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Tailored Brands Q3 retail sales drop 2.1%

Image Courtesy: bizjournals.com

Tailored Brands Inc., an American retail holding company for apparel brands such as Men’s Wearhouse and Jos. A. Bank, has unveiled financial results for the third quarter that ended on October 28, 2017.

The company reported a 2.1 per cent decline in its retail sales. A 4.3 per cent decrease was noticed in total net sales to US $ 810.8 million during the quarter. Store closures in 2016 impacted its retail business this year as well.

Corporate apparel net sales also decreased by 24 per cent.

Brand-wise, Jos. A. Bank noted a 4.9 per cent increase in comparable sales while K&G and Moores noted a 0.6 per cent and a 2.6 per cent decrease in comparable sales, respectively, in the reporting quarter.

Men’s Wearhouse brand also noted a 1 per cent decline in comparable sales.

Tailored Brands, however, noted a 0.1 per cent increase in overall retail segment comparable sales.

The company’s operating income stood at US $ 76.6 million during the review period as against US $ 61.1.

“Our third quarter results have pleased us but we still need to do more to continue this pace. This remained our second consecutive quarter of positive comparable sales for our retail segment,” said Tailored Brands CEO Doug Ewert in a statement issued by the company.

The company operates through 1,400+ locations in the US and Canada as well its branded e-commerce websites.