Exhibit 99.1

 

 

News Release

 

 

Contact:

Investor Relations

(281) 776-7575

ir@tailoredbrands.com

 

Julie MacMedan, VP, Investor Relations

Tailored Brands, Inc.

 

 

For Immediate Release

 

TAILORED BRANDS, INC. REPORTS

FISCAL 2016 FOURTH QUARTER AND FULL YEAR RESULTS

 

·                  4Q 2016 GAAP diluted loss per share of $0.62, compared to loss of $21.86 last year; 4Q 2016 adjusted diluted loss per share(1) of $0.19, compared to adjusted diluted loss per share of $0.30 last year

 

·                  FY 2016 GAAP diluted EPS of $0.51, compared to GAAP diluted loss per share of $21.26 last year; FY2016 Adjusted diluted EPS(1) of $1.76, compared to adjusted diluted EPS of $1.80 last year

 

·                  Company expects FY 2017 diluted EPS of $1.45 to $1.75

 

FREMONT, CA — March 8, 2017 — Tailored Brands, Inc. (NYSE: TLRD) today announced consolidated financial results for the fiscal fourth quarter and full year ended January 28, 2017 and provided its outlook for fiscal 2017.

 

Fourth quarter 2016 GAAP diluted loss per share was $0.62, compared to a loss of $21.86 in the same period a year ago.  Fourth quarter 2016 GAAP operating loss includes a $14 million non-cash impairment charge related to fixed assets in our Macy’s tuxedo stores. Last year’s fourth quarter results included approximately $1.18 billion of goodwill, intangible asset and other impairment charges primarily related to Jos. A. Bank.  Excluding certain items(1), fourth quarter 2016 adjusted diluted loss per share(1) was $0.19, compared to adjusted diluted loss per share of $0.30 in the fourth quarter of 2015.

 

Full year 2016 GAAP diluted earnings per share was $0.51, compared to GAAP loss per share of $21.26 last year. Fiscal 2016 adjusted diluted EPS(1) was $1.76, compared to adjusted diluted EPS of $1.80 last year.

 

MANAGEMENT COMMENTARY

 

Doug Ewert, president and chief executive officer of Tailored Brands, stated, “Fiscal 2016 was a year of significant strategic progress for Tailored Brands as we executed on our plans to right-size our store base, optimize our cost structure, and return Jos. A. Bank to a path of sustained profitable growth.  I am pleased with our delivery on our operational initiatives that we established for 2016.  We closed 233 stores under our store rationalization program, we achieved over $60 million in cost savings through our profit improvement plan, and we stabilized and began to turn around Jos. A. Bank.  With a focus on continued operational excellence, we have built a strong foundation for future growth.

 

“Unfortunately, the challenging retail environment resulted in soft traffic across our retail brands, which drove lower than anticipated fourth quarter and full year net sales and gross margins.  Despite this, we delivered near the mid-point of our full year adjusted EPS guidance through disciplined expense

 


The following information was filed by Tailored Brands Inc (TLRD) on Wednesday, March 8, 2017 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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