Home / Knowledge / News / Retail / Tailored Brands net sales down 3% to $729.5 mn in Q3 '19

Tailored Brands net sales down 3% to $729.5 mn in Q3 '19

16
Dec '19
Pic: Tailored Brands
Pic: Tailored Brands
For the third quarter ending November 2, 2019, the total net sales of Tailored Brands, decreased 3 per cent to $729.5 million from $751.7 million in Q3 of 2018 due to decrease in comparable sales of 2.2 per cent. The GAAP earnings from continuing operations in Q3 2019 were $0.56 per diluted share compared to $0.69 per diluted share in Q3 of last year.

For brand Men’s Wearhouse, comparable sales decreased 2.8 per cent. Jos A Bank comparable sales increased 0.5 per cent. K&G comparable sales decreased 1.5 per cent, while Moores comparable sales decreased 5.5 per cent.

“We are pleased to report third quarter comparable sales and adjusted earnings per share above our expectations. We delivered sequential comparable sales improvement at both Men’s Wearhouse and Jos A Bank, with a return to positive comparable sales at Jos A Bank. On a sequential basis, both brands generated higher transactions and increased comparable sales across multiple merchandise categories, Tailored Brands president and CEO Dinesh Lathi said.

“Our third quarter performance reflects continued progress in each of our transformational strategies, including improved sales in our polished casual categories, higher online sales driven by enhanced e-commerce experiences and online marketing, and new customer acquisition and increased traffic reflecting more effective marketing campaigns and channel strategies.”

“While we still have much more work in front of us, we are encouraged by the improved momentum in the business. To further accelerate our transformation, we have created a new chief customer officer role providing common leadership for our Men’s Wearhouse, Jos A Bank and Moores brands, and we have eliminated the brand president positions for these brands,” added Lathi.

“After more than a decade of impactful leadership at Tailored Brands, Mary Beth Blake, brand president, Jos A Bank, is resigning from the company. We are immensely grateful for everything Mary Beth has done to enhance our performance and we wish her the best in her future endeavors,” Lathi concluded.

For Q4 of fiscal 2019, the company expects to achieve adjusted diluted EPS in the range of $0.50 to $0.55. Comparable sales for Men's Wearhouse is expected to be down 1-1 per cent, Jos A Bank to be down 1-1 per cent, K&G to be flat up by 2 per cent and Moores to be down 6-8 per cent.

Tailored Brands is a leading omni-channel specialty retailer of menswear, including suits, formalwear and a broad selection of business casual offerings. Its brands include Men's Wearhouse, Jos A Bank, Joseph Abboud, Moores Clothing for Men and K&G.

Fibre2Fashion News Desk (PC)


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