- Prachi Singh |
Total net sales at the Men’s Wearhouse increased 40.4 percent or 254.6 million dollars to 885.1 million dollars in the first quarter. Retail segment net sales increased by 43.7 percent, or 250.6 million dollars and corporate apparel sales increased by 7 percent. Net sales at the Men's Wearhouse brand were up 8.4 percent from last year's first quarter. Comparable sales increased 6.8 percent. The higher margin tuxedo rental revenues comparable sales decreased 1.2 percent in the first quarter of 2015.
”We are very pleased to report another strong quarter with all brands performing well. Comparable sales increased 6.8 percent at Men's Wearhouse, 0.8 percent at Moores and 7.3 percent at K&G and decreased 1.5 percent at Jos. A. Bank. Traffic increased year over year at all of our U.S. brands and while Moores' traffic decreased, their average ticket increased. We continue to be confident in our 2015 and 2017 EPS guidance,” opined Doug Ewert, Men's Wearhouse Chief Executive Officer.
Jos. A. Bank comparable sales for the first quarter decreased 1.5 percent, whereas Moores, the Canadian retail brand, had a comparable sales increase of 0.8 percent. However, net sales for Moores decreased 9.5 percent due to an unfavorable change in the currency translation rate. K&G comparable sales increased 7.3 percent and Corporate Apparel segment had a sales increase of 7 percent.
In comparison to first quarter FY 2014 baseline, total net sales increased 4.4 percent, or 37.2 million dollars from 847.9 million dollars baseline net sales. Retail segment net sales for the quarter increased by 4.2 percent or 33.2 million dollars, to 824.3 million dollars due primarily to an increase in comparable sales in the legacy brands. Corporate apparel sales increased by 7 percent or 4 million dollars.
GAAP net earnings were 10.4 million dollars compared to GAAP net earnings of 16.5 million dollars last year. GAAP EPS was 0.21 dollars compared to 0.34 dollars in the prior year quarter. Adjusted net earnings were 26 million dollars or 0.54 dollars adjusted EPS.