Exhibit 99.1

 

 

News Release

 

 

Contact:

 

 

 

For Immediate Release

 

Ken Dennard

 

 

Dennard · Lascar Associates

 

 

(713) 529-6600

 

 

MEN’S WEARHOUSE REPORTS

FISCAL 2012 FOURTH QUARTER AND FULL YEAR RESULTS

 

·                  Q4 2012 GAAP diluted loss per share was $0.07, compares to prior year GAAP diluted loss per share of $0.07 and adjusted loss per share of $0.05

 

·                  Full year 2012 GAAP diluted EPS was $2.55, compares to prior year GAAP diluted EPS of $2.30 and adjusted diluted EPS of $2.38

 

·                  Engages Jefferies & Co. to evaluate strategic alternatives for K&G

 

·                  Announces new share repurchase program and planned credit facility amendment

 

·                  Provides annual guidance for fiscal year 2013

 

HOUSTON — March 13, 2013 — The Men’s Wearhouse (NYSE: MW) today announced its consolidated financial results for the fiscal fourth quarter and the full year ended February 2, 2013.

 

Total net sales for the 2012 fiscal fourth quarter increased 8.2% to $608.4 million from $562.2 million for the same period a year ago.  Retail segment sales for the quarter increased by 6.8% or $34.8 million and corporate apparel sales increased by 21.5% or $11.5 million.  For the full 2012 fiscal year, net sales increased by 4.4% to $2,488.3 million, with a retail segment increase of 5.1% and a corporate apparel segment decrease of 1.7%.

 

The GAAP basis net loss for the 2012 fiscal fourth quarter was $3.4 million, or $0.07 diluted loss per share, compared to a net loss of $3.8 million, or $0.07 diluted loss per share, in the same period in 2011. Last year’s fourth quarter adjusted diluted loss per share was $0.05 after excluding $1.3 million ($0.9 million after tax or $0.02 per diluted share) in acquisition related integration costs and $0.3 million ($0.2 million after tax or less than $0.01 per diluted share) for non-cash asset impairment charges.

 

For the full 2012 fiscal year, GAAP basis net earnings were $131.7 million, or $2.55 diluted earnings per share, compared to net earnings of $120.6 million, or $2.30 diluted earnings per share, for the 2011 fiscal year.  On an adjusted basis, fiscal year 2011 net earnings were $124.4 million or $2.38 adjusted diluted earnings per share after excluding $3.8 million ($2.5 million after tax or $0.05 per diluted share) in acquisition related integration costs and $2.0 million ($1.3 million after tax or $0.03 per diluted share) for non-cash asset impairment charges.

 

Doug Ewert, Men’s Wearhouse president and chief executive officer, stated, “Our fourth quarter started out with an unprecedented volume decline in November which we described in our third quarter earnings release and conference call.  The balance of the fourth quarter improved over November results; however, macro-economic conditions remained challenging for our customers throughout the period, which resulted in fourth quarter and full year results that were two cents below the low end of our guidance range provided on December 5, 2012.

 

1


The following information was filed by Tailored Brands Inc (TLRD) on Thursday, March 14, 2013 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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