Tailored Brands Inc (NASDAQ:TLRD) reported on a strong quarter that yielded better results than what Wall Street expected.
The company’s third quarter brought in earnings of 58 cents per share on an adjusted basis, while analysts were calling for earnings of 54 cents per share, according to Zacks Investment Research.
Revenue for the period came in at $810.82 million, according to Tailored Brand’s press release. The Wall Street consensus estimate had projected revenue of $807.5 million.
For the fiscal year, the company sees its GAAP diluted earnings as being in the range of $1.80 to $1.85 per share, while adjusted diluted earnings are slated to be between $2.03 to $2.08 per share. The consensus calls for earnings of $1.84 per share on an adjusted basis.
Tailored Brands sees its comparable sales for Men’s Wearhouse and Moores to be down low-single digits, while comparable sales for Jos. A. Bank are slated to rise by mid-single digits. For K&G, this figure will be down low-single digits.
The company added that its effective tax rate is projected to be approximately 33%, while its capital expenditures are slated to come in at roughly $90 million. Tailored Brands will close all 170 tuxedo shops at Macy’s Inc (NYSE:M), while it will also close 20 stores in 2017 due to its review of its real estate portfolio, prompting it to close some locations following the expiration of their lease terms.
TLRD stock skyrocketed 11.6% after the bell Wednesday.
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