Apparel retailer Tailored Brands Inc. has unveiled preliminary comparable sales results for the fiscal fourth quarter ended on January 30, 2016. Comparable sales zoomed 4.3 per cent at company-owned label Men’s Wearhouse with clothing comps of 4.3 per cent driven by an increase in average unit retail and tuxedo comps of 4.7 per cent.
However, sales at Jos. A. Bank fell 31.9 per cent due to a plunge in average transactions per store. Moores comparable sales dived 2.7 per cent because of dwindling macro-economic conditions in Canada. K&G comparable sales surged 1.9 per cent driven by units per transaction offset somewhat by lower average transactions per store, the press release from the company mentions.
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Doug Ewert, Chief Executive Officer of Tailored Brands, averred, “While we are pleased that our Men’s Wearhouse, Moores and K&G brands continue to perform well, management has been, and continues to be, focused on creating long-term sustainable and profitable results at Jos. A. Bank. Although we have seen improvement since the holiday selling season, we are still not satisfied. We are taking actions to reduce costs and rationalize the store base. We have also identified opportunities and begun the work to improve efficiency with positive results in other areas of our portfolio.”
Tailored Brands is the largest specialty retailer of men’s suits and the largest provider of rental product in the US and Canada with over 1,700 stores. The company’s brands include Men’s Wearhouse, Jos. A. Bank, Joseph Abboud, Moores Clothing for Men and K&G Fashion Superstores.
