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Men's Wearhouse Reports Fiscal 2012 Third Quarter Results

- Q3 2012 GAAP diluted earnings per share grew 20% to $0.95 versus last year's comparable adjusted third quarter earnings per share

HOUSTON, Dec. 5, 2012 /PRNewswire/ -- The Men's Wearhouse (NYSE: MW) today announced its consolidated financial results for the fiscal third quarter ended October 27, 2012 and will file its Form 10-Q tomorrow morning, December 6, 2012.

Comparable diluted earnings per share rose 20% over last year's third quarter and were within the $0.95 to $0.98 guidance range given on September 5, 2012.  

Net earnings for the 2012 fiscal third quarter was $48.8 million, or $0.95 diluted earnings per share, compared to net earnings of $39.9 million, or $0.77 diluted earnings per share, in the same period in 2011. Last year's third quarter adjusted diluted earnings per share was $0.79 after excluding $1.0 million ($0.7 million after tax or $0.01 per diluted share) in acquisition related integration costs and $0.7 million ($0.5 million after tax or $0.01 per diluted share) for a non-cash asset impairment charge. 

Total net sales for the fiscal 2012 third quarter increased 7.9% to $631.0 million from $584.6 million for the same period a year ago.  Retail segment sales increased by 7.7% or $40.2 million and corporate apparel sales increased by 10.1% or $6.1 million

Doug Ewert, Men's Wearhouse president and chief executive officer, stated, "Sales at our flagship brand Men's Wearhouse stores, which represented 65% of our total third quarter sales, were above both prior year sales and our plan for the quarter.  Comparable store sales increased 9.5% as our customers responded well to our promotions and value proposition in the third quarter.  In addition, our higher margin tuxedo rental revenues had a U.S. comparable store sales increase of 10.9% in the third quarter, driven by increased unit rental rates and unit rentals as well as the absence of the rentals shift last year to the fourth quarter for the 11-11-11 event date.

"Moores, our retail brand in Canada, was 11% of our total sales mix in the 2012 third quarter and delivered a comparable store sales increase of 3.0%," continued Ewert.  "K&G, with 12% of our total third quarter sales, had a comparable store sales decrease of 4.2%.  Sales at K&G were disappointing as customers did not respond to our promotions and new marketing campaign as well as expected.  Our Corporate Apparel segment, which represented 11% of our total 2012 third quarter sales, had a sales increase of 10.1% as planned launch dates for customer uniform programs occurred."

The following is a summary of net sales for third quarter and year to date fiscal 2012.  The dollars shown are U.S. dollars in millions and due to rounded numbers may not sum.  Comparable store sales do not include ecommerce sales and the Moores' comparable store sales change is based on the Canadian dollar.

Third Quarter Net Sales Summary – Fiscal 2012



Net Sales

Comparable Store Sales Change


Net Sales Change

Current Year

Current Year

Prior Year






Total Retail Segment

7.7%

$40.2

$564.0



       Men's Wearhouse

10.6%

$38.9

$407.4

9.5%

5.5%

       K&G

(3.5%)

($2.8)

$77.3

(4.2%)

1.6%

       Moores

4.8%

$3.3

$72.3

3.0%

8.6%

       MW Cleaners

14.4%

$0.9

$7.0









Corporate Apparel Segment

10.1%

$6.1

$66.9









Total Company

7.9%

$46.4

$631.0





Year-To-Date Net Sales Summary – Fiscal 2012



Net Sales

Comparable Store Sales Change


Net Sales Change

Current Year

Current Year

Prior Year







Total Retail Segment

4.6%

$74.9

$1,705.4



       Men's Wearhouse

6.9 %

$78.2

$1,208.4

5.9%

9.0%

       K&G

(3.2%)

($9.0)

$270.4

(3.8%)

5.7%

       Moores

1.8%

$3.7

$206.2

3.9%

6.2%

       MW Cleaners

11.4%

$2.1

$20.5









Corporate Apparel Segment

(8.2%)

($15.5)

$174.4









Total Company

3.3%

$59.3

$1,879.9



2012 FINANCIAL GUIDANCE

For the fiscal year, the Company expects GAAP diluted earnings per share in a range of $2.57 to $2.63, an increase of 8.0% to 10.5% over the prior year adjusted diluted earnings per share of $2.38.  Fiscal 2012 is a 53-week year with an extra week included in the fourth quarter.  Diluted earnings per share from the extra week are estimated at $0.03.

For the fourth quarter, GAAP diluted earnings per share is expected to be in a range of $0.01 to a loss of $0.05 per share, as compared to the prior year adjusted loss per share of $0.05.

"Our current guidance reflects a lowered earnings expectation from our previous fourth quarter guidance, which was for diluted EPS in a range of $0.12 to $0.15," commented Ewert.  "The guidance for the 2012 fiscal year is also lower than our previous estimate of $2.74 to $2.80.  The revised guidance results from our lower than expected retail clothing sales in November and a more cautious outlook for the remainder of this fiscal year.

"We experienced negative November comparable store clothing sales in both the US and Canada as a result of lower traffic levels at our retail stores.  We believe the storms in the northeast US at the start of the month, as well as consumer distractions caused by the presidential election, the "fiscal cliff" and other economic concerns, contributed to our reduced traffic levels.  We further believe that a more cautious outlook for traffic trends and clothing sales through the fourth quarter is now warranted and have revised our guidance accordingly."

The following is a summary of guidance information.  All comparable store sales growth is based on a 52-week comparable time period.  Comparisons to prior year are to adjusted numbers which exclude acquisition related integration costs and a non-cash asset impairment charge.


Guidance

   Guidance

4Q FY 2012

FY 2012




GAAP Diluted EPS




$(0.05) to $0.01

$2.57 to $2.63




Sales



Total Sales Increase

+9.5% to +10.5%

+4.7% to +5.0%

Comparable Store Sales Growth



     MW: 63% of FY12 Total Sales

+1% to +3%

+4% to +5%

-- MW Tuxedo Rental Revenues

+6% to +7%

+6% to +7%

     K&G: 15% of FY12 Total Sales

-3% to -4%

-3% to -4%

     Moores: 11% of FY12 Total Sales

+1% to +2%

+2% to +3%

Corporate Apparel: 10% of FY12 Total Sales

+17% to +18%

-2% to -3%







Gross Margin

Total Gross Margin Increase

+8.7% to +11.2%

+5.8% to +6.3%

Change in Gross Margin as Percent of Sales

-0.30% to +0.25%

+0.45% to +0.55%







SG&A



Increase in SG&A

+7.9% to +8.3%

+5.9% to +6.1%







Other



Effective Tax Rate

52.0%

33.5%

Weighted Average Shares (millions)

51.007

51.023

Average Foreign Exchange Conversion Rates



-- US Dollar to the Pound

1.608

1.590

-- US Dollar to the Canadian Dollar

1.000

1.001

Dilutive Effect of Participating Securities

$0.00

$0.03

CONFERENCE CALL AND WEBCAST INFORMATION

At 9:00am Eastern time on Thursday, December 6, 2012, Company management will host a conference call and real time webcast to review fiscal third quarter 2012 results and its outlook for the fourth quarter and full year 2012.

To access the conference call, dial 480-629-9692.  To access the live webcast presentation, visit the Investor Relations section of the Company's website at www.menswearhouse.com. A telephonic replay will be available through December 13, 2012 by calling 303-590-3030 and entering the access code of 4574470#, or a webcast archive will be available free on the website for approximately 90 days.

STORE INFORMATION


October 27, 2012

October 28, 2011

 January 28, 2012






Number of Stores

Sq. Ft.

(000's)

Number of Stores

Sq. Ft.

(000's)

Number of Stores

Sq. Ft.

(000's)








Men's Wearhouse

625

3,570.7

597

3,399.6

607

3,462.7








Men's Wearhouse and Tux

303

417.5

361

503.7

343

474.6








Moores, Clothing for Men

118

747.8

117

741.9

117

741.7








K&G (a)

98

2,326.6

100

2,375.4

99

2,351.2








Total

1,144

7,062.6

1,175

7,020.6

1,166

7,030.2








(a)  92, 92 and 91 stores, respectively, offering women's apparel.

Founded in 1973, Men's Wearhouse is one of North America's largest specialty retailers of men's apparel with 1,144 stores.  The Men's Wearhouse, Moores and K&G stores carry a full selection of men's designer, brand name and private label suits, sport coats, furnishings and accessories and Men's Wearhouse and Tux stores carry a limited selection.  Most K&G stores carry a full selection of women's apparel.  Tuxedo rentals are available in the Men's Wearhouse, Moores and Men's Wearhouse and Tux stores.  Additionally, Men's Wearhouse operates a global corporate apparel and workwear group consisting of Twin Hill in the United States and Dimensions, Alexandra and Yaffy in the UK. 

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, changes in foreign currency rates and other factors described in the Company's annual report on Form 10-K for the fiscal year ended January 28, 2012 and subsequent Forms 10-Q.

For additional information on Men's Wearhouse, please visit the Company's websites at www.menswearhouse.com, www.kgstores.com, www.mooresclothing.com, www.twinhill.com, www.dimensions.co.uk and www.alexandra.co.uk

Contact:

Ken Dennard, DRG&L
(832) 594-4004

THE MEN'S WEARHOUSE, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS

(Unaudited)


FOR THE THREE MONTHS ENDED

October 27, 2012 AND October 29, 2011

(In thousands, except per share data)











Three Months Ended


Variance



% of


% of




Basis


2012

Sales

2011

Sales


Dollar

%

Points










Net sales:









          Retail clothing product

$ 401,692

63.66%

$ 377,307

64.54%


$ 24,385

6.46%

(0.88)

          Tuxedo rental services

124,648

19.75%

112,005

19.16%


12,643

11.29%

0.60

          Alteration and other services   

37,701

5.98%

34,480

5.90%


3,221

9.34%

0.08

               Total retail sales

564,041

89.39%

523,792

89.60%


40,249

7.68%

(0.21)

               Corporate apparel clothing product sales

66,933

10.61%

60,810

10.40%


6,123

10.07%

0.21

                    Total net sales

630,974

100.00%

584,602

100.00%


46,372

7.93%

0.00










                   Total cost of sales

340,277

53.93%

316,433

54.13%


23,844

7.54%

(0.20)










Gross margin (a):









        Retail clothing product

225,191

56.06%

215,638

57.15%


9,553

4.43%

(1.09)

        Tuxedo rental services

108,151

86.77%

96,244

85.93%


11,907

12.37%

0.84

        Alteration and other services

9,698

25.72%

7,811

22.65%


1,887

24.16%

3.07

        Occupancy costs

(71,198)

(12.62%)

(69,425)

(13.25%)


(1,773)

(2.55%)

0.63

               Total retail gross margin

271,842

48.20%

250,268

47.78%


21,574

8.62%

0.42

               Corporate apparel clothing product margin

18,855

28.17%

17,901

29.44%


954

5.33%

(1.27)

                   Total gross margin

290,697

46.07%

268,169

45.87%


22,528

8.40%

0.20










Selling, general and administrative expenses

218,188

34.58%

208,147

35.60%


10,041

4.82%

(1.03)










Operating income

72,509

11.49%

60,022

10.27%


12,487

20.80%

1.22










Net interest

(136)

(0.02%)

(284)

(0.05%)


148

(52.11%)

0.03










Earnings before income taxes

72,373

11.47%

59,738

10.22%


12,635

21.15%

1.25










Provision for income taxes

23,304

3.69%

19,836

3.39%


3,468

17.48%

0.30










Net earnings including noncontrolling interest

49,069

7.78%

39,902

6.83%


9,167

22.97%

0.95










Net earnings attributable to noncontrolling interest

(226)

(0.04%)

(25)

0.00%


(201)

804.00%

(0.03)










Net earnings attributable to common shareholders

$ 48,843

7.74%

$ 39,877

6.82%


$ 8,966

22.48%

0.92










Net earnings per diluted common share attributable to common shareholders

$     0.95


$      0.77















Weighted average diluted common shares outstanding:

50,919


51,339
























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









THE MEN'S WEARHOUSE, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS

(Unaudited)


FOR THE NINE MONTHS ENDED

October 27, 2012 AND October 29, 2011

(In thousands, except per share data)











Nine Months Ended


Variance



% of


% of




Basis


2012

Sales

2011

Sales


Dollar

%

Points










Net sales:









          Retail clothing product

$1,235,185

65.71%

$1,189,357

65.33%


$45,828

3.85%

0.38

          Tuxedo rental services

357,261

19.00%

333,413

18.31%


23,848

7.15%

0.69

          Alteration and other services   

112,975

6.01%

107,767

5.92%


5,208

4.83%

0.09

               Total retail sales

1,705,421

90.72%

1,630,537

89.56%


74,884

4.59%

1.16

               Corporate apparel clothing product sales

174,429

9.28%

189,978

10.44%


(15,549)

(8.18%)

(1.16)

                    Total net sales

1,879,850

100.00%

1,820,515

100.00%


59,335

3.26%

0.00










                    Total cost of sales

1,014,847

53.99%

996,468

54.74%


18,379

1.84%

(0.75)










Gross margin (a):









        Retail clothing product

686,040

55.54%

661,419

55.61%


24,621

3.72%

(0.07)

        Tuxedo rental services

308,516

86.36%

287,683

86.28%


20,833

7.24%

0.07

        Alteration and other services

29,269

25.91%

27,415

25.44%


1,854

6.76%

0.47

        Occupancy costs

(209,263)

(12.27%)

(205,006)

(12.57%)


(4,257)

(2.08%)

0.30

               Total retail gross margin

814,562

47.76%

771,511

47.32%


43,051

5.58%

0.45

               Corporate apparel clothing product margin

50,441

28.92%

52,536

27.65%


(2,095)

(3.99%)

1.26

                   Total gross margin

865,003

46.01%

824,047

45.26%


40,956

4.97%

0.75










Selling, general and administrative expenses

659,957

35.11%

631,370

34.68%


28,587

4.53%

0.43










Operating income

205,046

10.91%

192,677

10.58%


12,369

6.42%

0.32










Net interest

(806)

(0.04%)

(781)

(0.04%)


(25)

3.20%

0.00










Earnings before income taxes

204,240

10.86%

191,896

10.54%


12,344

6.43%

0.32










Provision for income taxes

69,021

3.67%

67,532

3.71%


1,489

2.20%

(0.04)










Net earnings including noncontrolling interest

135,219

7.19%

124,364

6.83%


10,855

8.73%

0.36










Net (earnings) loss attributable to noncontrolling interest

(99)

(0.01%)

16

0.00%


(115)

718.75%

(0.01)










Net earnings attributable to common shareholders

$ 135,120

7.19%

$ 124,380

6.83%


$10,740

8.63%

0.36



















Net earnings per diluted common share attributable to common shareholders

$      2.62


$       2.37















Weighted average diluted common shares outstanding:

51,029


51,776















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



THE MEN'S WEARHOUSE, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands)

(Unaudited)








October 27,


October 29,



2012


2011






ASSETS









Current assets:





Cash and cash equivalents

$          138,016


$           138,545


Accounts receivable, net

82,966


66,094


Inventories

623,860


616,758


Other current assets

68,519


61,088







   Total current assets

913,361


882,485

Property and equipment, net

379,969


348,785

Tuxedo rental product, net

118,202


85,876

Goodwill

88,473


88,707

Intangible assets, net

31,992


35,378

Other assets

4,431


3,579







   Total assets

$       1,536,428


$        1,444,810






LIABILITIES AND EQUITY









Current liabilities:





Accounts payable

$         170,549


$          155,610


Accrued expenses and other current liabilities

149,244


146,391


Income taxes payable

4,939


22,727







   Total current liabilities

324,732


324,728






Deferred taxes and other liabilities

92,057


76,429







   Total liabilities

416,789


401,157






Equity:





Preferred stock

-


-


Common stock

725


717


Capital in excess of par

380,099


356,414


Retained earnings

1,202,922


1,108,662


Accumulated other comprehensive income

40,735


41,504


Treasury stock, at cost

(517,894)


(476,749)







Total equity attributable to common shareholders

1,106,587


1,030,548







Noncontrolling interest

13,052


13,105







   Total equity

1,119,639


1,043,653







    Total liabilities and equity

$     1,536,428


$     1,444,810



THE MEN'S WEARHOUSE, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)


FOR THE NINE MONTHS ENDED

October 27, 2012 AND October 29, 2011

(In thousands)








Nine Months Ended



2012


2011






CASH FLOWS FROM OPERATING ACTIVITIES:










Net earnings including noncontrolling interest

$         135,219


$         124,364


Non-cash adjustments to net earnings:





   Depreciation and amortization

61,798


56,572


   Tuxedo rental product amortization

25,330


25,923


   Other

18,339


26,164


Changes in operating assets and liabilities

(74,177)


(85,477)







        Net cash provided by operating activities

166,509


147,546






CASH FLOWS FROM INVESTING ACTIVITIES:





Capital expenditures

(90,085)


(66,960)


Proceeds from sales of property and equipment

25


59







        Net cash used in investing activities

(90,060)


(66,901)






CASH FLOWS FROM FINANCING ACTIVITIES:





Proceeds from issuance of common stock

6,918


5,995


Cash dividends paid

(27,832)


(18,880)


Tax payments related to vested deferred stock units

(4,421)


(2,955)


Excess tax benefits from share-based plans

2,737


1,592


Repurchases of common stock

(41,296)


(63,988)







        Net cash used in financing activities

(63,894)


(78,236)







Effect of exchange rate changes

155


(235)






INCREASE IN CASH AND CASH EQUIVALENTS

12,710


2,174







Balance at beginning of period

125,306


136,371


Balance at end of period

$         138,016


$         138,545

SOURCE Men's Wearhouse, Inc.

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Internet of @ThingsExpo, taking place October 31 - November 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with 21st Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. The Internet of Things (IoT) is the most profound change in personal and enterprise IT since the creation of the Worldwide Web more than 20 years ago. All major researchers estimate there will be tens of billions devic...
Recently, IoT seems emerging as a solution vehicle for data analytics on real-world scenarios from setting a room temperature setting to predicting a component failure of an aircraft. Compared with developing an application or deploying a cloud service, is an IoT solution unique? If so, how? How does a typical IoT solution architecture consist? And what are the essential components and how are they relevant to each other? How does the security play out? What are the best practices in formulating...
In his session at @ThingsExpo, Arvind Radhakrishnen discussed how IoT offers new business models in banking and financial services organizations with the capability to revolutionize products, payments, channels, business processes and asset management built on strong architectural foundation. The following topics were covered: How IoT stands to impact various business parameters including customer experience, cost and risk management within BFS organizations.
SYS-CON Events announced today that Elastifile will exhibit at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 - Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Elastifile Cloud File System (ECFS) is software-defined data infrastructure designed for seamless and efficient management of dynamic workloads across heterogeneous environments. Elastifile provides the architecture needed to optimize your hybrid cloud environment, by facilitating efficient...
SYS-CON Events announced today that Golden Gate University will exhibit at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Since 1901, non-profit Golden Gate University (GGU) has been helping adults achieve their professional goals by providing high quality, practice-based undergraduate and graduate educational programs in law, taxation, business and related professions. Many of its courses are taug...
SYS-CON Events announced today that DXWorldExpo has been named “Global Sponsor” of SYS-CON's 21st International Cloud Expo, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Digital Transformation is the key issue driving the global enterprise IT business. Digital Transformation is most prominent among Global 2000 enterprises and government institutions.
An increasing number of companies are creating products that combine data with analytical capabilities. Running interactive queries on Big Data requires complex architectures to store and query data effectively, typically involving data streams, an choosing efficient file format/database and multiple independent systems that are tied together through custom-engineered pipelines. In his session at @BigDataExpo at @ThingsExpo, Tomer Levi, a senior software engineer at Intel’s Advanced Analytics ...