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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 FOURTH QUARTER AND YEAR END RESULTS

 

·

Q4 2019 GAAP diluted loss per share and adjusted diluted loss per share(1) from continuing operations of $0.80 and $0.46, respectively

·

FY 2019 GAAP diluted EPS and adjusted diluted EPS from continuing operations of $0.51 and $1.08, respectively

·

Company taking steps to increase liquidity to address uncertainty from COVID-19

 

FREMONT, CA — March 18, 2020 — Tailored Brands, Inc. (NYSE: TLRD) today announced consolidated financial results for the fiscal fourth quarter and year ended February 1, 2020.

For the fourth quarter ended February 1, 2020, the Company reported GAAP loss from continuing operations per diluted share of $0.80 compared to GAAP earnings from continuing operations per diluted share of $0.08 in the fourth quarter last year.  Excluding the impact of certain items in both periods, fourth quarter 2019 adjusted loss from continuing operations per diluted share(1) was $0.46 compared to adjusted loss from continuing operations per diluted share(1) of $0.34 last year. 

Fourth quarter 2019 pre-tax results from continuing operations include $22.7 million of charges consisting of $17.4 million associated with the Company’s previously announced sale of the Joseph Abboud trademarks primarily due to the write-off of inventory related to its recently closed Joseph Abboud store and e-commerce site and $5.2 million of charges related to our multi-year cost savings and operational excellence programs, including consulting, severance and lease termination costs.  In addition, we have reflected the results of the corporate apparel business as discontinued operations for all periods presented.    

For the fiscal year ended February 1, 2020, the Company reported GAAP earnings from continuing operations per diluted share of $0.51 compared to GAAP earnings from continuing operations per diluted share of $1.94 last year.  For fiscal 2019, adjusted diluted EPS from continuing operations was $1.08 compared to adjusted diluted EPS from continuing operations of $2.15 for the same period a year ago. 

Tailored Brands President and CEO Dinesh Lathi said, “Fiscal 2020 got off to a solid start, with total retail comparable sales up 2.4% and all brands positive in February.  However, over the past two and a half weeks, we’ve seen a deceleration in comparable sales across brands, coinciding with heightened actions taken by governments, businesses, schools and citizens to curb the spread of COVID-19.  Beginning March 17th, we have decided to close stores in the U.S. and Canada until March 28th to ensure the safety and well-being of our employees and customers.  We will continue to monitor this timing based on guidance from health authorities.  We are taking aggressive and prudent actions to ensure the business has ample liquidity to weather this uncertain period.    In an abundance of caution and as a proactive measure,  on March 16th we drew down $260 million from our revolving credit facility.”


The following information was filed by Tailored Brands Inc (TLRD) on Wednesday, March 18, 2020 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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