USA: Men's Wearhouse Cuts Earnings Guidance
Men's fashion retailer Men's Wearhouse Inc on Wednesday cut its fourth quarter and full-year earnings guidance after posting a 2.7 per cent slip in US December same-store sales
The Texas-based operator of almost 700 stores said Canadian same-stores fell two per cent and it now sees fourth quarter earnings per share of 46-48 cents and full-year earnings in the range of $1 to $1.02 a share.
The company had already cut its earnings outlook for the fourth quarter several times but said total sales for December edged up 1.2 per cent to $184.4 million from $182.3m in the year-ago period.
It now sees fourth quarter sales in the range $392m to $395m and fiscal 2002 sales between $1.29 billion and $1.3bn.
January same-store sales are expected to be in the low mid-single digit range for the US stores and in the negative low single-digit range for Canada.
Same-store sales for the fourth quarter are expected to be in the negative low single-digit range for the US and Canada.
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