis, EVP and CFO of Men's Wearhouse, stated, "After a preliminary review of our first quarter retail segment sales results, our GAAP diluted earnings per share are estimated to be in a range of $0.46 to $0.49 or a 59% to 69% increase over the high end of the prior first quarter guidance of $0.29.
Adjusted diluted earnings per share are estimated to be in a range of $0.47 to $0.50 or a 57% to 67% increase over the high end of the prior first quarter guidance of $0.30. Retail apparel sales for the quarter were driven by increases in average transaction values due to stronger than expected responses to the Company's value offerings during the quarter.
"We continue to transition our business from an everyday low price to a more aggressive promotional model and are encouraged with the very positive customer responses to our value offerings we received during the first quarter. Current market conditions require an aggressive and flexible promotional strategy and we will continue to adjust our tactics to maximize our returns. We will likely experience continued volatility in actual versus estimated results until we anniversary our promotional strategies and as macro-economic conditions change," concluded Davis. Adjusted earnings per share exclude estimated acquisition integration expenses of $0.7 million ($0.4 million after tax or $0.01 per diluted share outstanding).
Founded in 1973, Men's Wearhouse is one of North America's largest specialty retailers of men's apparel with 1,187 stores. The Men's Wearhouse, Moores and K&G stores carry a full selection of 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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