Men's Wearhouse lowers forecast as Q1 profit disappoints; on track to close nearly 50 stores

Houston -- The Men’s Wearhouse reported Wednesday that net income for the first quarter dipped 2% to $26.9 million, dragged down by negative same-store sales at its K&G off-price unit. Its results missed expectations.

Revenue rose 1% to $586.6 million, missing Wall Street’s forecasted $593.7 million in revenue.

The company has lowered its second-quarter outlook, and said it remains on track to close as many as 47 Men's Wearhouse and Tux stores and two K&G locations during the currently fiscal year. It will open as many as 29 Men's Wearhouse stores, three Moores stores, and a K&G.