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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 years 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 teams execution on our custom growth strategy. During the quarter, we improved our custom offerings 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 Mens Wearhouse and that trend continued into November. As a result, we have taken a more cautious outlook on fourth quarter comparable sales for Mens 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 Companys 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.
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