US: Corporate apparel boosts Men’s Wearhouse Q1
- Net profit up 23% to US$33.1m
- Net sales up 5.1% to $616.5m
- Corporate apparel sales up 13%
A double-digit hike in corporate apparel sales and a 4.4% rise in retail revenues helped retailer Men’s Wearhouse to post a 23% increase in first quarter net profit.
Gross margin for the three months to 4 May rose 177 basis points, the US company added, boosted by the favourable penetration of tuxedo revenues.
The core Men’s Wearhouse retail chain recorded an 8.2% sales increase, with comparable store sales up 1.6%, but the company’s Canadian business, Moores, posted net sales down 3.1% and retail comps down 7%.
Meanwhile, the K&G brand’s net sales fell 5.6% in the quarter, with comps down 6.7%.
“Net sales at our core flagship brand Men’s Wearhouse stores, which represented 65% of our total first quarter sales, got off to a slow start in February and were comping negatively until about President’s weekend,” said Doug Ewert, Men’s Wearhouse president and CEO.
“After that we began to pick up in both clothing sales and tuxedo revenues.”
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