- Prachi Singh |
REPORT_ The Men's Wearhouse, announcing its consolidated financial results for the fiscal third quarter and nine months ended November 1, 2014 said that its total net sales increased 37.3 percent or 241.7 million dollars to 890.6 million dollars from 648.9 million dollars. Retail segment sales for the quarter increased by 42.3 percent or 243.6 million dollars due to 233.3 million dollars in sales at Jos. A. Bank and an increase in comparable sales at all other retail brands. Corporate apparel sales decreased by 2.6 percent or 1.9 million dollars.
Net sales at its largest brand, Men's Wearhouse, which represented 49 percent of total third quarter sales, were up 2 percent from last year's third quarter and comparable sales increased 2.2 percent. The higher margin tuxedo rental revenues comparable sales increased 5.3 percent in the third quarter of 2014.
Commenting on the resukts, Doug Ewert, Men's Wearhouse Chief Executive Officer, said, “We continue to be pleased with the progress we are making on the Jos. A. Bank integration. In addition, we are pleased with the overwhelmingly positive reaction of the Jos. A. Bank employees to our culture and are very optimistic about our opportunities to expand consolidated sales and margins as we complete the integration. We remain confident in our 2017 guidance and our cost synergy run-rate at the end of the third quarter is well ahead of our original 15 million dollars projection for the end of the 2014 fiscal year.
Jos. A. Bank was 26 percent of the company's total third quarter sales. Comparable sales for the quarter decreased 8.1 percent. Moores, Canadian retail brand, was 8 percent of the total third quarter sales and had a comparable sales increase of 8.8 percent, however, net sales for Moores only increased 1.9 percent due to an unfavorable change in the currency translation rate. K&G was 8 percent of the company's total third quarter sales with a comparable sales increase of 4.4 percent. The Corporate Apparel segment, which represented 8 percent of total third quarter sales, had a sales decrease of 2.6 percent.
Total net sales at the end of nine months increased 21.5 percent or 411.5 million dollars to 2,324.2 million dollars, up from 1,912.7 million dollars. Year-to-date retail segment sales increased by 23.1 percent, or 400.1 million dollars, due to 347 million dollars in sales at Jos. A. Bank since the closing of the acquisition and an increase in comparable sales at all other retail brands. Corporate apparel sales increased by 6.2 percent, or 11.4 million dollars.