• Q3 net income rose 58% to $39.9m
  • Total sales up 6.3% to $584.6m
  • Retail segment sales rose 5.9%

Higher retail revenues and average selling prices have helped men's apparel retailer The Men's Wearhouse to a 58% jump in third quarter profit and another rise in its full-year earnings forecast.

Net income rose to $39.9m or $0.77 per share in the three months to 29 October, up from $25.3m or $0.47 per share the year before. Excluding acquisition related integration costs and impairment charges earnings were $0.79 per share, the company said.

Total company sales increased 6.3% to $584.6m for the quarter, with gains in both its retail and corporate apparel segments. Retail segment sales rose 5.9% thanks to higher product sales, selling prices and units sold per transaction, while tuxedo rental revenues saw a 1.9% rise in US same-store sales.

Corporate apparel sales were up 9.5% - it acquired UK-based Dimensions and Alexandra in August last year - helped by higher catalogue and internet sales.

For the full year, Men's Wearhouse expects to report earnings per diluted share of $2.21 to $2.24 per share, up from the $2.07-2.14 it forecast in September.