(Updated - December 9, 2015 5:36 PM EST)

Men's Wearhouse (NYSE: MW) reported Q3 EPS of $0.50, in-line with the analyst estimate of $0.50. Revenue for the quarter came in at $865.4 million versus the consensus estimate of $876.81 million.

As reported in the Company's preliminary results release on November 5, 2015, third quarter comparable sales increased 5.3% at Men's Wearhouse with clothing comps of 7.2% driven by higher transactions per store and rental comps of 0.7%.

Through the first week of December, the quarter-to-date comparable sales at Jos. A. Bank were down 35.1% while our other brands average comparable sales were up 5.5%. If the Jos. A. Bank trend continues through the remainder of the quarter, the Company runs the risk of missing the lower end of the guidance given on November 5, 2015. The Jos. A. Bank clothing margin before occupancy is still expected to be up approximately 500 basis points. The Company will be providing an update on the quarter in early February.

Doug Ewert, Men's Wearhouse chief executive officer stated, "When we acquired Joseph Bank, we knew that we needed to correct the promotional model. However, we underestimated the impact to the near-term performance as we began to execute the difficult, but necessary, corrective steps. We remain confident that these steps will restore a long-term, sustainable, profit model and reshape the business for a healthy and growing Jos. A. Bank.

"Beyond promotions, we have taken several other significant steps to grow revenue opportunities at Jos. A. Bank by re-engaging with current and lapsed customers while attracting new ones. We have introduced a new loyalty program, we are recalibrating our marketing strategy and have introduced a new incentive program that aligns with the new selling techniques. Additionally, we are enhancing the assortment to better service our core customers and to give new customers a compelling reason to discover Jos. A. Bank.

"We are also taking additional steps to course correct. We are currently performing a deep dive on data analysis using both our customer data and a third party to uncover actionable insights. With the topline resetting to a lower level for the near-term, we are looking at every opportunity for cost reduction including store rationalization, labor, advertising and all relevant shared service costs and we are partnering with Alix Partners on specific elements of this work. We are challenging all assumptions and are fully focused on accelerating the Jos. A. Bank recovery."

Ewert added, "We have built a portfolio of robust and compelling brands, each renowned for their own individual identity. Next year, we will launch a holding company called Tailored Brands. We believe that the holding company structure will allow us to further leverage our shared services platform and support, nurture and augment our family of brands."

Ewert concluded, "We are working hard to become an innovative and differentiated retailer in men's apparel, from our stores to our digital properties, from our customers' visits to our tailors and stylists, to their phones and their homes. We look forward to sharing more with you in the near future about this and our other initiatives to create value for all our stakeholders."

For earnings history and earnings-related data on Men's Wearhouse (MW) click here.