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For Immediate Release
Mens Wearhouse, SVP, Finance & IR
Dennard · Lascar Associates
MENS WEARHOUSE REPORTS FISCAL 2014 RESULTS
· Legacy business continued strong performance
· Integration synergy run-rate ahead of schedule
· Company increases fiscal year 2017 EPS guidance to include K&G
· Conference call scheduled for Thursday, March 12th at 9:00 a.m. Eastern time
FREMONT, CA March 11, 2015 The Mens Wearhouse (NYSE: MW) today announced consolidated financial results for the fiscal fourth quarter and year ended January 31, 2015.
GAAP loss per share for fiscal fourth quarter 2014 was $0.75 and adjusted loss per share was $0.03 excluding non-operating items(1).
GAAP loss per share for fiscal year 2014 was $0.01 and adjusted EPS was $2.58 excluding non-operating items(1). Results for Jos. A. Bank are included in our financial statements beginning June 18, 2014, the date of the closing of the acquisition.
Doug Ewert, Mens Wearhouse chief executive officer, commented, We continue to be pleased with the robust earnings performance of our legacy brands. Fueling this performance in the fourth quarter are comparable sales increases of 6.8% at Mens Wearhouse, 8.6% at Moores and 6.8% at K&G. And while Jos. A. Banks comparable sales were negative 6.6%, they were above our expectations.
Ewert added, We are extremely proud of the work done to date to incorporate Jos. A. Bank. We have made significant progress on integrating Jos. A. Bank into the infrastructure of Mens Wearhouse and have developed a robust process around synergy identification and realization. In the nine months since the acquisition, Jos. A. Bank has transitioned many of the back office functions, began store training programs, began the work to instill its employees with the Mens Wearhouse culture, and launched tuxedo rental in all its Jos. A. Bank locations. All of this progress was made while exceeding our initial synergy run-rate target of $15 million as we ended the year with run-rate synergies of $35 million.
Fiscal year 2015 will be the year of strategic transition for Jos. A. Bank as we work on unlocking customer facing opportunities. Much of this work lies in systems conversions which will be completed in the second half of 2015. As such, we are looking forward to the growth in sales and gross margins that we anticipate achieving in late 2015 and into 2016.
We continue to be confident in our 2017 EPS guidance which has now been increased to include K&G. We expect profits to accelerate in 2016 with rebounding sales after three consecutive years of negative comps at Jos. A. Bank, realized cost synergies and modest growth in the legacy business. With the
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