NEW YORK — The Men’s Wearhouse on Wednesday posted a 71.7 percent drop in fourth quarter income and 1 percent decline in full-year profits.
For the quarter ended Feb. 2, income was $14.8 million, or 28 cents a diluted share, compared with $52.3 million, or 95 cents, in the same year-ago period. Sales fell by 3.9 percent to $535 million from $556.8 million. For the core Men’s Wearhouse brand, sales fell by 9 percent to $318.4 million from $349.7 million, while same-store sales fell by 5.4 percent. At MW Tux stores, formerly After Hours, sales were $21.9 million. There was no comparison figures for MW Tux since After Hours wasn’t acquired until April 9, 2007. The K&G nameplate had a 16.2 percent decline in sales to $109 million from $130.1 million, and a 17.2 percent decrease in comps for the quarter.
For the year, income was $147 million, or $2.73 a diluted share, versus $148.6 million, or $2.71, a year ago. Sales rose by 12.2 percent to $2.11 billion from $1.88 billion.