Tailored Brands (TLRD) Tops Q2 EPS by 8c

Tailored Brands (NYSE: TLRD) reported Q2 EPS of $0.82, $0.08 better than the analyst estimate of $0.74. Revenue for the quarter came in at $789.5 million versus the consensus estimate of $789.19 million.

• Men’s Wearhouse comparable sales decreased 4.3%
• Jos. A. Bank comparable sales decreased 3.3%
• K&G comparable sales decreased 1.3%
• Moores comparable sales decreased 2.5%

“We were pleased to deliver second quarter comparable sales in line with our guidance and adjusted earnings per share above our guidance,” said Tailored Brands President and CEO Dinesh Lathi. “We are also seeing early customer response to our initiatives, which gives us confidence that unleashing the potential for this business to generate healthy positive comps lies in our transformational strategies of providing i) personalized products and services, ii) inspiring and seamless experiences in and across every channel, and iii) brands that stand for more than just price.”

Lathi added, “On our year-end call, we indicated that we had work ahead of us to transform our customer-facing experience to one that can generate sustainable and profitable growth. We also said that, while we transform the experience, we would execute and invest in a focused manner with a clear goal of continuing to generate cash that we would deploy responsibly. Our sale of the corporate apparel business is consistent with our commitment to focused execution and investment. The Board of Directors’ unanimous decision to suspend the quarterly cash dividend for reallocation to debt repayment and share repurchases is consistent with our commitment to responsible allocation of capital. And while our Q2 results and Q3 guidance reflect what we’ve previously shared about the need to transform our customer experience and the fact that transformations take time, the early signs of customer response to our strategies indicate that we are making healthy progress on our journey

GUIDANCE:

Tailored Brands sees Q3 2019 EPS of $0.40-$0.45, versus the consensus of $0.88.

For earnings history and earnings-related data on Tailored Brands (TLRD) click here.

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