Men's Wearhouse Provides Mid-Quarter Update
HOUSTON, Jan. 9 /PRNewswire-FirstCall/ -- Men's Wearhouse (NYSE: MW) today provided its mid-quarter update of earnings per share guidance for the fiscal fourth quarter that will be ending February 2, 2008.
Neill Davis, executive vice president and CFO, stated, "After a preliminary review of the first two months' results in our fiscal fourth quarter, we are updating our Q4 2007 GAAP diluted EPS estimate to be in the range of $0.16 to $ 0.18, and Fiscal Year 2007 GAAP diluted EPS to be in a range of $2.60 to $2.62. This new estimate updates our prior guidance of $0.43 to $0.48 for the fourth quarter and $2.87 to $2.92 for the fiscal year, provided on November 28, 2007.
"Substantially lower traffic levels at all of the company's retail stores, in both the United States and Canada, for the month of December drove weaker than planned comparable store sales results. The company anticipates continued weak traffic trends for January. Excluding occupancy costs, gross profit as a percentage of total sales is estimated to be in line with initial plans for the quarter. Deleverage of occupancy, selling, general and administrative expenses resulted from the weaker than anticipated comparable store sales."
CONFERENCE CALL AND WEBCAST INFORMATION
At 5:00 p.m. Eastern time on March 12, 2008, company management will host a conference call and real time web cast to review the fiscal fourth quarter and full year 2007 and provide an outlook for fiscal 2008.
To access the conference call, dial 303-262-2130. 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 March 19, 2008 and by calling 303-590-3000 and entering the access code of 11106658#, 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 1,277 stores. The stores carry a full selection of designer, brand name and private label suits, sport coats, furnishings and accessories, including tuxedo rentals available in the Men's Wearhouse, MW Tux, Moores and select K&G 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 unfavorable local, regional and national economic developments, disruption in retail buying trends due to homeland security concerns, severe weather conditions, aggressive advertising or marketing activities of competitors and other factors described herein and in the company's annual report on Form 10-K for the year ended February 3, 2007 and subsequent Forms 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 January 9, 2008