- Reports Q3 (Oct) earnings of $0.50 per share, excluding non-recurring items, in-line with the Capital IQ Consensus of $0.50; revenues fell 2.8% year/year to $865.5 mln vs the $877.81 mln Capital IQ Consensus. Co pre-announced EPS of $0.46-0.51 and Jos. A. Bank comps of -14.6%
- As reported in the Company’s preliminary results release on November 5, 2015, Q3 comparable sales increased 5.3% at Men’s Wearhouse with clothing comps of 7.2% driven by higher transactions per store and rental comps of 0.7%. K&G comparable sales for the quarter increased 3.7% driven by higher transactions per store. Moores comparable sales decreased 5.4% primarily driven by weakening macro-economic conditions in Canada. Overall adjusted margin was down driven by the clearance of merchandise through the e-commerce channel, primarily at our Men’s Wearhouse brand. Comparable sales decreased 14.6% at Jos. A. Bank (pre-announced)
- “With the topline resetting to a lower level for the near-term, we are looking at every opportunity for cost reduction including store rationalization, labor, advertising and all relevant shared service costs and we are partnering with Alix Partners on specific elements of this work. We are challenging all assumptions and are fully focused on accelerating the Jos. A. Bank recovery.”
- Through the first week of December, the quarter-to-date comps Jos. A. Bank were down 35.1% while our other brands average comparable sales were up 5.5%.
Courtesy of Briefing.com
This morning MW is down another 4.50 thanks to the report above. Talk about value destruction for shareholders.
MW has support in the 8.50 to 9.50 area but is unlikely to get there in my opinion because of trailing earnings at 1.99 per share.
Bought very small at 14.11. Will add at 12 and large at 10.