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The Men's Wearhouse, Inc. Message Board

  • bluecheese4u bluecheese4u Dec 6, 2012 1:10 AM Flag

    Men's Wearhouse Reports Fiscal 2012 Third Quarter Results

    Men's Wearhouse Reports Fiscal 2012 Third Quarter Results

    - Q3 2012 GAAP diluted earnings per share grew 20% to $0.95 versus last year's comparable adjusted third quarter earnings per share

    - Company updates guidance for fiscal fourth quarter and fiscal full year 2012

    HOUSTON, Dec. 5, 2012 /PRNewswire/ -- The Men's Wearhouse (NYSE: MW) today announced its consolidated financial results for the fiscal third quarter ended October 27, 2012 and will file its Form 10-Q tomorrow morning, December 6, 2012.

    Comparable diluted earnings per share rose 20% over last year's third quarter and were within the $0.95 to $0.98 guidance range given on September 5, 2012.

    Net earnings for the 2012 fiscal third quarter was $48.8 million, or $0.95 diluted earnings per share, compared to net earnings of $39.9 million, or $0.77 diluted earnings per share, in the same period in 2011. Last year's third quarter adjusted diluted earnings per share was $0.79 after excluding $1.0 million ($0.7 million after tax or $0.01 per diluted share) in acquisition related integration costs and $0.7 million ($0.5 million after tax or $0.01 per diluted share) for a non-cash asset impairment charge.

    Total net sales for the fiscal 2012 third quarter increased 7.9% to $631.0 million from $584.6 million for the same period a year ago. Retail segment sales increased by 7.7% or $40.2 million and corporate apparel sales increased by 10.1% or $6.1 million.

    Doug Ewert, Men's Wearhouse president and chief executive officer, stated, "Sales at our flagship brand Men's Wearhouse stores, which represented 65% of our total third quarter sales, were above both prior year sales and our plan for the quarter. Comparable store sales increased 9.5% as our customers responded well to our promotions and value proposition in the third quarter. In addition, our higher margin tuxedo rental revenues had a U.S. comparable store sales increase of 10.9% in the third quarter, driven by increased unit rental rates and unit rentals as well as the absence of the rentals shift last year to the fourth quarter for the 11-11-11 event date.

    "Moores, our retail brand in Canada, was 11% of our total sales mix in the 2012 third quarter and delivered a comparable store sales increase of 3.0%," continued Ewert. "K&G, with 12% of our total third quarter sales, had a comparable store sales decrease of 4.2%. Sales at K&G were disappointing as customers did not respond to our promotions and new marketing campaign as well as expected. Our Corporate Apparel segment, which represented 11% of our total 2012 third quarter sales, had a sales increase of 10.1% as planned launch dates for customer uniform programs occurred."

    The following is a summary of net sales for third quarter and year to date fiscal 2012. The dollars shown are U.S. dollars in millions and due to rounded numbers may not sum. Comparable store sales do not include ecommerce sales and the Moores' comparable store sales change is based on the Canadian dollar.


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