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HOUSTON, Dec. 5, 2012 /PRNewswire/ -- The Men's Wearhouse (NYSE: MW) today announced its consolidated financial results for the fiscal third quarter ended October 27, 2012 and will file its Form 10-Q tomorrow morning, December 6, 2012.
Comparable diluted earnings per share rose 20% over last year's third quarter and were within the $0.95 to $0.98 guidance range given on September 5, 2012.
Net earnings for the 2012 fiscal third quarter was $48.8 million, or $0.95 diluted earnings per share, compared to net earnings of $39.9 million, or $0.77 diluted earnings per share, in the same period in 2011. Last year's third quarter adjusted diluted earnings per share was $0.79 after excluding $1.0 million ($0.7 million after tax or $0.01 per diluted share) in acquisition related integration costs and $0.7 million ($0.5 million after tax or $0.01 per diluted share) for a non-cash asset impairment charge.
Total net sales for the fiscal 2012 third quarter increased 7.9% to $631.0 million from $584.6 million for the same period a year ago. Retail segment sales increased by 7.7% or $40.2 million and corporate apparel sales increased by 10.1% or $6.1 million.
Doug Ewert, Men's Wearhouse president and chief executive officer, stated, "Sales at our flagship brand Men's Wearhouse stores, which represented 65% of our total third quarter sales, were above both prior year sales and our plan for the quarter. Comparable store sales increased 9.5% as our customers responded well to our promotions and value proposition in the third quarter. In addition, our higher margin tuxedo rental revenues had a U.S. comparable store sales increase of 10.9% in the third quarter, driven by increased unit rental rates and unit rentals as well as the absence of the rentals shift last year to the fourth quarter for the 11-11-11 event date.
"Moores, our retail brand in Canada, was 11% of our total sales mix in the 2012 third quarter and delivered a comparable store sales increase of 3.0%," continued Ewert. "K&G, with 12% of our total third quarter sales, had a comparable store sales decrease of 4.2%. Sales at K&G were disappointing as customers did not respond to our promotions and new marketing campaign as well as expected. Our Corporate Apparel segment, which represented 11% of our total 2012 third quarter sales, had a sales increase of 10.1% as planned launch dates for customer uniform programs occurred."
The following is a summary of net sales for third quarter and year to date fiscal 2012. The dollars shown are U.S. dollars in millions and due to rounded numbers may not sum. Comparable store sales do not include ecommerce sales and the Moores' comparable store sales change is based on the Canadian dollar.
Third Quarter Net Sales Summary – Fiscal 2012
Net Sales
Comparable Store Sales Change
Net Sales Change
Current Year
Current Year
Prior Year
Total Retail Segment
7.7%
$40.2
$564.0
Men's Wearhouse
10.6%
$38.9
$407.4
9.5%
5.5%
K&G
(3.5%)
($2.8)
$77.3
(4.2%)
1.6%
Moores
4.8%
$3.3
$72.3
3.0%
8.6%
MW Cleaners
14.4%
$0.9
$7.0
Corporate Apparel Segment
10.1%
$6.1
$66.9
Total Company
7.9%
$46.4
$631.0
Year-To-Date Net Sales Summary – Fiscal 2012
Net Sales
Comparable Store Sales Change
Net Sales Change
Current Year
Current Year
Prior Year
Total Retail Segment
4.6%
$74.9
$1,705.4
Men's Wearhouse
6.9 %
$78.2
$1,208.4
5.9%
9.0%
K&G
(3.2%)
($9.0)
$270.4
(3.8%)
5.7%
Moores
1.8%
$3.7
$206.2
3.9%
6.2%
MW Cleaners
11.4%
$2.1
$20.5
Corporate Apparel Segment
(8.2%)
($15.5)
$174.4
Total Company
3.3%
$59.3
$1,879.9
2012 FINANCIAL GUIDANCE
For the fiscal year, the Company expects GAAP diluted earnings per share in a range of $2.57 to $2.63, an increase of 8.0% to 10.5% over the prior year adjusted diluted earnings per share of $2.38. Fiscal 2012 is a 53-week year with an extra week included in the fourth quarter. Diluted earnings per share from the extra week are estimated at $0.03.
For the fourth quarter, GAAP diluted earnings per share is expected to be in a range of $0.01 to a loss of $0.05 per share, as compared to the prior year adjusted loss per share of $0.05.
"Our current guidance reflects a lowered earnings expectation from our previous fourth quarter guidance, which was for diluted EPS in a range of $0.12 to $0.15," commented Ewert. "The guidance for the 2012 fiscal year is also lower than our previous estimate of $2.74 to $2.80. The revised guidance results from our lower than expected retail clothing sales in November and a more cautious outlook for the remainder of this fiscal year.
"We experienced negative November comparable store clothing sales in both the US and Canada as a result of lower traffic levels at our retail stores. We believe the storms in the northeast US at the start of the month, as well as consumer distractions caused by the presidential election, the "fiscal cliff" and other economic concerns, contributed to our reduced traffic levels. We further believe that a more cautious outlook for traffic trends and clothing sales through the fourth quarter is now warranted and have revised our guidance accordingly."
The following is a summary of guidance information. All comparable store sales growth is based on a 52-week comparable time period. Comparisons to prior year are to adjusted numbers which exclude acquisition related integration costs and a non-cash asset impairment charge.
Guidance
Guidance
4Q FY 2012
FY 2012
GAAP Diluted EPS
$(0.05) to $0.01
$2.57 to $2.63
Sales
Total Sales Increase
+9.5% to +10.5%
+4.7% to +5.0%
Comparable Store Sales Growth
MW: 63% of FY12 Total Sales
+1% to +3%
+4% to +5%
-- MW Tuxedo Rental Revenues
+6% to +7%
+6% to +7%
K&G: 15% of FY12 Total Sales
-3% to -4%
-3% to -4%
Moores: 11% of FY12 Total Sales
+1% to +2%
+2% to +3%
Corporate Apparel: 10% of FY12 Total Sales
+17% to +18%
-2% to -3%
Gross Margin
Total Gross Margin Increase
+8.7% to +11.2%
+5.8% to +6.3%
Change in Gross Margin as Percent of Sales
-0.30% to +0.25%
+0.45% to +0.55%
SG&A
Increase in SG&A
+7.9% to +8.3%
+5.9% to +6.1%
Other
Effective Tax Rate
52.0%
33.5%
Weighted Average Shares (millions)
51.007
51.023
Average Foreign Exchange Conversion Rates
-- US Dollar to the Pound
1.608
1.590
-- US Dollar to the Canadian Dollar
1.000
1.001
Dilutive Effect of Participating Securities
$0.00
$0.03
CONFERENCE CALL AND WEBCAST INFORMATION
At 9:00am Eastern time on Thursday, December 6, 2012, Company management will host a conference call and real time webcast to review fiscal third quarter 2012 results and its outlook for the fourth quarter and full year 2012.
To access the conference call, dial 480-629-9692. To access the live webcast presentation, visit the Investor Relations section of the Company's website at www.menswearhouse.com. A telephonic replay will be available through December 13, 2012 by calling 303-590-3030 and entering the access code of 4574470#, or a webcast archive will be available free on the website for approximately 90 days.
STORE INFORMATION
October 27, 2012
October 28, 2011
January 28, 2012
Number of Stores
Sq. Ft.
(000's)
Number of Stores
Sq. Ft.
(000's)
Number of Stores
Sq. Ft.
(000's)
Men's Wearhouse
625
3,570.7
597
3,399.6
607
3,462.7
Men's Wearhouse and Tux
303
417.5
361
503.7
343
474.6
Moores, Clothing for Men
118
747.8
117
741.9
117
741.7
K&G (a)
98
2,326.6
100
2,375.4
99
2,351.2
Total
1,144
7,062.6
1,175
7,020.6
1,166
7,030.2
(a) 92, 92 and 91 stores, respectively, offering women's apparel.
Founded in 1973, Men's Wearhouse is one of North America's largest specialty retailers of men's apparel with 1,144 stores. The Men's Wearhouse, Moores and K&G stores carry a full selection of men's designer, brand name and private label suits, sport coats, furnishings and accessories and Men's Wearhouse and Tux stores carry a limited selection. Most K&G stores carry a full selection of women's apparel. Tuxedo rentals are available in the Men's Wearhouse, Moores and Men's Wearhouse and Tux stores. Additionally, Men's Wearhouse operates a global corporate apparel and workwear group consisting of Twin Hill in the United States and Dimensions, Alexandra and Yaffy in the UK.
This press release contains forward-looking information. The forward-looking statements are made pursuant to the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements may be significantly impacted by various factors, including sensitivity to economic conditions and consumer confidence, possibility of limited ability to expand Men's Wearhouse stores, possibility that certain of our expansion strategies may present greater risks, changes in foreign currency rates and other factors described in the Company's annual report on Form 10-K for the fiscal year ended January 28, 2012 and subsequent Forms 10-Q.
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