Men's Wearhouse Provides Mid-Quarter Update
HOUSTON, July 9 /PRNewswire-FirstCall/ -- Men's Wearhouse (NYSE: MW) today provided its mid-quarter update of earnings per share guidance for the fiscal second quarter that will be ending August 2, 2008.
Neill Davis, executive vice president and CFO, stated, "After a preliminary review of the first two months' results in our fiscal second quarter, we are updating our Q2 2008 GAAP diluted EPS estimate to be in the range of $0.61 to $0.65 and adjusted diluted EPS to be in a range of $0.70 to $0.74. This new estimate updates our prior guidance of GAAP diluted EPS of $0.69 to $0.73 and adjusted diluted EPS of $0.75 to $0.79 provided on May 28, 2008.
"There are two principal reasons for the second quarter estimate update. First, severance costs related to the closing of the Canadian based manufacturing facility operated by the Company's subsidiary, Golden Brand, have been finalized. Total closing costs for the second quarter are now estimated at diluted EPS of $0.09. This compares to previous estimates of diluted EPS of $0.06. Second, tuxedo rental unit volume from the Company's MW Tux stores is running below previous estimates for the quarter. As a result, consolidated tuxedo rental revenues for the second quarter are now estimated to decrease in the mid single digit range from the prior year versus the previous estimate of a decrease in the low single digit range. While the updated estimates for second quarter rental revenues are below our initial expectations they are still better year-over-year than we experienced in the first quarter."
CONFERENCE CALL AND WEBCAST INFORMATION
At 5:00 p.m. Eastern time on August 27, 2008, company management will host a conference call and real time web cast to review the results for the fiscal second quarter of 2008 and provide an outlook for fiscal third quarter and update for fiscal 2008.
To access the conference call, dial 303-262-2137. To access the live webcast presentation, visit the Investor Relations section of the company's website at http://www.tmw.com. A telephonic replay will be available through September 3, 2008 and by calling 303-590-3000 and entering the access code of 11117171#, or a webcast archive will be available free on the website for approximately 90 days.
Founded in 1973, Men's Wearhouse is one of North America's largest specialty retailers of men's apparel with 1,287 stores. The Men's Wearhouse, Moores and K&G stores carry a full selection of designer, brand name and private label suits, sport coats, furnishings and accessories and the MW Tux (formerly After Hours) stores carry a limited selection. Tuxedo rentals are available in the Men's Wearhouse, Moores and MW Tux stores.
This press release contains forward-looking information. The forward-looking statements are made pursuant to the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements may be significantly impacted by various factors, including sensitivity to economic conditions and consumer confidence, possibility of limited ability to expand Men's Wearhouse stores, possibility that certain of our expansion strategies may present greater risks and other factors described in the company's annual report on Form 10-K for the year ended February 2, 2008 and subsequent Form 10-Q.
For additional information on Men's Wearhouse, please visit the company's website at http://www.tmw.com.
CONTACT: Neill Davis, EVP & CFO, Men's Wearhouse (281) 776-7000
Ken Dennard, DRG&E (713) 529-6600
SOURCE Men's Wearhouse
Released July 9, 2008