The Men’s Wearhouse Inc. registered lower third-quarter earnings and a modest uptick in sales, but remained mostly mum on its $1.2 billion bid for competitor Jos. A. Bank Clothiers Inc.
Bank made a very public play for Men’s Wearhouse in October, offering $48 a share. And while Men’s Wearhouse roundly rejected that offer, the company did acknowledge the strategic rationale of a combination and last month went on the offensive, offering to buy the smaller Bank.
The takeover tit-for-tat came up only in passing in Men’s Wearhouse’s earnings statement, but analysts will have their chance to press executives for information on the possibility of a deal and on quarterly results during a conference call Thursday morning.
Men’s Wearhouse’s third-quarter net profits fell 21.8 percent to $38.2 million, or 79 cents a diluted share, from $48.8 million, or 95 cents, a year earlier. Stripping away costs associated with the recently acquired Joseph Abboud business, adjusted earnings fell to 90 cents a share from 95 cents a year ago.
The first read from investors was generally cautious following the afternoon report, and shares of the company slipped 1 cent to $50.46 in after-hours trading.
Sales for the quarter ended Nov. 2 increased 2.8 percent to $648.9 million from $631 million. Comparable-store sales rose 2.6 percent for the company’s flagship Men’s Wearhouse brand, which accounts for two-thirds of overall revenues.
Doug Ewert, president and chief executive officer, said he was “very pleased” with the Men’s Wearhouse comp result.
Ewert also noted that the Abboud designer brand had been introduced to several large markets and would be rolled out to all stores. Men’s Wearhouse spent roughly $97.5 million to acquire the Abboud business and a U.S. tailored apparel factory in August.
@kith is moving into children’s. The men’s and women’s streetwear brand has launched Kidset, a Kith kids line located in New York at 64 Bleecker Street. The line includes mini versions of staple Kith pieces like the Astor bomber jacket and the Kith box logo sweatshirts, along with a wall that can display up to 120 pairs of shoes from @adidas, @newbalance, @timberland and more. #wwdfashion
“I just wanted to create this fully rounded character, but I do think what excited me most was just the opportunity to give a group of people representation that I feel needs it. I like to do characters in projects that stand for something and Karolina definitely does, so that was really exciting to me,” @ginnygardner says of her new role in @hulu’s “The Runaways.” Gardner plays Karolina Dean, a queer superhero, which is a rarity for @marvel. Read more about Gardner’s character on WWD.com #wwdeye (📷: @dandoperalski)
@heriethpaul and @gracebol have a moment on the @victoriassecret fashion show 2017. See every look from the runway on WWD.com. Link in bio. (📷: @giovanni_giannoni_photo) #wwdfashion #victoriassecret #VSFashionShow
“Azzedine has been one of the biggest influences in my life. He has always been such a strong, loving, fatherly figure to me. I call him Papa. His designs are indescribably unique, they are pieces of art. He knew how to make the female form look its loveliest. I have so many memories of him; my favorite might be during my first show with him in Paris. He liked me and he wanted to help me get more work. He called all his friends at Kenzo and Comme des Garcons, and asked them to book me. They said, ‘But she can’t walk!’ And he said, ‘but she has such a great ass!' His friendship and support has been the great privilege of my career. I can't imagine life without him. Repose en paix mon Papa.” - @stephanieseymour tells @wwd. #wwdfashion (📷: @steveeichner) #alaia #azzedinealaia
Azzedine Alaïa, flanked by two of his closest friends, models Stephanie Seymour and Naomi Campbell.
He designed Seymour’s dress for her 1995 wedding to Peter Brant, and treated Campbell (who famously called him Papa), like a daughter. For more on the legendary designer, tap the link in bio. #wwdfashion #alaia #azzedinealaia