Adopting a “more cautious outlook” in light of comparable-store sales decreases in November, The Men’s Wearhouse Inc. reported earnings that missed analysts’ expectations for the third quarter and reduced its guidance for the fourth quarter.
“We experienced negative November comparable-store clothing sales in both the U.S. and Canada as a result of lower traffic levels at our retail stores,” said Doug Ewert, president and chief executive officer of the Houston-based men’s apparel chain. “We believe the storms in the Northeast U.S. at the start of the month, as well as consumer distractions caused by the Presidential election, the ‘fiscal cliff’ and other economic concerns, contributed to our reduced traffic levels. We further believe that a more cautious outlook for traffic trends and clothing sales through the fourth quarter is now warranted.”
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