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Men's Wearhouse Reports Fiscal 2013 Third Quarter Results

- Q3 2013 total net sales increased 2.8% to $649 million

FREMONT, Calif., Dec. 11, 2013 /PRNewswire/ -- The Men's Wearhouse (NYSE: MW) today announced its consolidated financial results for the fiscal third quarter ended November 2, 2013. 

Total net sales for the fiscal 2013 third quarter increased 2.8% to $648.9 million from $631.0 million in last year's third quarter.  GAAP diluted EPS was $0.79 for the third quarter of 2013.  Adjusted diluted EPS was $0.90 excluding one-time costs([1]).  Third quarter results were in-line with internal expectations and were below 2012 third quarter results primarily due to lower tuxedo margin.

Total net sales for the first nine months of fiscal 2013 increased 1.7% to $1.9 billion and GAAP diluted EPS was $2.29.  Adjusted EPS for the 2013 nine month period was $2.55 excluding one-time costs([2]).

Doug Ewert, Men's Wearhouse president and chief executive officer, commented, "We are very pleased to report our 2.6% comparable store sales increase during the third quarter in our Men's Wearhouse brand, which represents two-thirds of our consolidated sales.  We are also very pleased with the early progress in integrating our newly acquired American designer brand, Joseph Abboud®, and its U.S. manufacturing operations.  We already have several large markets with Joseph Abboud product in place and will continue to execute on our planned rollout to all stores into the summer of 2014."

THIRD QUARTER STRATEGIC REVIEW

In July 2013, the Company entered into an accelerated share repurchase agreement with J.P. Morgan Securities LLC to purchase $100.0 million of our common stock.  In September 2013, JPMorgan delivered an additional 455,769 shares, resulting in a total of 2,653,287 shares repurchased under the agreement.

On August 6, 2013, the Company successfully completed its acquisition of JA Holding, Inc., the parent company of the celebrated American clothing brand Joseph Abboud® and a U.S. tailored clothing factory for approximately $97.5 million in cash consideration, subject to certain adjustments.  The total net cash consideration after these adjustments was approximately $95.7 million.  We believe this transaction will accelerate our strategy of offering exclusive brands with broad appeal at attractive prices.

On October 9, 2013, the Company rejected an unsolicited, non-binding proposal from Jos. A. Bank to acquire the Company for $48.00 per share believing the proposal significantly undervalued the Company and failed to reflect the Company's growth strategy and upside potential.

On November 26, 2013, the Company announced that it submitted a proposal to the Board of Directors of Jos. A. Bank to acquire all of the outstanding shares of Jos. A. Bank common stock for $55.00 per share in cash, representing an implied enterprise value of approximately $1.2 billion.

THIRD QUARTER CONSOLIDATED RESULTS REVIEW

Total net sales for the fiscal 2013 third quarter increased 2.8% or $17.9 million to $648.9 million from $631.0 million for the same prior year period.  Retail segment sales for the quarter increased by 2.0% or $11.5 million and corporate apparel sales increased by 9.6% or $6.4 million as compared to the prior year quarter.

The consolidated total gross margin was up $2.8 million or 1.0%.  The total gross margin rate decreased 84 basis points primarily due to an expected decrease in tuxedo margin due to lower rental revenue and higher per unit rental costs and royalty payments and the deleveraging of occupancy costs.  The retail segment total gross margin was up 0.4% and the corporate apparel gross margin increased 9.3%. 

GAAP SG&A expenses of $233.5 million increased by $15.3 million or 7.0% from the prior year.  Adjusted SG&A expenses of $226.0 million increased by $7.8 million from the prior year or 3.6% primarily due to increased employee related expenses.  Adjusted SG&A expenses exclude $9.7 million in costs related to the JA Holding, Inc. acquisition and integration, costs related to various strategic projects, separation costs associated with former executives and store related closure costs.  Also excluded is a $2.2 million gain from the sale of an office building in Fremont, CA. 

GAAP net earnings for the fiscal 2013 third quarter were $38.2 million, or $0.79 diluted earnings per share.  Adjusted net earnings for the fiscal 2013 third quarter were $43.1 million, or $0.90 adjusted diluted earnings per share compared to net earnings of $48.8 million, or $0.95 diluted earnings per share last year.

THIRD QUARTER SALES REVIEW

The table that follows is a summary of net sales for fiscal 2013 third quarter and year-to-date.  The dollars shown are U.S. dollars in millions and due to rounded numbers may not sum.  The Moores comparable store sales change is based on the Canadian dollar.  Comparable sales exclude the net sales of a store for any month of one period if the store was not open throughout the same month of the prior period and include e-commerce net sales, beginning in fiscal 2013.  The inclusion of e-commerce net sales did not have a significant effect on comparable sales.

Because fiscal 2012 was a 53 week year, comparable store sales for the current year are shown on a trailing 52 week basis, comparing the most relevant time periods, as well as on a fiscal period basis.  The current quarter fiscal period basis is lower than the trailing basis comparison primarily due to the calendar shift of the 53rd week.


Third Quarter Net Sales Summary – Fiscal 2013



Net Sales

Comparable Store Sales Change


Net Sales Change

Current Quarter

Current Quarter

Trailing

Current Quarter Fiscal

Prior Year Quarter Fiscal

Total Retail Segment

2.0%

$11.5

$575.5




       Men's Wearhouse

5.0%

$20.2

$427.6

2.6%

1.6%

9.5%

       Moores

(6.7%)

($4.8)

$67.5

(2.4%)

(3.6%)

3.0%

       K&G

(5.9%)

($4.5)

$72.8

(4.4%)

(4.2%)

(4.2%)

       MW Cleaners

9.2%

$0.6

$7.6











Corporate Apparel Segment

9.6%

$6.4

$73.4











Total Company

2.8%

$17.9

$648.9





Year-To-Date Net Sales Summary – Fiscal 2013



Net Sales

Comparable Store Sales Change


Net Sales Change

Current YTD

Current YTD

Trailing

Current YTD Fiscal

Prior Year YTD Fiscal

Total Retail Segment

1.4%

$23.7

$1,729.1




       Men's Wearhouse

3.9%

$47.7

$1,256.1

1.6%

1.9%

5.9%

       Moores

(5.0%)

($10.4)

$195.8

(4.6%)

(4.1%)

3.9%

       K&G

(5.7%)

($15.4)

$255.0

(4.8%)

(4.9%)

(3.8%)

       MW Cleaners

9.0%

$1.8

$22.3











Corporate Apparel Segment

5.2%

$9.1

$183.5











Total Company

1.7%

$32.8

$1,912.7




Net sales at core flagship brand Men's Wearhouse stores, which represented 66% of total third quarter sales were up 5.0% from last year's third quarter sales while comparable store sales increased 2.6%.  On a comparable basis increases in clothing product average unit retails and average transactions per store more than offset a decrease in units sold per transaction. The higher margin tuxedo rental revenues comparable store sales increased 0.8% in the third quarter of 2013. 

Moores, the Canadian retail brand, was 10% of the total third quarter sales and had a comparable store sales decrease of 2.4% due mainly to decreases in units sold per transaction and average transactions per store which more than offset a slight increase in clothing product average unit retails.  The results for Moores were favorable to our internal plan.  K&G was 11% of the Company's total third quarter sales with a comparable store sales decrease of 4.4% with lower average unit retails and average transactions per store that more than offset increased units sold per transaction.  The Corporate Apparel segment, which represented 11% of total third quarter sales, had a sales increase of 9.6% due mainly to customer rollouts in the US and UK. 

2013 GUIDANCE

The full year expectation of adjusted earnings per share remains at $2.40 to $2.50.  The Company's guidance excludes costs associated with the JA Holding, Inc. acquisition and integration, separation costs associated with former executives, the non-cash goodwill impairment charge related to K&G, costs related to various strategic projects, store related closure costs, and the gain from the sale of an office building in Fremont, CA. 

CONFERENCE CALL AND WEBCAST INFORMATION

At 9:00 a.m. Eastern time on Thursday, December 12, 2013, Company management will host a conference call and real time webcast to review fiscal 2013 third quarter results and its outlook for the remainder of fiscal 2013.

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 ir.menswearhouse.com.  A telephonic replay will be available through December 19, 2013 by calling 303-590-3030 and entering the access code of 4649392#, or a webcast archive will be available free on the website for approximately 90 days.

 

STORE INFORMATION





November 2, 2013

October 27, 2012

 February 2, 2013



Number of Stores

Sq. Ft.

(000's)

Number of Stores

Sq. Ft.

(000's)

Number of Stores

Sq. Ft.

(000's)








Men's Wearhouse

658

3,752.2

625

3,570.7

638

3,650.0








Men's Wearhouse and Tux

261

360.5

303

417.5

288

395.1








Moores, Clothing for Men

120

764.4

118

747.8

120

763.5








K&G (a)

94

2,228.7

98

2,326.6

97

2,299.3








Total

1,133

7,105.8

1,144

7,062.6

1,143

7,107.9









(a)  88, 92 and 92 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 1,133 stores.  The Men's Wearhouse, Moores and K&G stores carry a full selection of suits, sport coats, furnishings and accessories in exclusive and non-exclusive merchandise brands 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 United Kingdom. 

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 February 2, 2013 and Forms 10-Q.  Men's Wearhouse is under no obligation (and expressly disclaims any such obligation) to update or revise any forward-looking statement that may be made from time to time, whether as a result of new information, future developments or otherwise.  For additional information on Men's Wearhouse, please visit the Company's websites at www.menswearhouse.com, www.mooresclothing.com, www.kgstores.com, www.twinhill.com, www.dimensions.co.uk and www.alexandra.co.uk

([1]) Adjusted net earnings exclude $9.7 million ($6.4 million after tax or $0.13 per diluted share) in costs related to the JA Holding, Inc. acquisition and integration, costs related to various strategic projects, separation costs associated with former executives, and store related closure costs. Also excluded is a $2.2 million ($1.5 million after tax or $0.03 per diluted share) gain from the sale of an office building in Fremont, CA. Adjusted diluted earnings per share may not sum due to rounded numbers.

([2]) Adjusted net earnings exclude $22.1 million ($14.4 million after tax or $0.29 per diluted share) in costs related to the JA Holding, Inc. acquisition and integration, costs related to various strategic projects, separation costs associated with former executives, non-cash impairment of K&G goodwill and store related closure costs. Also excluded is a $2.2 million ($1.5 million after tax or $0.03 per diluted share) gain from the sale of an office building in Fremont, CA. Adjusted diluted earnings per share may not sum due to rounded numbers.

Contact:
Jon Kimmins, CFO
(510) 723-8639

Ken Dennard
Dennard - Lascar Associates
(832) 594-4004
[email protected]

THE MEN'S WEARHOUSE, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS

(Unaudited)


FOR THE THREE MONTHS ENDED

November 2, 2013 AND October 27, 2012

(In thousands, except per share data)











Three Months Ended


Variance



% of


% of




Basis


2013

Sales

2012

Sales


Dollar

%

Points










Net sales:









          Retail clothing product

$      415,985

64.11%

$  401,692

63.66%


$ 14,293

3.56%

0.44

          Tuxedo rental services

122,177

18.83%

124,648

19.75%


(2,471)

(1.98%)

(0.93)

          Alteration and other services   

37,363

5.76%

37,701

5.98%


(338)

(0.90%)

(0.22)

               Total retail sales

575,525

88.69%

564,041

89.39%


11,484

2.04%

(0.70)

               Corporate apparel clothing product sales

73,365

11.31%

66,933

10.61%


6,432

9.61%

0.70

                    Total net sales

648,890

100.00%

630,974

100.00%


17,916

2.84%

0.00










                   Total cost of sales

355,388

54.77%

340,277

53.93%


15,111

4.44%

0.84










Gross margin (a):









        Retail clothing product

234,543

56.38%

225,191

56.06%


9,352

4.15%

0.32

        Tuxedo rental services

102,864

84.19%

108,151

86.77%


(5,287)

(4.89%)

(2.57)

        Alteration and other services

8,951

23.96%

9,698

25.72%


(747)

(7.70%)

(1.77)

        Occupancy costs

(73,456)

(12.76%)

(71,198)

(12.62%)


(2,258)

(3.17%)

(0.14)

               Total retail gross margin

272,902

47.42%

271,842

48.20%


1,060

0.39%

(0.78)

               Corporate apparel clothing product margin

20,600

28.08%

18,855

28.17%


1,745

9.25%

(0.09)

                   Total gross margin

293,502

45.23%

290,697

46.07%


2,805

0.96%

(0.84)










Selling, general and administrative expenses

233,497

35.98%

218,188

34.58%


15,309

7.02%

1.40










Operating income

60,005

9.25%

72,509

11.49%


(12,504)

(17.24%)

(2.24)










Net interest

(1,190)

(0.18%)

(136)

(0.02%)


(1,054)

775.00%

(0.16)










Earnings before income taxes

58,815

9.06%

72,373

11.47%


(13,558)

(18.73%)

(2.41)










Provision for income taxes

20,337

3.13%

23,304

3.69%


(2,967)

(12.73%)

(0.56)










Net earnings including non-controlling interest

38,478

5.93%

49,069

7.78%


(10,591)

(21.58%)

(1.85)










Net earnings attributable to non-controlling interest

(274)

(0.04%)

(226)

(0.04%)


(48)

(21.24%)

0.01










Net earnings attributable to common shareholders

$        38,204

5.89%

$    48,843

7.74%


$(10,639)

(21.78%)

(1.85)










Net earnings per diluted common share attributable to common shareholders

$            0.79


$        0.95















Weighted-average diluted common shares outstanding:

47,873


50,919















(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

November 2, 2013 AND October 27, 2012

(In thousands, except per share data)











Nine Months Ended


Variance



% of


% of




Basis


2013

Sales

2012

Sales


Dollar

%

Points










Net sales:









          Retail clothing product

$ 1,248,405

65.27%

$1,235,185

65.71%


$13,220

1.07%

(0.44)

          Tuxedo rental services

368,360

19.26%

357,261

19.00%


11,099

3.11%

0.25

          Alteration and other services   

112,381

5.88%

112,975

6.01%


(594)

(0.53%)

(0.13)

               Total retail sales

1,729,146

90.40%

1,705,421

90.72%


23,725

1.39%

(0.32)

               Corporate apparel clothing product sales

183,535

9.60%

174,429

9.28%


9,106

5.22%

0.32

                    Total net sales

1,912,681

100.00%

1,879,850

100.00%


32,831

1.75%

0.00










                    Total cost of sales

1,032,465

53.98%

1,014,847

53.99%


17,618

1.74%

(0.01)










Gross margin (a):









        Retail clothing product

703,902

56.38%

686,040

55.54%


17,862

2.60%

0.84

        Tuxedo rental services

311,971

84.69%

308,516

86.36%


3,455

1.12%

(1.66)

        Alteration and other services

26,625

23.69%

29,269

25.91%


(2,644)

(9.03%)

(2.22)

        Occupancy costs

(217,521)

(12.58%)

(209,263)

(12.27%)


(8,258)

3.95%

(0.31)

               Total retail gross margin

824,977

47.71%

814,562

47.76%


10,415

1.28%

(0.05)

               Corporate apparel clothing product margin

55,239

30.10%

50,441

28.92%


4,798

9.51%

1.18

                   Total gross margin

880,216

46.02%

865,003

46.01%


15,213

1.76%

0.01










Goodwill impairment charge

9,501

0.50%

0.00%


9,501

NM

0.50

Selling, general and administrative expenses

691,369

36.15%

659,957

35.11%


31,412

4.76%

1.04










Operating income

179,346

9.38%

205,046

10.91%


(25,700)

(12.53%)

(1.53)










Net interest

(1,772)

(0.09%)

(806)

(0.04%)


(966)

119.85%

(0.05)










Earnings before income taxes

177,574

9.28%

204,240

10.86%


(26,666)

(13.06%)

(1.58)










Provision for income taxes

63,162

3.30%

69,021

3.67%


(5,859)

(8.49%)

(0.37)










Net earnings including non-controlling interest

114,412

5.98%

135,219

7.19%


(20,807)

(15.39%)

(1.21)










Net earnings attributable to non-controlling interest

(174)

(0.01%)

(99)

(0.01%)


(75)

(75.76%)

0.00










Net earnings attributable to common shareholders

$    114,238

5.97%

$  135,120

7.19%


$(20,882)

(15.45%)

(1.22)



















Net earnings per diluted common share attributable to common shareholders

$          2.29


$        2.62















Weighted-average diluted common shares outstanding:

49,598


51,029















(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)




November 2,


October 27,



2013


2012






ASSETS









Current assets:





Cash and cash equivalents

$             64,764


$            138,016


Accounts receivable, net

80,180


82,966


Inventories

640,197


623,860


Other current assets

77,918


68,519







   Total current assets

863,059


913,361

Property and equipment, net

407,261


379,969

Tuxedo rental product, net

142,272


118,202

Goodwill

128,597


88,473

Intangible assets, net

60,325


31,992

Other assets

4,937


4,431







   Total assets

$         1,606,451


$         1,536,428






LIABILITIES AND EQUITY









Current liabilities:





Accounts payable

$           165,596


$            170,549


Accrued expenses and other current liabilities

168,120


149,244


Income taxes payable

10,034


4,939


Current maturities of long-term debt

10,000


-







   Total current liabilities

353,750


324,732






Long-term debt

90,000


-

Deferred taxes and other liabilities

104,950


92,057







   Total liabilities

548,700


416,789






Equity:





Preferred stock

-


-


Common stock

704


725


Capital in excess of par

404,506


380,099


Retained earnings

1,177,945


1,202,922


Accumulated other comprehensive income

31,060


40,735


Treasury stock, at cost

(569,792)


(517,894)







   Total equity attributable to common shareholders

1,044,423


1,106,587







Non-controlling interest

13,328


13,052







   Total equity

1,057,751


1,119,639







    Total liabilities and equity

$         1,606,451


$         1,536,428



THE MEN'S WEARHOUSE, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)


FOR THE NINE MONTHS ENDED

November 2, 2013 AND October 27, 2012

(In thousands)








Nine Months Ended



2013


2012






CASH FLOWS FROM OPERATING ACTIVITIES:










Net earnings including non-controlling interest

$         114,412


$         135,219


Non-cash adjustments to net earnings:





   Depreciation and amortization

65,672


61,798


   Tuxedo rental product amortization

28,712


25,330


Goodwill impairment charge

9,501


-


   Other

12,992


18,339


Changes in operating assets and liabilities

(71,906)


(74,177)







        Net cash provided by operating activities

159,383


166,509






CASH FLOWS FROM INVESTING ACTIVITIES:





Capital expenditures

(81,521)


(90,085)


Proceeds from sales of property and equipment

4,127


25


Acquisition of business, net of cash

(95,693)


-







        Net cash used in investing activities

(173,087)


(90,060)






CASH FLOWS FROM FINANCING ACTIVITIES:





Proceeds from issuance of common stock

8,291


6,918


Proceeds from term loan

100,000


-


Cash dividends paid

(26,979)


(27,832)


Deferred financing costs

(1,776)


-


Tax payments related to vested deferred stock units

(3,865)


(4,421)


Excess tax benefits from share-based plans

1,532


2,737


Repurchases of common stock

(152,129)


(41,296)







        Net cash used in financing activities

(74,926)


(63,894)







Effect of exchange rate changes

(2,669)


155






(DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS

(91,299)


12,710







Balance at beginning of period

156,063


125,306


Balance at end of period

$           64,764


$         138,016

SOURCE Men's Wearhouse

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The deluge of IoT sensor data collected from connected devices and the powerful AI required to make that data actionable are giving rise to a hybrid ecosystem in which cloud, on-prem and edge processes become interweaved. Attendees will learn how emerging composable infrastructure solutions deliver the adaptive architecture needed to manage this new data reality. Machine learning algorithms can better anticipate data storms and automate resources to support surges, including fully scalable GPU-c...
Wooed by the promise of faster innovation, lower TCO, and greater agility, businesses of every shape and size have embraced the cloud at every layer of the IT stack – from apps to file sharing to infrastructure. The typical organization currently uses more than a dozen sanctioned cloud apps and will shift more than half of all workloads to the cloud by 2018. Such cloud investments have delivered measurable benefits. But they’ve also resulted in some unintended side-effects: complexity and risk. ...
Machine learning provides predictive models which a business can apply in countless ways to better understand its customers and operations. Since machine learning was first developed with flat, tabular data in mind, it is still not widely understood: when does it make sense to use graph databases and machine learning in combination? This talk tackles the question from two ends: classifying predictive analytics methods and assessing graph database attributes. It also examines the ongoing lifecycl...
With more than 30 Kubernetes solutions in the marketplace, it's tempting to think Kubernetes and the vendor ecosystem has solved the problem of operationalizing containers at scale or of automatically managing the elasticity of the underlying infrastructure that these solutions need to be truly scalable. Far from it. There are at least six major pain points that companies experience when they try to deploy and run Kubernetes in their complex environments. In this presentation, the speaker will d...
When applications are hosted on servers, they produce immense quantities of logging data. Quality engineers should verify that apps are producing log data that is existent, correct, consumable, and complete. Otherwise, apps in production are not easily monitored, have issues that are difficult to detect, and cannot be corrected quickly. Tom Chavez presents the four steps that quality engineers should include in every test plan for apps that produce log output or other machine data. Learn the ste...
Dhiraj Sehgal works in Delphix's product and solution organization. His focus has been DevOps, DataOps, private cloud and datacenters customers, technologies and products. He has wealth of experience in cloud focused and virtualized technologies ranging from compute, networking to storage. He has spoken at Cloud Expo for last 3 years now in New York and Santa Clara.
"Peak 10 is a hybrid infrastructure provider across the nation. We are in the thick of things when it comes to hybrid IT," explained , Chief Technology Officer at Peak 10, in this SYS-CON.tv interview at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.
We are seeing a major migration of enterprises applications to the cloud. As cloud and business use of real time applications accelerate, legacy networks are no longer able to architecturally support cloud adoption and deliver the performance and security required by highly distributed enterprises. These outdated solutions have become more costly and complicated to implement, install, manage, and maintain.SD-WAN offers unlimited capabilities for accessing the benefits of the cloud and Internet. ...
Dion Hinchcliffe is an internationally recognized digital expert, bestselling book author, frequent keynote speaker, analyst, futurist, and transformation expert based in Washington, DC. He is currently Chief Strategy Officer at the industry-leading digital strategy and online community solutions firm, 7Summits.