Shares of Men’s Wearhouse parent Tailored Brands plunge after Q1 earnings
Shares of Tailored Brands Inc. plunged more than 17% late Wednesday after the parent company of Men’s Wearhouse, Jos. A. Bank and other apparel brands reported first-quarter earnings and sales above expectations and kept its 2018 guidance. Tailored Brands said it earned $13.9 million, or 27 cents a share, in the quarter, compared with $1.8 million, or 4 cents share, in the year-ago period. Adjusted for one-time items, the company earned $25.3 million, or 50 cents a share, compared with $13.3 million, or 27 cents a share, last year. Sales rose 4.5% to $818 million, compared with $783 million a year ago. Analysts polled by FactSet had expected adjusted EPS of 48 cents a share on sales of $794 million. “Our brand campaigns are resonating with new and existing customers, helping drive positive 2.1% retail segment comps through increased transactions and new customer acquisition,” Chief Executive Doug Ewert said in a statement. For fiscal 2018, Tailored said it expects adjusted EPS between $2.35 and $2.50 and comparable-store sales for Men’s Wearhouse and Jos. A. Bank to be in the low single digits.