The Men’s Wearhouse Inc. on Wednesday posted second-quarter gains in both earnings and sales.
The company said net earnings attributable to shareholders for the three months ended July 28 rose 4.1 percent to $59.4 million, or $1.15 a diluted share, from $57.1 million, or $1.09, last year. The year-ago adjusted diluted earnings per share was $1.11 after excluding certain costs related to an acquisition integration expense and a noncash asset impairment charge.
Retail sales at the Men’s Wearhouse nameplate were up 3.2 percent to $604.7 million from $586 million. Total sales were up 1 percent to $662.3 million from $655.5 million, when including its Canadian business and its value priced K&G operation.
Doug Ewert, president and chief executive officer, said, “Sales at our flagship brand Men’s Wearhouse stores, which represented approximately 65 percent of our total second-quarter sales, were above both prior year sales and our plan for the 2012 second quarter. Comparable-store sales increased 4.4 percent as our customers continue to respond positively to our long-standing service model and our trend-right men’s apparel during both promotional and nonpromotional periods.”
Moores, its retail operation in Canada, was 12 percent of the total sales mix for the quarter and K&G’s sales accounted for 14 percent, he said.
For the third quarter, the company expects diluted EPS in the range of 95 cents and 98 cents, and for the fourth quarter between 12 cents and 15 cents. For the fiscal year, diluted EPS is projected at between $2.74 to $2.80.