The Men’s Wearhouse Q2 down 28%; lowers full-year view
Fremont, Calif. -- The Men's Wearhouse Inc.'s fiscal second-quarter earnings fell 28% amid several one-time charges and a shift in quarterly tuxedo rental revenues. Citing macroeconomic challenges, the company lowered its fiscal 2013 guidance.
For the quarter ended Aug. 3, Men’s Wearhouse reported a profit of $42.9 million, down from $59.4 million last year. Total net sales dropped 2.3% to $647.3 million. Retail segment sales for the quarter decreased by 1.9% or $11.2 million and corporate apparel sales decreased by 6.6% or $3.8 million as compared to the prior year quarter.
Doug Ewert, Men's Wearhouse president and CEO, commented: “Retail clothing sales during the second quarter were below our internal plan as we experienced a decline in customer traffic compared to last year's second quarter. We believe this is primarily due to macro issues affecting the apparel retailing space.”