Tailored Brands reports Q4 loss, sales drop 5.3 percent

Tailored Brands, Inc. for the fourth quarter reported GAAP net loss of 38.6 million dollars compared to net earnings of 3.8 million dollars last year, while diluted loss per share was 80 cents compared to diluted EPS of 8 cents last year. On an adjusted basis, net loss was 22.5 million dollars compared to net loss of 17 million dollars last year, while adjusted diluted loss per share was 46 cents compared to an adjusted diluted loss per share of 34 cents last year.

Commenting on the results, Tailored Brands President and CEO Dinesh Lathi said in a statement: “Fiscal 2020 got off to a solid start, with total retail comparable sales up 2.4 percent and all brands positive in February. However, over the past two and a half weeks, we’ve seen a deceleration in comparable sales across brands, coinciding with heightened actions taken by governments, businesses, schools and citizens to curb the spread of COVID-19.”

Q4 net sales decrease 5.3 percent at Tailored Brands

On a GAAP basis, net sales for the quarter decreased 5.3 percent to 691 million dollars, due to a decrease in comparable sales of 3 percent, while on an adjusted basis, net sales decreased 3 percent due to the decrease in comparable sales. Men’s Wearhouse comparable sales decreased 1.9 percent, while comparable rental services revenue increased 1.8 percent primarily due to an increase in average price per rental unit. Jos. A. Bank comparable sales decreased 5 percent, K&G comparable sales increased 2.2 percent and Moores comparable sales decreased 10 percent.

For the full year, on a GAAP basis, net sales decreased 4.1 percent to 2,881.3 million dollars primarily due to the decrease in comparable sales of 3 percent and the impact of changes to our loyalty program last year. On an adjusted basis, net sales decreased 3.5 percent. Men’s Wearhouse comparable sales decreased 3.5 percent, while comparable rental services revenue decreased 3.1 percent primarily due to a decrease in number of rentals. Jos. A. Bank comparable sales decreased 2.3 percent, K&G comparable sales decreased 0.3 percent and Moores comparable sales decreased 5.4 percent.

For the full year, GAAP net earnings were 25.4 million dollars compared to net earnings of 98.6 million dollars last year, while diluted EPS was 51 cents compared to 1.94 dollars last year. On an adjusted basis, net earnings were 54.1 million dollars compared to 109.2 million dollars last year, while adjusted diluted EPS was 1.08 dollars compared to 2.15 dollars last year.

Picture:Men's Wearhouse website

 

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