12.03.2015 00:04:01
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Men's Wearhouse Results Top Estimates; Outlook Strong
(RTTNews) - Men's Wearhouse, Inc. (MW) said Wednesday after the markets closed that its fourth quarter net loss widened from last year, hurt by higher costs and expenses even as sales surged 65.6%.
However, the company's adjusted loss per share was narrower than what analysts expected and its quarterly sales came in above analysts' expectations. At the same time, the company gave a strong earnings forecast for the current fiscal year.
Doug Ewert, Men's Wearhouse chief executive officer, commented, "We continue to be pleased with the robust earnings performance of our legacy brands. Fueling this performance in the fourth quarter are comparable sales increases of 6.8% at Men's Wearhouse, 8.6% at Moores and 6.8% at K&G. And while Jos. A. Bank's comparable sales were negative 6.6%, they were above our expectations."
Men's Wearhouse shares are currently gaining 3.14% in after hours trading after closing the day's regular trading session at $48.04, up 16 cents. The shares trade in a 52-week range of $39.77 to $59.10.
Men's Wearhouse is a specialty retailer of men's apparel with 1,758 stores operating under The Men's Wearhouse, Jos. A. Bank, Moores and K&G brands. Men's Wearhouse closed its $1.8 billion acquisition of Jos. A. Bank Clothiers in June 2014, ending a prolonged takeover tussle between the two companies.
Net sales at the company's largest brand, Men's Wearhouse, which represented 41% of total fourth quarter sales, were up 8.4% from a year earlier and comparable sales increased 6.8%.
Moores, the company's Canadian retail brand, was 6% of the total fourth quarter sales and had a comparable sales increase of 8.6%. K&G was 9% of the company's total fourth quarter sales with a comparable sales increase of 6.8%.
Jos. A. Bank represented 36% of the company's total fourth quarter sales, but its comparable sales for the quarter fell 6.6%.
For the fourth quarter ended January 31, 2015, the company reported a net loss of $35.9 million or $0.75 per share, compared to net loss of $30.4 million or $0.64 per share for the year-ago quarter.
Excluding items, adjusted net loss for the fourth quarter was $1.3 million or $0.03 per share, compared to an adjusted net loss of $17.9 million or $0.38 per share in the prior year quarter.
On average, 6 analysts polled by Thomson Reuters expected the company to report a loss of $0.07 per share for the fourth quarter. Analysts' estimates typically exclude special items.
Total net sales for the fourth quarter rose 65.6% to $928.36 million from $560.55 million in the same quarter last year. Six analysts had a consensus revenue estimate of $919.09 million for the fourth quarter.
Looking forward, the company forecasts fiscal year 2015 adjusted earnings of $2.70 to $2.90 per share. The company expects Jos. A. Bank comparable sales to continue to be down throughout the first half of the year with improvement in the second half and gross margin to increase for the year but follow a similar pattern to sales.
Analysts currently expect the company to earn $2.52 per share for the fiscal year 2015.
The company raised its 2017 guidance to include K&G operations and now expects adjusted earnings to be in the range of $5.75 to $6.25 per share.
The company last year conducted a strategic review of its K&G chain and decided to continue operating the business as a part of its overall portfolio.
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