Picture 2

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 2019 SECOND QUARTER RESULTS

 

·

Q2 2019 GAAP diluted EPS of $0.68 and adjusted diluted EPS(1) of $0.82

·

Company expects Q3 2019 adjusted diluted EPS(1) of $0.40 to $0.45

·

Company to redeploy capital to accelerated debt repayment and share repurchases; suspends quarterly cash dividend starting in Q4 2019

 

FREMONT, CA — September 11, 2019 — Tailored Brands, Inc. (NYSE: TLRD) today announced consolidated financial results for the fiscal second quarter ended August 3, 2019.

For the second quarter ended August 3, 2019, the Company reported GAAP diluted earnings per share of $0.68 and adjusted diluted earnings per share(1) of $0.82, compared to GAAP diluted earnings per share of $0.97 and adjusted diluted earnings per share(1) of $1.07 last year. 

 

Second quarter 2019 results exclude net charges of $10.4 million comprised of $11.3 million of charges related to our multi-year cost savings and operational excellence programs (consisting of $6.1 million in consulting costs, $2.9 million related to the closure of a distribution center in Canada, $2.2 million in severance costs and $0.1 million in lease termination costs), offset by a $0.9 million net favorable adjustment primarily related to a derivative instrument entered into for the corporate apparel business.

 

“We were pleased to deliver second quarter comparable sales in line with our guidance and adjusted earnings per share above our guidance,” said Tailored Brands President and CEO Dinesh Lathi.  “We are also seeing early customer response to our initiatives, which gives us confidence that unleashing the potential for this business to generate healthy positive comps lies in our transformational strategies of providing i) personalized products and services, ii) inspiring and seamless experiences in and across every channel, and iii) brands that stand for more than just price.”

 

Lathi added, “On our year-end call, we indicated that we had work ahead of us to transform our customer-facing experience to one that can generate sustainable and profitable growth.  We also said that, while we transform the experience, we would execute and invest in a focused manner with a clear goal of continuing to generate cash that we would deploy responsibly.  Our sale of the corporate apparel business is consistent with our commitment to focused execution and investment.  The Board of Directors’ unanimous decision to suspend the quarterly cash dividend for reallocation to debt repayment and share repurchases is consistent with our commitment to responsible allocation of capital.  And while our Q2 results and Q3 guidance reflect what we’ve previously shared about the need to transform our customer experience and the fact that transformations take time, the early signs of customer response to our strategies indicate that we are making healthy progress on our journey.” 


The following information was filed by Tailored Brands Inc (TLRD) on Wednesday, September 11, 2019 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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