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Tailored Brands retail comparable sales up 1.2% in FY 2018

Mar '19
Pic: Tailored Brands
Pic: Tailored Brands
Tailored Brands, a retailer of men’s tailored clothing and largest men’s formalwear provider in US and Canada, has reported retail segment comparable sales increase of 1.2 per cent in FY 2018 ending February 2, 2019. On a GAAP basis, retail net sales decreased 1.6 per cent to $3 billion and total net sales decreased 2 per cent to $3.239 billion.

For the fourth quarter ended February 2, 2019, the company reported GAAP diluted earnings per share of $0.12 and adjusted diluted loss per share of $0.28, compared to GAAP diluted loss per share of $0.01 and adjusted diluted loss per share of $0.00 for the same period a year ago, according to a press release by Tailor Brands.

For the fiscal year, the company reported GAAP diluted EPS of $1.64 and adjusted diluted EPS of $2.31, compared to GAAP diluted EPS of $1.95 and adjusted diluted EPS of $2.20 for the same period a year ago.

The comparable sales of Men’s Wearhouse, Jos A Bank, K&G and Moores increased to 0.8 per cent, 1.4 per cent, 1.5 per cent and 2.4 per cent respectively for FY 2018.

“In fiscal 2018, we delivered positive retail comps of 1.2 per cent, with all brands positive, and we reported full year adjusted EPS of $2.31, consistent with the revised guidance we provided in January. We significantly strengthened our balance sheet, reducing our total debt by $232 million and extending the maturity on our term loan to 2025, and we generated strong operating cash flow of $323 million,” said Tailored Brands executive chairman Dinesh Lathi.

“While all of our retail brands delivered positive comps for the full year, during the fourth quarter, comps at Men’s Wearhouse and Jos A Bank were down and this trend has continued into the first quarter of 2019. We attribute the current softness to both the macro-environment as well as the need for us to execute more quickly and effectively on our core growth strategies: deliver personalised products and services, create inspiring and seamless experiences in and across every channel, and build brands that stand for something more than just price. Our teams are intently focused on delivering against these objectives in fiscal 2019 as we look to build long-term sustainable value creation for our stakeholders,” Lathi added.

For FY 2019, Tailor Brands expects to achieve adjusted diluted EPS in the range of $0.10 to $0.15. The company expects comparable sales for Men’s Wearhouse to be down 3-5 per cent, Jos A Bank to be down by 3-5 per cent and Moores to be down by 5-7 per cent. (PC)

Fibre2Fashion News Desk – India

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