Tailored Brands sells corporate apparel business, updates Q2 outlook

Tailored Brands, Inc. has announced the sale of its corporate apparel business to a group led by the existing corporate apparel U.K. executive team for total cash consideration of 62 million dollars. For the second quarter, the company expects to report net sales in the range of 787 to 789 million dollars, GAAP diluted EPS in the range of 64 cents to 66 cents and adjusted diluted EPS in the range of 78 cents to 80 cents, which is above the company’s expected adjusted EPS range of 65 cents to 70 cents provided on June 12, 2019.