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 2018 THIRD QUARTER RESULTS

 

·                  Q3 2018 retail segment comparable sales up 2.3% with all brands positive

 

·                  Q3 2018 GAAP diluted EPS of $0.27 and adjusted diluted EPS(1) of $1.01

 

·                  Q3 2018 custom sales averaged $5 million per week, up 150% year-over-year

 

·                  Total debt reduced by $40 million in Q3 2018; down $300 million year-over-year

 

·                  Company updates outlook for FY 2018 adjusted diluted EPS to $2.30 to $2.35

 

FREMONT, CA — December 12, 2018 — Tailored Brands, Inc. (NYSE: TLRD) today announced consolidated financial results for the fiscal third quarter ended November 3, 2018.

 

For the third quarter ended November 3, 2018, the Company reported GAAP diluted earnings per share of $0.27 and adjusted diluted earnings per share(1) of $1.01, compared to GAAP diluted earnings per share of $0.75 for the same period a year ago.  There were no adjusted items in last year’s third quarter.

 

“We reported 2.3% positive comparable sales in the third quarter, with all retail brands delivering positive comparable sales.  Our sales growth was driven primarily by custom suiting, which we sold at an average rate of $5 million per week, up 150% versus last year,” said Tailored Brands Executive Chairman Dinesh Lathi.  “I am pleased with the team’s execution on our custom growth strategy.  During the quarter, we improved our custom offering’s speed, selection and service, making custom even more compelling to consumers.

 

“That said, as the third quarter progressed we saw a softening of comparable sales due to lower transactions at Men’s Wearhouse and that trend continued into November.  As a result, we have taken a more cautious outlook on fourth quarter comparable sales for Men’s Wearhouse and now expect fiscal 2018 adjusted diluted EPS of $2.30 to $2.35.”

 

Lathi added, “We also executed our strategies to reduce inventories and debt to improve capital efficiency and strengthen our balance sheet.  During the quarter, we reduced inventories 10% versus last year. We also successfully repriced our term loan, reducing the interest rate spread by 25 basis points, which lowers our annual cash interest expense by more than $2 million.  Our total debt is down approximately $300 million versus a year ago.”

 

Third quarter 2018 GAAP results include a goodwill impairment charge of $24.0 million related to our corporate apparel business, $9.4 million related to the repricing of the Company’s term loan, $6.4 million related to the retirement of our former CEO and $0.6 million related to the previously announced closure of a rental product distribution center in the second quarter of 2018.  Of the $40.4 million total charges, $34.3 million were non-cash.

 


The following information was filed by Tailored Brands Inc (TLRD) on Wednesday, December 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.

View differences made from one quarter to another to evaluate Tailored Brands Inc's financial trajectory

Compare SEC Filings Year-over-Year (YoY) and Quarter-over-Quarter (QoQ)
Sample 10-K Year-over-Year (YoY) Comparison

Compare this 10-Q Quarterly Report to its predecessor by reading our highlights to see what text and tables were  removed  ,   added    and   changed   by Tailored Brands Inc.

Continue

Never Miss A New SEC Filing Again


Real-Time SEC Filing Notifications
Screenshot taken from Gmail for a new 10-K Annual Report
Last10K.com Member Feature

Receive an e-mail as soon as a company files an Annual Report, Quarterly Report or has new 8-K corporate news.

Continue

We Highlighted This SEC Filing For You


SEC Filing Sentiment Analysis - Bullish, Bearish, Neutral
Screenshot taken from Wynn's 2018 10-K Annual Report
Last10K.com Member Feature

Read positive and negative remarks made by management in their entirety without having to find them in a 10-K/Q.

Continue

Widen Your SEC Filing Reading Experience


Increased Reading Area for SEC Filings
Screenshot taken from Adobe Inc.'s 10-Q Quarterly Report
Last10K.com Member Feature

Remove data columns and navigations in order to see much more filing content and tables in one view

Continue

Uncover Actionable Information Inside SEC Filings


SEC Filing Disclosures
Screenshot taken from Lumber Liquidators 10-K Annual Report
Last10K.com Member Feature

Read both hidden opportunities and early signs of potential problems without having to find them in a 10-K/Q

Continue

Adobe PDF, Microsoft Word and Excel Downloads


Download Annual and Quarterly Reports as PDF, Word and Excel Documents
Screenshots of actual 10-K and 10-Q SEC Filings in PDF, Word and Excel formats
Last10K.com Member Feature

Export Annual and Quarterly Reports to Adobe PDF, Microsoft Word and Excel for offline viewing, annotations and analysis

Continue

FREE Financial Statements


Download Annual and Quarterly Reports as PDF, Word and Excel Documents
Screenshot of actual balance sheet from company 10-K Annual Report
Last10K.com Member Feature

Get one-click access to balance sheets, income, operations and cash flow statements without having to find them in Annual and Quarterly Reports

Continue for FREE

Log in with your credentials

or    

Forgot your details?

Create Account