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The Men's Wearhouse, Inc. Message Board

  • futureripplemovers futureripplemovers Dec 11, 2013 6:52 PM Flag

    Men's Wearhouse Reports Fiscal 2013 Third Quarter Results

    Men's Wearhouse Reports Fiscal 2013 Third Quarter Results

    - Q3 2013 total net sales increased 2.8% to $649 million

    - Q3 2013 GAAP diluted earnings per share was $0.79 and adjusted diluted earnings per share was $0.90, compared to prior year diluted earnings per share of $0.95

    - Q3 2013 comparable store sales at Men's Wearhouse brand increased 2.6%

    - Company reaffirms EPS guidance for fiscal full year 2013

    FREMONT, Calif., Dec. 11, 2013 /PRNewswire/ -- The Men's Wearhouse (NYSE: MW) today announced its consolidated financial results for the fiscal third quarter ended November 2, 2013.

    Total net sales for the fiscal 2013 third quarter increased 2.8% to $648.9 million from $631.0 million in last year's third quarter. GAAP diluted EPS was $0.79 for the third quarter of 2013. Adjusted diluted EPS was $0.90 excluding one-time costs([1]). Third quarter results were in-line with internal expectations and were below 2012 third quarter results primarily due to lower tuxedo margin.

    Total net sales for the first nine months of fiscal 2013 increased 1.7% to $1.9 billion and GAAP diluted EPS was $2.29. Adjusted EPS for the 2013 nine month period was $2.55 excluding one-time costs([2]).

    Doug Ewert, Men's Wearhouse president and chief executive officer, commented, "We are very pleased to report our 2.6% comparable store sales increase during the third quarter in our Men's Wearhouse brand, which represents two-thirds of our consolidated sales. We are also very pleased with the early progress in integrating our newly acquired American designer brand, Joseph Abboud®, and its U.S. manufacturing operations. We already have several large markets with Joseph Abboud product in place and will continue to execute on our planned rollout to all stores into the summer of 2014."

    THIRD QUARTER STRATEGIC REVIEW

    In July 2013, the Company entered into an accelerated share repurchase agreement with J.P. Morgan Securities LLC to purchase $100.0 million of our common

 
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