Tailored Brands, an American retail holding company for brands such as Men’s Wearhouse and Jos. A. Bank, has unveiled consolidated financial results for the second quarter ended July 29, 2017.
The last year’s store closures have significantly affected the net and retail net sales of the company which declined by 6.5 per cent and 4.5 per cent, respectively.
The company’s total net sales stood at US $ 850.8 million.
Additionally, a decline in transactions partially offset by an increase in average unit retail resulted in a 2.2 per cent decrease in comparable sales for the retailer’s largest brand Men’s Wearhouse during the reporting quarter.
K&G’s comparable sales also dropped by 1.7 per cent.
However, the comparable sales for Jos. A. Bank brand increased by 7.8 per cent primarily due to an increase in transactions, the company claims.
“We were pleased that all brands posted sequential improvement in comparable sales on a one- and two-year stacked basis during the second quarter, which resulted in positive comparable sales for our retail segment as a whole. That said, the retail environment remains challenging and therefore we have a cautious outlook for the second half of the year,” said Doug Ewert, Chief Executive Officer, Tailored Brands.
The company expects to close around 20 stores by the year end in view of the tough retail scenario.
