USA: Men's Wearhouse Reports Earnings Per Share Increase Of 28 Percent For The First Quarter
Company Provides Outlook For Remainder Of Fiscal Year 2000 The Men's Wearhouse (Nasdaq:MENS) today announced results for the first quarter which ended April 29, 2000. For the quarter, net earnings increased 25.2 percent to $13.4 million, or $.32 of diluted earnings per share, versus pro forma net earnings before extraordinary item of $10.7 million, or $.25 of diluted earnings per share, in the same period a year ago. Sales for the quarter were $287.9 million compared with $258.9 million for the same period a year ago, an increase of 11.2 percent. Comparable store sales in the U.S. for the quarter increased 5.3 percent compared with a 5.6 percent increase a year ago and in Canada decreased 5.6 percent compared with a 6.5 percent decrease a year ago. During the first quarter, the company's comparable store sales at its core stores, Men's Wearhouse, were on plan and at its K&G Men's Center stores were above plan. Management's Update And Outlook for Remainder Of Fiscal Year 2000 "We have had a very strong start to the current fiscal year. Sales and net earnings for the first quarter continue to reach record levels. In addition, we achieved gross margin improvements at all of our brands. Operating expenses were up during the quarter and are reflective of our ongoing reinvestment in employee training, advertising, payroll, and infrastructure. We continue to invest in casual merchandise inventory to take advantage of the ongoing trend towards a more casual workplace. We are experiencing strong comparable store sales growth in these product categories. In addition, we continue to grow our market share in our core category, suits, having achieved an estimated market share of 16% at fiscal year end 1999, up from 15% in the prior year," said David Edwab, president of The Men's Wearhouse, Inc.
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