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Wednesday, December 6, 2017

=Tailored Brands (TLRD) reported earnings on Wed 6 Dec 17 (a/h)



Tailored Brands beats by $0.18, reports revs in-line; raises FY18 EPS above estimates 
  • Reports Q3 (Oct) earnings of $0.72 per share, excluding non-recurring items, $0.18 better thanthe two analyst estimate of $0.54; revenues fell 4.3% year/year to $810.8 mln vs the $807.51 mln two analyst estimate. Retail net sales decreased 2.1% primarily due to the impact of last year's store closures, with retail segment comparable sales up 0.1%. Corporate apparel net sales decreased 24.0%, in line with expectations, primarily due to anniversarying last year's rollout of a large new uniform program.
  • Comparable sales at Men's Wearhouse decreased 1.0%. Comparable sales for clothing increased slightly primarily due to an increase in transactions and units per transaction partially offset by a decrease in average unit retail. Comparable rental services revenue decreased 4.3%, primarily reflecting a consumer shift to purchase suits for special occasions.
  • Jos. A. Bank comparable sales increased 4.9% primarily due to an increase in transactions and average unit retail that more than offset a decrease in units per transaction. K&G comparable sales decreased 0.6% primarily due to lower transactions partially offset by increases in average unit retail and units per transaction. Moores comparable sales decreased 2.6% primarily due to decreases in both units per transaction and transactions that more than offset an increase in average unit retail.
  • As a percent of sales, retail gross margin decreased 10 basis points to 45.8%. On an adjusted basis, retail gross margin decreased $7.3 million and the retail gross margin rate was flat compared to last year
  • Co issues upside guidance for FY18, sees EPS of $2.03-2.08 from $1.65-1.85, excluding non-recurring items, vs. $1.84 two analyst estimate. Co continues to expect comparable sales for Men's Wearhouse and Moores to be down low-single digits and comparable sales for Jos. A. Bank to increase mid-single digits. The Company now expects comparable sales for K&G to be down low-single digits.  

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