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From the DNR, the Washington Times of the menswear world, the following should give hope to men with the voice of a child molester everywhere. It supports my fear that the rather overhyped backlash against business casual will only lash far enough back to ill-designed, ill-made junk sold by people who couldn't get jobs as used car salesmen in stores built on Indian burial grounds:
Men's Wearhouse Profits Soar in First Quarter
NEW YORK (May 19, 2005) - The continued strength of tailored clothing led Men’s Wearhouse to a stellar first quarter. For the period ended April 30, income rose 50.8 percent to $22.7 million, or 61 cents a diluted share, from $15.1 million, or 41 cents, in the year-ago quarter. Total sales jumped 14.1 percent to $411.6 million from $360.7 million, which included a 14.2 percent increase in U.S. sales to $375.8 million and a 13.7 percent gain in Canadian sales to $35.8 million. Same-store sales in the U.S. rose 10.9 percent, while comps for the Canadian stores gained 4.2 percent. At the end of the first quarter, the company operated 520 Men’s Wearhouse stores, 114 units under the Moores, Clothing for Men nameplate, and 76 K&G sites. The company said it will be close five of its six Eddie Rodriguez stores by the end of the second quarter, well ahead of previous expectations. Excluding the Eddie Rodriguez results, Men’s Wearhouse said second-quarter diluted earnings per share will be in the range of 63 cents to 66 cents. For the year, excluding Eddie Rodriguez results and including the restricted stock grant expense, diluted EPS is expected in the range of $2.55 to $2.65. The retailer also announced a 3-for-2 stock split of the company’s outstanding common shares, which will be paid as a stock dividend on June 13, 2005. Holders of record of the company’s common stock at the close of business on May 31will receive one additional share for every two shares that they own. Men’s Wearhouse’s board also authorized the replenishment of its share repurchase program to $50 million by giving the nod to adding $43 million to the remaining $7 million of the current program. VICKI M. YOUNG
Men's Wearhouse Profits Soar in First Quarter
NEW YORK (May 19, 2005) - The continued strength of tailored clothing led Men’s Wearhouse to a stellar first quarter. For the period ended April 30, income rose 50.8 percent to $22.7 million, or 61 cents a diluted share, from $15.1 million, or 41 cents, in the year-ago quarter. Total sales jumped 14.1 percent to $411.6 million from $360.7 million, which included a 14.2 percent increase in U.S. sales to $375.8 million and a 13.7 percent gain in Canadian sales to $35.8 million. Same-store sales in the U.S. rose 10.9 percent, while comps for the Canadian stores gained 4.2 percent. At the end of the first quarter, the company operated 520 Men’s Wearhouse stores, 114 units under the Moores, Clothing for Men nameplate, and 76 K&G sites. The company said it will be close five of its six Eddie Rodriguez stores by the end of the second quarter, well ahead of previous expectations. Excluding the Eddie Rodriguez results, Men’s Wearhouse said second-quarter diluted earnings per share will be in the range of 63 cents to 66 cents. For the year, excluding Eddie Rodriguez results and including the restricted stock grant expense, diluted EPS is expected in the range of $2.55 to $2.65. The retailer also announced a 3-for-2 stock split of the company’s outstanding common shares, which will be paid as a stock dividend on June 13, 2005. Holders of record of the company’s common stock at the close of business on May 31will receive one additional share for every two shares that they own. Men’s Wearhouse’s board also authorized the replenishment of its share repurchase program to $50 million by giving the nod to adding $43 million to the remaining $7 million of the current program. VICKI M. YOUNG
