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Men's Wearhouse reports Q4 comparable store sales up 1.0%

Doug Ewert, Men's Wearhouse CEO said, "Net sales at our core flagship brand Men's Wearhouse stores, which represented 61% of our total Q4 sales, were up 9.1% over last year's Q4, and comparable store sales increased 1.0%, at the low end of our guidance range for the quarter. Our higher margin tuxedo rental revenues had an above guidance U.S. comparable store sales increase of 9.4% in Q4, driven by increased unit rental rates and unit rentals. Moores, our retail brand in Canada, was 11% of our total sales mix in 4Q12 and delivered a comparable store sales decrease of 5.5%, below our expectations," continued Ewert. "K&G, with 16% of our total fourth Q4 sales, had a comparable store sales decrease of 5.7%, also below our expectations. 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 4Q12 sales, had a sales increase of 21.5% as managed account customer uniform sales exceeded plan."