Tailored Brands, a specialty retailer of men’s tailored clothing, has reported sales decline of 4.5 per cent to $781.4 million in Q1 FY2019 ending May 4, 2019. Retail net sales declined 4 per cent due to decrease in retail comparable sales. Corporate net sales declined 10.1 per cent due to lower replenishment demand in US and a weaker British pound this year. For Q1 FY2019, Men’s Wearhouse comparable sales decreased 4.5 per cent. Jos. A. Bank comparable sales decreased 0.7 per cent and K&G comparable sales decreased 0.5 per cent. Moores comparable sales decreased 4.6 per cent, said Tailor Brands in a press release.
“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,” Tailored Brands president and CEO Dinesh Lathi said. “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 personalised 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 personalisation tests, several of which have been pushed into production to increase conversion and average order values. Finally, as we seek an optimised 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 Warehouse and Jos. A. Bank that are being leveraged across channels.” For Q2 FY2019, the company expects to achieve adjusted diluted EPS in the range of $0.65 to $0.70. The company expects comparable sales for Men’s Warehouse to be down 3-5 per cent, Jos. A. Bank to be down 2-4 per cent, Moores to be down 2-4 per cent, K&G to be down 2 per cent to flat. The corporate apparel net sales are expected to be down 4-6 per cent.
