Tailored Brands Inc., a leading specialty retailer of men’s suits, has unveiled its financial results for the third quarter of current fiscal ended October 29, 2016. The company’s net sales decreased 2.1 per cent to US $ 846.9 million.
In the period under review, retail segment net sales declined by 4.7 per cent. On the other hand, corporate apparel sales jumped 30 per cent. The company’s total gross margin stood at US $ 377.2 million. In the mentioned period, operating income totalled US $ 61.1 million compared to an operating loss of US $ 36.4 million last year.
The company also posted nine-month results ended October 29, 2016. In this period, net sales dived 3.2 per cent to US $ 2,585.4 million. Retail segment net sales also fell 5 per cent. Whereas, corporate apparel sales enjoyed a rise of 21.1 per cent. Total gross margin was worth US $ 1,139.4 million. In the period under review, operating income totalled US $ 151.7 million compared to operating income of US $ 117 million previous year.
Also Read – Tailored Brands’ net sales down 1.1% in Q2 FY ’16
Commenting upon the results, Doug Ewert, President and CEO, Tailored Brands said, “We are on track to achieve our targeted US $ 50 million of cost savings in fiscal 2016. In addition, we continue to make progress on our store base rationalization initiative. During the third quarter, we closed 83 stores, including 74 Men’s Wearhouse and Tux stores, bringing our total year-to-date closures to 187 stores. We expect to close approximately 63 stores in the fourth quarter for a total of approximately 250 store closures during fiscal 2016.”
With over 1,700 locations in the US and Canada, the company’s brand portfolio includes labels like Men’s Wearhouse, Jos. A. Bank, Joseph Abboud, Moores Clothing for Men and K&G Fashion Superstores.
