Men's Wearhouse Q1 profit doubles, beats Street
Houston -- Men's Wearhouse reported Wednesday that its net income more than doubled in the first quarter, rising to $27.2 million from $13.6 million in the year-ago period. The company cited its expansion into the corporate uniform market for its improved performance.
Results topped both Wall Street and internal company forecasts.
Revenue rose nearly 23% to $580 million from $473 million. The retailer sold nearly $60 million in corporate apparel and other uniforms, up from $3.7 million in the same period a year ago.
Same-store sales rose at each of Men’s Wearhouse brands as customers spent more at each visit and traffic increased at its Moores and K&G stores.