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Tailored Brands, Inc., SVP, Finance & IR
Dennard · Lascar Associates
For immediate release
TAILORED BRANDS, INC. REPORTS
FISCAL 2015 FOURTH QUARTER AND FULL YEAR RESULTS
· Fiscal year 2015 adjusted EPS(1) of $1.80 and GAAP loss per share of $21.26 primarily due to non-cash impairment charges
· Fourth quarter 2015 adjusted loss per share(1) of $0.30 and GAAP loss per share of $21.86
· Conference call scheduled for Thursday, March 10th at 9:00 a.m. Eastern time
FREMONT, CA March 9, 2016 Tailored Brands, Inc. (NYSE: TLRD) today announced consolidated financial results for the fiscal fourth quarter and full year ended January 30, 2016.
Fiscal fourth quarter 2015 GAAP loss per share was $21.86. GAAP operating loss includes a $1,153.3 million goodwill and intangible asset impairment charge, a $25.8 million asset impairment charge and an $11.0 million inventory write-down. These non-cash charges related to Jos. A. Bank and a store rationalization program initiated in the fourth quarter. Fiscal fourth quarter 2015 adjusted loss per share(1) was $0.30 excluding items not indicative of the Companys core operating results, certain items related to the acquisition and integration of Jos. A. Bank and non-cash impairment charges.
The fiscal year 2015 GAAP loss per share was $21.26 and adjusted EPS(1) was $1.80 excluding non-operating items and the non-cash charges described above.
As reported in the Companys preliminary results released on February 16, 2016, fourth quarter comparable sales increased 4.3% at Mens Wearhouse with clothing comps of 4.3% driven by an increase in average unit retail (or the net selling price per unit) and rental comps of 4.9%. Jos. A. Bank comparable sales decreased 31.9%. K&G comparable sales increased 1.9% driven by an increase in units per transaction offset somewhat by lower average transactions per store. Moores comparable sales decreased 2.7% primarily driven by macro-economic conditions in Canada.
Doug Ewert, Tailored Brands chief executive officer stated, While our fourth quarter and full year results were consistent with our revised guidance, we remain very disappointed by the weak Jos. A. Bank results. Our transition away from unsustainable promotions has proven significantly more difficult and expensive than we expected. We do, however, remain confident that Jos. A. Bank offers a longer-term opportunity to profitably grow market share in the menswear business. Additionally, our Mens Wearhouse, Moores, and K&G brands continue to perform well, with profitability in line or ahead of our expectations.
Over the past several months we completed a comprehensive operational review of the Tailored Brands businesses and are in the process of taking actions we believe will right-size our store base, optimize our cost structure, return Jos. A. Bank to profitability and improve other operating aspects of Tailored Brands.
The following information was filed by Tailored Brands Inc (TLRD) on Thursday, March 10, 2016 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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