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Julie MacMedan, VP, Investor Relations
Tailored Brands, Inc.
For Immediate Release
TAILORED BRANDS, INC. REPORTS
FISCAL 2018 SECOND QUARTER RESULTS
· Q2 2018 retail segment comparable sales up 1.7%
· Q2 2018 GAAP diluted EPS of $0.97 and adjusted diluted EPS(1) of $1.07
· Q2 2018 custom sales doubled versus last year; sales averaged $4 million per week
· Total debt reduced by $70 million in Q2; down $325 million year-over-year
· Company reaffirms outlook for FY 2018 adjusted diluted EPS of $2.35 to $2.50
FREMONT, CA September 12, 2018 Tailored Brands, Inc. (NYSE: TLRD) today announced consolidated financial results for the fiscal second quarter ended August 4, 2018.
For the second quarter ended August 4, 2018, the Company reported GAAP diluted earnings per share of $0.97 and adjusted diluted earnings per share(1) of $1.07, compared to GAAP diluted earnings per share of $1.19 for the same period a year ago. There were no adjusted items in last years second quarter.
We are pleased to report positive comparable sales for all of our retail brands this quarter. We executed well on growing our custom business and on increasing transactions through brand marketing campaigns and enhanced omni-channel initiatives, said Tailored Brands CEO Doug Ewert. I am also pleased with the progress we are making to move to a leaner, more efficient inventory model, which is particularly important as custom clothing becomes a larger percentage of our mix. With leaner inventories, we can improve the customer experience and free-up working capital.
Ewert added, We continue to strengthen our balance sheet. During the quarter, we completed a $175 million partial redemption of our senior notes and our total debt is down $325 million versus a year ago.
Second quarter 2018 GAAP results include charges of $8.1 million related to the partial redemption of $175 million of the Companys senior notes, $4.4 million related to the closure of a rental product distribution center, and $0.2 million related to an unfavorable final working capital adjustment associated with the previously announced divestiture of the MW Cleaners business. Of the $12.7 million total charges, $6.3 million were non-cash.
The following information was filed by Tailored Brands Inc (TLRD) on Wednesday, September 12, 2018 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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