Clothing retailer Tailored Brands has revealed its financial results for the fiscal first quarter ended April 30, 2016.
In the quarter under review, net sales for the first quarter at the company’s largest brand, Men’s Wearhouse, were down 3.2 per cent and comparable sales plunged 3.5 per cent from last year’s first quarter. Comparable sales dropped 3.5 per cent. Comparable rental revenue also decreased 4.8 per cent in the first quarter of the year.
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As per the company release, Jos. A. Bank’s comparable sales in the reporting quarter fell 16 per cent; however, K&G’s comparable sales increased by 0.2 per cent. Net sales for Moores, Tailored Brands’ Canadian retail brand reported 9 per cent decline in the review period. Moores also witnessed sales decrease of 3.9 per cent. The retailer said that the corporate apparel segment saw surge in sales of 2.9 per cent in the first quarter.
Doug Ewert, President and Chief Executive Officer – Tailored Brands informed, “Our first quarter results were mixed as we navigated the difficult consumer and retail environment and cycled a strong performance in last year’s first quarter. While our net sales decline of 6.4 per cent was slightly below our expectation, our focus on lowering operating expenses brought operating income and earnings per share in-line with our plan for the quarter. On a GAAP basis, retail operating income decreased US $ 15.4 million.”
