MEN’S WEARHOUSE POSTS MAJOR THIRD QUARTER LOSS
Bad news continued for retailer Men’s Wearhouse on Wednesday, after the Houston-based company reported a fiscal third-quarter loss of $27.2 million on revenue of $865.4 million, significantly down from 2014. Earnings, adjusted for non-recurring costs and costs related to mergers and acquisitions, were 50 cents per share.
Much of the company’s trouble relates to its Jos. A Bank chain. Sales at locations open at least a year tumbled 14.6 percent in the third quarter, and early fourth-quarter same-store sales are down 35.1 percent. The company recently eliminated Bank’s promotions that offered free suits with the purchase of one suit.
It remains unclear if the company will hit it previous year-end estimates.
As of 9:10 a.m., Men’s Wearhouse shares were trading at $18.35, having previously hit a high price of $65.61 in mid-day trading this past June.
Menswearhouse should re-brand the Jos A. Bank stores with selection that are competitive with the MTM showrooms. Appeal to a new demographic. Jos A. Bank only appeals to stiff 55 plus year old guys. Re-brand with Joseph Abboud products. No one is going to pay MTM prices at “MensWearhouse”. Will not work