** charts before earnings **
** charts after earnings **
Tailored Brands beats by $0.13, beats on revs; raises FY17 EPS guidance above consensus :
- Reports Q3 (Oct) earnings of $0.68 per share, excluding items, $0.13 better than the Capital IQ Consensus of $0.55; revenues fell 2.1% year/year to $846.93 mln vs the $832.72 mln Capital IQ Consensus.
- Men's Wearhouse's 0.1% comparable sales increase reflects the softening traffic trend we initially saw after Father's Day, which has continued. Jos. A. Bank turnaround is gaining traction - reported a better-than-expected comparable sales decline of 9.8% in the third quarter, particularly since we were up against last year's final "Buy-One-Get-Three Free" event in October.
- Co raises guidance for FY17 EPS to $1.70-1.85 from $1.55-$1.85 vs. $1.70 Capital IQ Consensus Estimate. The updated full year guidance reflects expectation for Jos. A. Bank comparable sales to be up mid-to-high-single-digits and Men's Wearhouse comparable sales to be down slightly in the fourth quarter.
- "We are on track to achieve our targeted $50 million of cost savings in fiscal 2016. In addition, we continue to make progress on our store base rationalization initiative. During the third quarter, we closed 83 stores, including 74 Men's Wearhouse and Tux stores, bringing our total year-to-date closures to 187 stores. We expect to close approximately 63 stores in the fourth quarter for a total of approximately 250 store closures during fiscal 2016."
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