Jos. A. Bank's sales improved in the first quarter.
The situation stabilized a bit at Tailored Brands Inc. in the first quarter as the custom business continued to gain steam for the men’s wear retailer.The former Men’s Wearhouse reported Wednesday that net earnings for the period ended April 29, were $1.8 million, up from $1.6 million for the same quarter of last year. On an adjusted basis, net earnings were $13.3 million, compared to $13.9 million last year. Operating income was unchanged, hitting $31 million for the first quarter of both 2016 and 2017. On an adjusted basis, operating income for the first quarter was $48.2 million compared with $47.5 million in the same quarter last year.Total net sales fell 5.5 percent to $782.9 million with retail segment net sales down 5.3 percent due primarily to the impact of last year's store closures as well as comparable sales declines.The first-quarter results include $17.2 million in one-time charges, of which $2.6 million are non-cash costs, to terminate the tuxedo rental license agreement with Macy's.By segment, comp sales at Men’s Wearhouse declined 3.1 percent while at K&G they fell 7.4 percent and at Moores 5.3 percent. Net sales for the corporate apparel segment fell 8 percent, due primarily to unfavorable currency fluctuations.The picture was brighter for the Jos. A. Bank division in the period, where comparable store sales rose 3.5 percent.In a conference call following the earnings release, chief executive officer Doug Ewert said the company saw “good growth from existing customers” at Jos. A. Bank, and indicated that those who were “turned off by extreme promotions are coming back.” He pointed to dress shirts as among the strongest performers.Ewert said the custom business has proven to be a shining light for the company overall. Although he declined to say how much of the total mix custom represents, he said it accounted for 15 percent of the total retail sales at the top 50 Men’s Wearhouse stores that carry that merchandise. “Custom is a big growth opportunity for us,” he said.Overall, Ewert said, "We are gaining traction on our initiatives of engaging more customers across all channels, strengthening our omnichannel experience and increasing sales of custom clothing. We are committed to a balanced approach of investing in the business while maintaining discipline in our management of inventory, expense and capital, and finding opportunities to unlock additional cash flow."The wind down of the tuxedo rental partnership with Macy’s is expected to be completed in the second quarter, he added, saying the move will allow the company to “focus on our rental business at Men's Wearhouse, Jos. A. Bank and Moores.”In addition, the retailer will close another 20 stores in the period, up from an initial expectation of 10 stores. The additional units slated to be shuttered are Jos. A. Bank stores whose leases are up for renewal.The company also reaffirmed its outlook for fiscal 2017 where diluted earnings per share are expected to be in the range of $1.37 to $1.67, and adjusted diluted EPS $1.60 to $1.90. Additionally, it expects comparable-store sales for Men’s Wearhouse to be down in the low-single digits, Jos. A. Bank to increase mid-single digits, and Moores and K&G to be down mid-single digits.The company's stock closed at $11.22, up 61 cents, or 5.75 percent, on the New York Stock Exchange Wednesday, prior to results being released.
@chanel and @pharrell dropped what’s being dubbed as the world’s most exclusive sneakers yesterday. The Adidas Originals NMD Hu, which Williams designed in collaboration with Chanel and @adidasoriginals, has a waiting list of over 120K people who pre-registered online at chanelatcolette.fr –– and only 500 pairs are on sale. The singer predicted the resale value of the shoes could reach $40K. Read the full interview on WWD.com. Link in bio. #wwdfashion (📷: Dominique Maître)
@imanshumpert is diving deeper into his creative endeavors and relaunching his clothing line, Post 90s, and is helping to raise money for the hurricane victims in St. Maarten with a jersey he’s designed with his brother. The Cleveland Cavaliers player talked to WWD about kneeling during the national anthem, working with fashion brands and how he wants to be more than an @nba player. Read the interview on WWD.com #wwdfashion (📷: George Chinese)
Not only does #TheProfit return to CNBC tonight, but @marcuslemonis has launched @shopmarcus, a new shopping and lifestyle retail experience in Aspen and Chicago, with more locations to come. The retail stores offer in-store stylists and a variety of contemporary womenswear selections.
“It’s life, I’m going to face it,” @mingxi11 sighed. “I fell, but you know, I think the most important thing is that I get back up. I had the love, the help from my sister — the girl next to me Gizele [Oliveira] — she’s so nice. When I went backstage everybody was trying to comfort me like ‘Oh Ming, it’s OK.’ I’m really, really touched. I think it’s them who gave me the courage to go back on stage for the finale,” Xi told WWD of her fall at the @victoriassecret fashion show. (📷: David Fisher) #wwdfashion #vsfashionshow #victoriassecret
@louisvuitton tapped @therealpeterlindbergh for its latest city-centric photo book, which is part of a series called Fashion Eye. The primarily black and white book captures the spirit of Berlin in 57 images shot between 1989 and 2019. “Berlin is an inspiration for me, more than a city. I mean @millajovovich is simply Berlin!” said Lindbergh. #wwdfashion
“You know, I think audiences expect a certain performance so I have to deliver to them what they’re expecting to a certain degree. But I’m also a different actor and a different person, I have my own spin on the character,” says @noahegalvin of his takeover of the leading role in “Dear Evan Hansen” following the departure of @bensplatt, who originated the role. Read WWD’s interview with the 23-year-old actor on WWD.com #wwdeye (📷: @jilliansollazzo)
For pre-fall 2018, @etro created richly-colored wonderland, using tapestries, textiles and wallpapers from the Eastern world at large. The line featured floral and graphic prints and jacquard motifs, like this two-piece look featured here. #wwdfashion (📷: Giovanna Pavesi)
@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)