• Q1 2019 GAAP diluted EPS of $0.14 and adjusted diluted EPS⁽¹⁾
  of $0.21
• Company expects Q2 2019 adjusted diluted EPS⁽¹⁾
  of $0.65 to $0.70

FREMONT, Calif.–(BUSINESS WIRE)–
Tailored Brands, Inc. (NYSE:TLRD) today announced consolidated financial
results for the fiscal first quarter ended May 4, 2019.

For the first quarter ended May 4, 2019, the Company reported GAAP
diluted earnings per share of $0.14 and adjusted diluted earnings per
share⁽¹⁾ of $0.21, compared to GAAP diluted earnings per
share of $0.27 and adjusted diluted earnings per share⁽¹⁾ of
$0.50 last year.

First quarter 2019 results include $4.4 million of charges related to
our multi-year cost savings and operational excellence programs
consisting of $3.1 million in consulting costs, $1.1 million in
severance costs and $0.2 million in lease termination costs.

Tailored Brands President and CEO Dinesh Lathi said, “I am pleased to
report that we delivered first quarter adjusted EPS that exceeded our
guidance, with Jos. A. Bank and Moores comparable sales ahead of
expectations.

“While we are on a journey to evolve our business to more fully meet our
customers’ needs and wants, we made good progress in the first quarter
against our strategic initiatives. Our custom business posted another
strong quarter as we continued to respond to our customers’ demand for
personalized products and services that help them look their best in the
moments that matter. Our e-commerce team executed a robust portfolio of
user experience and personalization tests, several of which have been
pushed into production to increase conversion and average order values.
Finally, as we seek an optimized creative mix between promotional and
storytelling advertising and an enhanced channel mix between broadcast
and digital, we launched new brand campaigns for both Men’s Wearhouse
and Jos. A. Bank that are being leveraged across channels.”

(1)	In the first quarter of fiscal 2019, adjusted items consist of costs related to our multi-year cost savings and operational excellence programs including consulting, severance and lease termination costs. In the first quarter of fiscal 2018, adjusted items consist of a loss on extinguishment of debt related to the refinancing of our term loan and a loss upon the divestiture of the MW Cleaners business. See Use of Non-GAAP Financial Measures for additional information on items excluded from adjusted EPS.

First Quarter Fiscal 2019 Results

Net Sales Summary(1)
Net Sales (U.S. dollars, in millions)	% Total Sales Change	Comparable Sales Change(2)
Retail				$724.7		(4.0%)		(3.2%)
Men’s Wearhouse				$427.8		(4.5%)		(4.5%)
Jos. A. Bank				$166.9		(1.3%)		(0.7%)
K&G				$87.7		(1.8%)		(0.5%)
Moores(3)				$42.3		(8.3%)		(4.6%)
Corporate Apparel	$56.7	(10.1%)
Total Company(4)				$781.4		(4.5%)

(1)		Amounts may not sum due to rounded numbers.
(2)	Comparable sales is defined as net sales from stores open at least 12 months at period end and includes e-commerce sales.
(3)	The Moores comparable sales change is based on the Canadian dollar.
(4)	On March 3, 2018, the Company sold its MW Cleaners business.

Net Sales

Total net sales decreased 4.5% to $781.4 million. Retail net sales
decreased 4.0% primarily due to the decrease in retail segment
comparable sales of 3.2%. Corporate apparel net sales decreased 10.1%,
or $6.4 million, primarily due to lower replenishment demand in the U.S.
as well as the impact of a weaker British pound this year compared to
last year.

Comparable Sales

Men’s Wearhouse comparable sales decreased 4.5%. Comparable sales for
clothing decreased primarily due to lower transactions and units per
transaction, partially offset by an increase in average unit retail.
Comparable rental services revenue decreased 6.0%, primarily reflecting
the Easter shift and continuing trend to purchase suits for special
occasions.

Jos. A. Bank comparable sales decreased 0.7% primarily from a decrease
in both units per transaction and transactions partially offset by an
increase in average unit retail.

K&G comparable sales decreased 0.5% primarily due to a decrease in
transactions and units per transaction partially offset by an increase
in average unit retail.

Moores comparable sales decreased 4.6% primarily due to a decrease in
transactions and units per transaction partially offset by an increase
in average unit retail.

Gross Margin

On a GAAP basis, consolidated gross margin was $320.6 million, a
decrease of $24.7 million, primarily due to the decrease in net sales.
As a percent of sales, consolidated gross margin decreased 120 basis
points to 41.0%. On an adjusted basis, consolidated gross margin
decreased 120 basis points to 41.1% primarily due to deleveraging of
occupancy costs and the greater mix of clothing product sales versus
rental services revenue.

On a GAAP basis, retail gross margin was $305.4 million, a decrease of
$23.3 million. As a percent of sales, retail gross margin decreased 140
basis points to 42.1%. On an adjusted basis, retail gross margin
decreased $23.1 million and the retail gross margin rate decreased 140
basis points to 42.2%, primarily due to deleveraging of occupancy costs
and the greater mix of clothing product sales versus rental services
revenue due to the Easter shift.

Advertising Expense

Advertising expense increased $3.8 million to $45.0 million primarily
reflecting the launch of new brand campaigns for Men’s Wearhouse and
Jos. A. Bank, and more expensive local instead of more economical
national broadcast media to support planned tests. As a percent of
sales, advertising expense increased 70 basis points to 5.8%.

Selling, General and Administrative Expenses (“SG&A”)

On a GAAP basis, SG&A decreased $5.9 million to $245.2 million and
increased 70 basis points as a percent of sales. On an adjusted basis,
SG&A decreased $6.4 million to $241.0 million primarily due to lower
share-based compensation, travel and entertainment and employee-related
benefit costs, but increased 60 basis points as a percent of sales to
30.8% primarily due to deleveraging from lower sales.

Operating Income

On a GAAP basis, operating income was $30.3 million compared to $52.9
million last year and operating margin decreased 260 basis points. On an
adjusted basis, operating income was $34.7 million compared to $56.5
million last year. As a percent of sales, adjusted operating margin
decreased 250 basis points to 4.4%.

Net Interest Expense and Net Loss on Extinguishment of Debt

Net interest expense was $18.6 million compared to $21.9 million last
year. The decrease in interest expense was due to reducing our
outstanding debt.

On a GAAP basis, there was no net loss on extinguishment of debt this
year compared to a $12.7 million loss on extinguishment of debt last
year. Last year’s net loss on extinguishment of debt includes $11.9
million related to the write-off of deferred financing costs and
original issue discount resulting from the Company’s refinancing of its
Term Loan. On an adjusted basis, there was no net loss on extinguishment
of debt this year compared to a net loss on extinguishment of debt of
$0.9 million last year.

Effective Tax Rate

On a GAAP basis, the effective tax rate was 39.1% compared to 24.0% last
year. On an adjusted basis, the effective tax rate was 33.7% compared to
25.0% last year. The increase in the adjusted effective tax rate was due
to an increase in tax expense related to the accounting for employee
share-based awards.

Net Earnings and EPS

On a GAAP basis, net earnings were $7.1 million compared to net earnings
of $13.9 million last year. Diluted EPS was $0.14 compared to diluted
EPS of $0.27 last year.

On an adjusted basis, net earnings were $10.7 million compared to net
earnings of $25.3 million last year. Adjusted diluted EPS was $0.21
compared to adjusted diluted EPS of $0.50 last year.

Balance Sheet Highlights

Cash and cash equivalents at the end of the first quarter of 2019 were
$29.7 million, a decrease of $63.4 million compared to the end of the
first quarter of 2018 primarily resulting from the decrease in
comparable sales as well as the impact the Easter shift. At the end of
the first quarter of 2019, there were $48.5 million of borrowings
outstanding on our revolving credit facility. Total liquidity at the end
of the first quarter was $454.7 million, comprised of availability on
our revolving credit facility and cash and cash equivalents.

Inventories increased $30.7 million, or 3.6%, to $874.4 million at the
end of the first quarter of 2019 compared to the end of the first
quarter of 2018. The increase was primarily driven by an increase in
receipts as we anniversary limited shipping container availability in
last year’s first quarter as well as higher inventories at Men’s
Wearhouse reflecting the decrease in comparable sales.

Total debt at the end of the first quarter of 2019 was approximately
$1.2 billion, down $126.3 million compared to the end of the first
quarter of 2018. During the first quarter, the Company made a total of
$4.9 million in payments on its term loan, consisting of its scheduled
$2.3 million payment and a $2.6 million excess cash flow payment.

During the first quarter of 2019, the Company adopted new lease
accounting guidance using the optional transition method. Under this
method, the Company applied the new standard as of February 3, 2019 with
no adjustments to the comparative period presented. At May 4, 2019, the
operating lease right-of-use assets totaled $956.0 million, and the
current portion and long-term operating lease liabilities totaled $183.0
million and $804.9 million, respectively. The adoption of the lease
accounting guidance did not have a material impact on our condensed
consolidated statements of income or cash flows for the first quarter of
2019.

Cash flow from operating activities for the first quarter of 2019 was
$11.8 million compared to $120.2 million last year and was largely
expected due to the impact of the Easter shift. The decrease was driven
by lower net earnings, the increase in inventories described above and
changes in accounts payable and accrued liabilities primarily due to
timing.

Capital expenditures for the first quarter of 2019 were $21.7 million
compared to $11.0 million last year.

Q2 FISCAL 2019 OUTLOOK

Given that we are in the early stages of executing our strategic
initiatives and evaluating our cost savings opportunities, our plan is
to continue to provide quarterly guidance for the remainder of this
fiscal year. The Company’s outlook for the second quarter of fiscal 2019
is as follows:

• Earnings per Share: The Company expects to achieve adjusted
  diluted EPS in the range of $0.65 to $0.70.
• Comparable Sales: The Company expects comparable sales for:
  • Men’s Wearhouse to be down 3% to 5%
  • Jos. A. Bank to be down 2% to 4%
  • Moores to be down 2% to 4%
  • K&G to be down 2% to flat.
• Corporate Apparel Sales: The Company expects corporate apparel
  net sales to be down 4% to 6%.
• Effective Tax Rate: The Company expects an effective tax rate
  of approximately 23%.
• Real Estate: The Company expects net closures of seven stores,
  primarily at Jos. A. Bank.

STORE INFORMATION

May 4, 2019				May 5, 2018				February 2, 2019
				Number of Stores		Sq. Ft. (000’s)		Number of Stores		Sq. Ft. (000’s)		Number of Stores		Sq. Ft. (000’s)
Men’s Wearhouse (a)				720		4,037.1		720		4,040.8		720		4,035.5
Jos. A. Bank (b)				482		2,271.2		491		2,309.9		484		2,280.2
Men’s Wearhouse and Tux				46		68.8		50		74.5		46		68.8
Moores				126		787.4		126		787.5		126		787.4
K&G (c)				88		2,028.4		89		2,043.5		88		2,028.4
Total	1,462	9,192.9	1,476	9,256.2	1,464	9,200.3

(a)		Includes one Joseph Abboud store.
(b)	Excludes 14 franchise stores.
(c)	84, 85, and 84 stores offering women’s apparel at the end of each period, respectively.

Conference Call and Webcast Information

At 5:00 p.m. Eastern time on Wednesday, June 12, 2019, management will
host a conference call and webcast to discuss fiscal 2019 first quarter
results. To access the conference call, please dial 201-689-8029. To
access the live webcast, visit the Investor Relations section of the
Company’s website at http://ir.tailoredbrands.com.
A webcast archive will be available free on the website for
approximately 90 days.

About Tailored Brands, Inc.

As the leading specialty retailer of men’s tailored clothing and largest
men’s formalwear provider in the U.S. and Canada, Tailored Brands helps
men love the way they look for work and special occasions. We serve our
customers through an expansive omni-channel network that includes over
1,400 locations in the U.S. and Canada as well as our branded e-commerce
websites. Our brands include Men’s Wearhouse, Jos. A. Bank, Joseph
Abboud, Moores Clothing for Men and K&G. We also operate an
international corporate apparel and workwear group consisting of
Dimensions, Alexandra and Yaffy in the United Kingdom and Twin Hill in
the United States.

For additional information on Tailored Brands, please visit the
Company’s websites at www.tailoredbrands.com,
www.menswearhouse.com,
www.josbank.com,
www.josephabboud.com,
www.mooresclothing.com,
www.kgstores.com,
www.dimensions.co.uk,
www.alexandra.co.uk.
and www.twinhill.com.

This press release contains forward-looking information, including
the Company’s statements regarding its Q2 2019 outlook for adjusted
earnings per share, comparable sales, corporate apparel sales, effective
tax rate and store closures. In addition, words such as “expects,”
“anticipates,” “envisions,” “targets,” “goals,” “projects,” “intends,”
“plans,” “believes,” “seeks,” “estimates,” “guidance,” “may,”
“projections,” and “business outlook,” variations of such words and
similar expressions are intended to identify such forward-looking
statements.The forward-looking statements are made pursuant to
the Safe Harbor provisions of the Private Securities Litigation Reform
Act of 1995.Any forward-looking statements that we make herein
are not guarantees of future performance and actual results may differ
materially from those in such forward-looking statements as a result of
various factors.Factors that might cause or contribute to such
differences include, but are not limited to:actions or inactions
by governmental entities; domestic and international macro-economic
conditions; inflation or deflation; the loss of, or changes in, key
personnel; success, or lack thereof, in formulating or executing our
internal strategies and operating plans including new store and new
market expansion plans; cost reduction initiatives and revenue
enhancement strategies; changes in demand for clothing or rental
product; market trends in the retail business; customer confidence and
spending patterns; changes in traffic trends in our stores; customer
acceptance of our merchandise strategies, including custom clothing;
performance issues with key suppliers; disruptions in our supply chain;
severe weather; foreign currency fluctuations; government export and
import policies, including the enactment of duties or tariffs;
advertising or marketing activities of competitors; the impact of
cybersecurity threats or data breaches; legal proceedings and the impact
of climate change.

Forward-looking statements are intended to convey the Company’s
expectations about the future, and speak only as of the date they are
made.We undertake no obligation to publicly update or revise any
forward-looking statements that may be made from time to time, whether
as a result of new information, future developments or otherwise, except
as required by applicable law.However, any further disclosures
made on related subjects in our subsequent reports on Forms 10-K, 10-Q
and 8-K should be consulted. This discussion is provided as permitted by
the Private Securities Litigation Reform Act of 1995, and all written or
oral forward-looking statements that are made by or attributable to us
are expressly qualified in their entirety by the cautionary statements
contained or referenced in this section.

(Tables Follow)

TAILORED BRANDS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS
(Unaudited)
For the Three Months Ended May 4, 2019 and May 5, 2018
(In thousands, except per share data)
Three Months Ended
	% of				% of
2019				Sales			2018				Sales
Net sales:
Retail clothing product	$	594,779	76.1	%	$	613,644	75.0	%
Rental services	93,740	12.0	%	100,227	12.3	%
Alteration and other services		36,143			4.6	%			40,972			5.0	%
Total retail sales	724,662	92.7	%	754,843	92.3	%
Corporate apparel clothing product		56,725			7.3	%			63,121			7.7	%
Total net sales	781,387	100.0	%	817,964	100.0	%
Total cost of sales	460,831	59.0	%	472,740	57.8	%
Gross margin (a):
Retail clothing product	326,135	54.8	%	337,424	55.0	%
Rental services	80,723	86.1	%	85,570	85.4	%
Alteration and other services	2,296	6.4	%	6,794	16.6	%
Occupancy costs		(103,732	)		-14.3	%			(101,019	)		-13.4	%
Total retail gross margin	305,422	42.1	%	328,769	43.6	%
Corporate apparel clothing product		15,134			26.7	%			16,455			26.1	%
Total gross margin	320,556	41.0	%	345,224	42.2	%
Advertising expense	45,043	5.8	%	41,233	5.0	%
Selling, general and administrative expenses		245,211			31.4	%			251,094			30.7	%
Operating income	30,302	3.9	%	52,897	6.5	%
Interest expense, net	(18,567	)	-2.4	%	(21,896	)	-2.7	%
Loss on extinguishment of debt, net		—			—				(12,711	)		-1.6	%
Earnings before income taxes	11,735	1.5	%	18,290	2.2	%
Provision for income taxes		4,593			0.6	%			4,381			0.5	%
Net earnings	$	7,142			0.9	%		$	13,909			1.7	%
Net earnings per diluted common share	$	0.14						$	0.27
Weighted-average diluted common shares outstanding		50,587							50,720

(a)		Gross margin percent of sales is calculated as a percentage of related sales.

TAILORED BRANDS, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
(In thousands)
May 4,			May 5,
2019			2018
ASSETS
Current assets:
Cash and cash equivalents	$	29,749	$	93,166
Accounts receivable, net	80,623	87,411
Inventories	874,412	843,671
Other current assets		49,904			69,937
Total current assets	1,034,688	1,094,185
Property and equipment, net	428,380	437,944
Operating lease right-of-use assets	955,970	—
Rental product, net	103,895	128,744
Goodwill	78,964	104,802
Intangible assets, net	156,614	167,320
Other assets		6,942			12,827
Total assets	$	2,765,453		$	1,945,822
LIABILITIES AND SHAREHOLDERS’ DEFICIT
Current liabilities:
Accounts payable	$	218,492	$	192,878
Accrued expenses and other current liabilities	316,821	350,414
Current portion of operating lease liabilities	183,011	—
Income taxes payable	15,923	1,740
Current portion of long-term debt		9,000			9,000
Total current liabilities	743,247	554,032
Long-term debt, net	1,151,196	1,277,508
Operating lease liabilities	804,895	—
Deferred taxes and other liabilities		70,161			151,503
Total liabilities		2,769,499			1,983,043
Shareholders’ deficit:
Preferred stock	—	—
Common stock	504	496
Capital in excess of par	507,039	494,849
Accumulated deficit	(470,411	)	(510,441	)
Accumulated other comprehensive loss		(41,178	)		(22,125	)
Total shareholders’ deficit		(4,046	)		(37,221	)
Total liabilities and shareholders’ deficit	$	2,765,453		$	1,945,822

TAILORED BRANDS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
For the Three Months Ended May 4, 2019 and May 5, 2018
(In thousands)
Three Months Ended
2019				2018
CASH FLOWS FROM OPERATING ACTIVITIES:
Net earnings	$	7,142	$	13,909
Non-cash adjustments to net earnings:
Depreciation and amortization	26,695	26,679
Operating lease right-of-use asset amortization	49,969	—
Rental product amortization	8,348	8,756
Asset impairment charges	184	269
Loss on extinguishment of debt, net	—	12,711
Amortization of deferred financing costs and discount on long-term debt	486	1,333
Loss on disposition of assets	—	3,618
Other	4,082	5,402
Changes in operating assets and liabilities:
Accounts receivable	(7,504	)	(10,871	)
Inventories	(44,900	)	(11,886	)
Rental product	(12,831	)	(14,377	)
Other assets	(269	)	8,124
Accounts payable, accrued expenses and other current liabilities	30,872	82,755
Income taxes payable	(28	)	(4,301	)
Other liabilities		(50,452	)		(1,893	)
Net cash provided by operating activities		11,794			120,228
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures	(21,691	)	(10,980	)
Proceeds from divestiture of business		—			17,732
Net cash (used in) provided by investing activities		(21,691	)		6,752
CASH FLOWS FROM FINANCING ACTIVITIES:
Payments on original term loan	—	(993,420	)
Proceeds from new term loan	—	895,500
Payments on new term loan	(4,870	)	(2,250	)
Proceeds from asset-based revolving credit facility	399,500	1,500
Payments on asset-based revolving credit facility	(399,500	)	(1,500	)
Repurchase and retirement of senior notes	—	(18,240	)
Deferred financing costs	—	(5,576	)
Cash dividends paid	(9,590	)	(9,618	)
Proceeds from issuance of common stock	427	3,649
Tax payments related to vested deferred stock units		(940	)		(5,025	)
Net cash used in financing activities		(14,973	)		(134,980	)
Effect of exchange rate changes		(812	)		(2,441	)
DECREASE IN CASH AND CASH EQUIVALENTS	(25,682	)	(10,441	)
Balance at beginning of period		55,431			103,607
Balance at end of period	$	29,749		$	93,166

TAILORED BRANDS, INC.
UNAUDITED NON-GAAP FINANCIAL
MEASURES
(In thousands, except per share amounts)

Use of Non-GAAP Financial Measures

In addition to providing financial results in accordance with GAAP, we
have provided adjusted information for the fiscal first quarters of 2019
and 2018. This non-GAAP financial information is provided to enhance the
user’s overall understanding of the Company’s financial performance by
removing the impacts of large, unusual or unique transactions that we
believe are not indicative of our core business results. For the first
quarter of fiscal 2019, these items consist of costs related to our
multi-year cost savings and operational excellence programs including
consulting, severance and lease termination costs. For the first quarter
of fiscal 2018, these items consist of a loss on extinguishment of debt
related to the refinancing of our term loan and a loss upon closing of
the divestiture of our MW Cleaners business.

Management uses these adjusted results to assess the Company’s
performance, to make decisions about how to allocate resources and to
develop expectations for future performance. In addition, adjusted EPS
is used as a performance measure in the Company’s executive compensation
program to determine the number of performance units that are ultimately
earned for certain equity awards.

The non-GAAP financial information should be considered in addition to,
not as a substitute for or as being superior to, financial information
prepared in accordance with GAAP. Management strongly encourages
investors and shareholders to review the Company’s financial statements
and publicly filed reports in their entirety and not to rely on any
single financial measure.

A reconciliation of second quarter fiscal 2019 adjusted EPS, which is a
forward-looking non-GAAP financial measure, to the most directly
comparable GAAP financial measure, is not provided because the Company
is unable to provide such reconciliation without unreasonable effort.
The inability to provide this reconciliation is due to the uncertainty
and inherent difficulty predicting the occurrence, the financial impact
and the periods in which the non-GAAP adjustments may be recognized.
These GAAP measures may include the impact of items such as costs
related to our multi-year cost savings and operational excellence
programs and the tax effect of such items. Historically, the Company has
excluded these types of items from non-GAAP financial measures. The
Company currently expects to continue to exclude these items in future
disclosures of non-GAAP financial measures and may also exclude other
items that may arise. The decisions and events that typically lead to
the recognition of non-GAAP adjustments are inherently unpredictable as
to if or when they may occur. For the same reasons, the Company is
unable to address the probable significance of the unavailable
information, which could be material to future results.

Reconciliations of non-GAAP information to our actual results follow and
amounts may not sum due to rounded numbers. In addition, only the line
items affected by adjustments are shown in the tables.

GAAP to Non-GAAP Adjusted Consolidated Statements of Earnings
Information

GAAP to Non-GAAP Adjusted – Three Months Ended May 4, 2019
Consolidated Results					GAAP Results			Multi-Year Cost Savings and Operational Excellence Programs (1)				Total Adjustments				Non-GAAP Adjusted Results
Alteration and other services gross margin		$	2,296	$	213	$	213	$	2,509
Total retail gross margin		305,422	213	213	305,635
Total gross margin		320,556	213	213	320,769
Selling, general and administrative expenses		245,211	(4,171	)	(4,171	)	241,040
Operating income (2)		30,302	4,384	4,384	34,686
Provision for income taxes (3)		4,593	841	841	5,434
Net earnings		7,142	3,543	3,543	10,685
Net earnings per diluted common share		$	0.14	$	0.07	$	0.21

(1)		Consists of $3.1 million in consulting costs, $1.1 million in severance costs and $0.2 million in lease termination costs.
(2)	Of the $4.4 million in adjustments to operating income, $3.3 million relates to the retail segment and $1.1 million relates to shared services.
(3)	The tax effect of the excluded items is computed as the difference between tax expense on a GAAP basis and tax expense on an adjusted non-GAAP basis.

GAAP to Non-GAAP Adjusted – Three Months Ended May 5, 2018
Consolidated Results				GAAP Results				Divestiture of MW Cleaners(1)				Refinancing of Term Loan (2)			Total Adjustments				Non-GAAP Adjusted Results
Selling, general and administrative expenses	$	251,094		$	(3,612	)		$	–		$	(3,612	)		$	247,482
Operating income	52,897	3,612	3,612	56,509
Loss on extinguishment of debt(2)	(12,711	)	11,858	11,858	(853	)
Provision for income taxes(3)	4,381	4,053	8,434
Net earnings	13,909	11,418	25,327
Net earnings per diluted common share	$	0.27	$	0.23	$	0.50

(1)		Consists of a $3.6 million loss upon divestiture of MW Cleaners business related to the retail segment.
(2)	Consists of the elimination of unamortized deferred financing costs and original issue discount related to the refinancing of the Term Loan totaling $11.9 million.
(3)	The tax effect of the excluded items is computed as the difference between tax expense on a GAAP basis and tax expense on an adjusted non-GAAP basis.

View source version on businesswire.com: https://www.businesswire.com/news/home/20190612005861/en/

Investor Relations
(281) 776-7575
[email protected]

Julie MacMedan, VP, Investor Relations
Tailored Brands, Inc.

Source: Tailored Brands, Inc.

Released June 12, 2019