HOUSTON — Reduced traffic and a jittery consumer have prompted Men's Wearhouse to reduce its guidance for the fiscal third quarter.
Neill Davis, executive vice-president and CFO, said the company is now expecting diluted earnings per share to be in the range of 22 cents to 26 cents and adjusted diluted EPS to be in the range of 24 cents to 28 cents.
This is down from 34 cents to 38 cents for diluted EPS and 36 cents to 40 cents for adjusted diluted EPS provided at the end of August.
"The company's retail apparel operations in the United States have experienced reduced traffic levels from previous expectations, largely a direct reflection of the recent turmoil in the credit markets which appears to be impacting consumer buying patterns and levels,” Davis said in a statement. “We are estimating those trends will continue through the final month of the quarter. Tuxedo rental revenues, quarter to date, are trending positively to the company's initial plans for the quarter."
The company will report its third-quarter results on Nov. 19.
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