-- Company updates Q4 2018 and FY 2018
adjusted diluted EPS(1) outlook on
lower-than-expected Jos. A. Bank comparable sales --
In advance of its participation in the 21st Annual ICR
Conference, Tailored Brands, Inc. (NYSE:TLRD) today announced
comparable sales results for the combined November and December
selling period, and updated its outlook for fourth quarter
comparable sales and adjusted EPS, and fiscal 2018 adjusted
EPS.
Retail segment comparable sales for November and December (the
nine-week period ended January 5, 2019) decreased 1.4%. This
reflects a 3.6% decrease at Men’s Wearhouse, a 0.1% increase at
Jos. A. Bank, a 2.1% increase at K&G and a 3.5% increase at
Moores.
For the fourth quarter, the Company now expects comparable sales
at Jos. A. Bank to be flat vs. previous guidance of up
low-single-digits. The Company continues to expect comparable sales
at Men’s Wearhouse to be down low-single-digits, Moores to be up
low-single-digits and K&G to be flat-to-up slightly.
“Comparable sales at Jos. A. Bank were strong in November and
early December but weakened during the third and fourth weeks of
December, reflecting a deceleration in traffic. As a result, we now
expect fourth quarter comparable sales at Jos. A. Bank to be flat
instead of up low-single-digits,” said Tailored Brands Executive
Chairman Dinesh Lathi. “Based on our revised Jos. A. Bank
comparable sales expectations, we are lowering our fourth quarter
and full year EPS outlook. We believe we can successfully navigate
these short-term challenges to our business and we have continued
confidence in our strategic initiatives to drive growth over the
long term.”
The Company now expects to report fourth quarter adjusted
diluted loss per share in the range of $0.29 to $0.34, compared to
prior guidance of adjusted diluted loss per share in the range of
$0.24 to $0.29.
The Company now expects to report full year fiscal 2018 adjusted
earnings per diluted share in the range of $2.25 to $2.30, compared
to prior guidance of adjusted earnings per diluted share in the
range of $2.30 to $2.35.
ICR Conference
The Company will present at the 21st Annual ICR Conference being
held at the JW Marriott Orlando Grande Lakes in Orlando, Florida on
Tuesday, January 15, 2019 at 9:30 a.m. Eastern Time (ET). Dinesh
Lathi, executive chairman, and Jack Calandra, executive vice
president and chief financial officer, will host a fireside chat
presentation. The conference presentation will be webcast live and
available for replay for 90 days at ir.tailoredbrands.com.
(1) See Use of Non-GAAP Financial Measures
for additional information.
About Tailored Brands, Inc.
As the leading specialty retailer of men’s tailored clothing and
largest men’s formalwear provider in the U.S. and Canada, Tailored
Brands helps men love the way they look for work and special
occasions. We serve our customers through an expansive omni-channel
network that includes over 1,400 stores in the U.S. and Canada as
well as our branded e-commerce websites. Our brands include Men's
Wearhouse, Jos. A. Bank, Joseph Abboud, Moores Clothing for Men and
K&G. We also operate an international corporate apparel and
workwear group consisting of Dimensions, Alexandra and Yaffy in the
United Kingdom and Twin Hill in the United States.
For additional information on Tailored Brands, please visit the
Company’s websites at www.tailoredbrands.com,
www.menswearhouse.com, www.josbank.com, www.josephabboud.com,
www.mooresclothing.com, www.kgstores.com, www.dimensions.co.uk,
www.alexandra.co.uk and www.twinhill.com.
This press release contains forward-looking information,
including the Company’s statements regarding its Q4 2018 and FY
2018 outlook for adjusted earnings per share. In addition, words
such as “expects,” “anticipates,” “envisions,” “targets,” “goals,”
“projects,” “intends,” “plans,” “believes,” “seeks,” “estimates,”
“guidance,” “may,” “projections,” and “business outlook,”
variations of such words and similar expressions are intended to
identify such forward-looking statements. The forward-looking
statements are made pursuant to the Safe Harbor provisions of the
Private Securities Litigation Reform Act of 1995. Any
forward-looking statements that we make herein are not guarantees
of future performance and actual results may differ materially from
those in such forward-looking statements as a result of various
factors. Factors that might cause or contribute to such differences
include, but are not limited to: actions or inactions by
governmental entities; domestic and international macro-economic
conditions; inflation or deflation; the loss of, or changes in, key
personnel; success, or lack thereof, in formulating or executing
our internal strategies and operating plans including new store and
new market expansion plans; cost reduction initiatives and revenue
enhancement strategies; changes in demand for clothing or rental
product; market trends in the retail business; customer confidence
and spending patterns; changes in traffic trends in our stores;
customer acceptance of our merchandise strategies, including custom
clothing; performance issues with key suppliers; disruptions in our
supply chain; severe weather; foreign currency fluctuations;
government export and import policies, including the enactment of
duties or tariffs; advertising or marketing activities of
competitors; the impact of cybersecurity threats or data breaches
and legal proceedings; and the impact of climate change.
Forward-looking statements are intended to convey the Company’s
expectations about the future, and speak only as of the date they
are made. We undertake no obligation to publicly update or revise
any forward-looking statements that may be made from time to time,
whether as a result of new information, future developments or
otherwise, except as required by applicable law. However, any
further disclosures made on related subjects in our subsequent
reports on Forms 10-K, 10-Q and 8-K should be consulted. This
discussion is provided as permitted by the Private Securities
Litigation Reform Act of 1995, and all written or oral
forward-looking statements that are made by or attributable to us
are expressly qualified in their entirety by the cautionary
statements contained or referenced in this section.
Use of Non-GAAP Financial Measures
We have provided adjusted information related to our outlook on
fourth quarter 2018 and fiscal year 2018 EPS. This non-GAAP
financial information is provided to enhance the user’s overall
understanding of the Company’s financial performance by removing
the impacts of large, unusual or unique transactions that we
believe are not indicative of our core business results.
Management uses these adjusted results to assess the Company’s
performance, to make decisions about how to allocate resources and
to develop expectations for future performance. In addition,
adjusted EPS is used as a performance measure in the Company’s
executive compensation program to determine the number of
performance units that are ultimately earned for certain equity
awards.
The non-GAAP financial information should be considered in
addition to, not as a substitute for or as being superior to,
financial information prepared in accordance with GAAP. Management
strongly encourages investors and shareholders to review the
Company’s financial statements and publicly filed reports in their
entirety and not to rely on any single financial measure.
A reconciliation of fourth quarter and full year fiscal 2018
adjusted EPS, which are forward-looking non-GAAP financial
measures, to the most directly comparable GAAP financial measure,
is not provided because the Company is unable to provide such
reconciliation without unreasonable effort. The inability to
provide this reconciliation is due to the uncertainty and inherent
difficulty predicting the occurrence, the financial impact and the
periods in which the non-GAAP adjustments may be recognized. These
GAAP measures may include the impact of items such as costs related
to optimizing our capital structure and the tax effect of such
items. Historically, the Company has excluded these types of items
from non-GAAP financial measures. The Company currently expects to
continue to exclude these items in future disclosures of non-GAAP
financial measures and may also exclude other items that may arise.
The decisions and events that typically lead to the recognition of
non-GAAP adjustments are inherently unpredictable as to if or when
they may occur. For the same reasons, the Company is unable to
address the probable significance of the unavailable information,
which could be material to future results.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20190114005252/en/
Investor Relations(281) 776-7575ir@tailoredbrands.comJulie
MacMedan, VP, Investor RelationsTailored Brands, Inc.
Tailored Brands (NYSE:TLRD)
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