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Men's Wearhouse Reports Fiscal 2015 First Quarter Results

- Strong first quarter performance

- Jos. A. Bank integration remains on track

- Q1 2015 GAAP diluted earnings per share were $0.21 and adjusted diluted earnings per share were $0.54

- Conference call scheduled for Thursday, June 11th at 9:00 a.m. Eastern time

FREMONT, Calif., June 10, 2015 /PRNewswire/ -- The Men's Wearhouse (NYSE: MW) today announced consolidated financial results for the fiscal first quarter ended May 2, 2015.

GAAP diluted EPS for fiscal first quarter 2015 was $0.21 and adjusted EPS was $0.54 excluding non-operating items(1).

Doug Ewert, Men's Wearhouse chief executive officer, stated, "We are very pleased to report another strong quarter with all brands performing well.  Comparable sales increased 6.8% at Men's Wearhouse, 0.8% at Moores and 7.3% at K&G and decreased 1.5% at Jos. A. Bank.  Traffic increased year over year at all of our U.S. brands and while Moores' traffic decreased, their average ticket increased.  While the retail business has continued to perform well, the tuxedo business slowed this quarter with a decrease in comps of 1.2% at Men's Wearhouse.  Based on recent studies, the overall wedding industry is experiencing a slow-down but we believe that our market share is holding and possibly increasing.

"We made another important step in the Jos. A. Bank integration as we completed the merchandise systems conversions at the beginning of May," added Ewert.  "This conversion will help us in unlocking retail inventory efficiency and distribution synergies.  Cost synergies continue to be on plan and we are beginning to see some revenue synergies.  We continue to expect Jos. A. Bank comparable sales to be down in the second quarter with improvement in the back half of the year and gross margin increases to follow a similar pattern.    

"We continue to be confident in our 2015 and 2017 EPS guidance," concluded Ewert.

FIRST QUARTER SALES REVIEW

The table that follows is a summary of net sales for the fiscal 2015 first quarter ended May 2, 2015.  The dollars shown are U.S. dollars in millions and, due to rounded numbers, may not sum.  The Moores comparable sales change is based on the Canadian dollar.  The comparable sales shown below for Jos. A. Bank are a comparison to the Jos. A. Bank first quarter, which was prior to the acquisition on June 18, 2014. Comparable sales exclude the net sales of a store for any month of one period if the store was not owned or open throughout the same month of the prior period and include e-commerce net sales. 

First Quarter Net Sales Summary – Fiscal 2015



Net Sales

Comparable Sales Change


Net Sales Change

Current Quarter

% of Total Sales

Current Quarter

Prior Year Quarter

Total Retail Segment

43.7%

$250.6

$824.3




       Men's Wearhouse

8.4%

$35.4

$456.4

52%

6.8%

2.9%

       Jos. A. Bank

       n/a

$216.1

$216.1

24%

(1.5%)

8.4%

       Moores

(9.5%)

($5.0)

$47.5

5%

0.8%

6.0%

       K&G

3.9%

$3.6

$96.0

11%

7.3%

(1.2%)

       MW Cleaners

7.4%

$0.6

$8.3

1%










Corporate Apparel Segment

7.0%

$4.0

$60.8

7%










Total Company

40.4%

$254.6

$885.1




 

Net sales at our largest brand, Men's Wearhouse, were up 8.4% from last year's first quarter.  Comparable sales increased 6.8% due to increases in average transactions per store, clothing product average unit retails (or the net selling price per unit) and units sold per transaction. The higher margin tuxedo rental revenues comparable sales decreased 1.2% in the first quarter of 2015. 

Jos. A. Bank comparable sales for the first quarter decreased 1.5% with a decrease in clothing product average unit retails moderated by increases in both units sold per transaction and average transactions per store.  Moores, our Canadian retail brand, had a comparable sales increase of 0.8% due to an increase in clothing product average unit retails mostly offset by a decrease in average transactions per store and units sold per transaction.  However, net sales for Moores decreased 9.5% due to an unfavorable change in the currency translation rate.  K&G comparable sales increased 7.3% due to an increase in average transactions per store.  The Corporate Apparel segment had a sales increase of 7.0%.

FIRST QUARTER GAAP OPERATING RESULTS

Total net sales increased 40.4%, or $254.6 million, to $885.1 million.  Retail segment net sales increased by 43.7%, or $250.6 million.  Corporate apparel sales increased by 7.0% or $4.0 million.

Total gross margin was $381.6 million, an increase of $98.2 million, or 34.7%.  As a percent of sales, total gross margin decreased 184 basis points to 43.1% of net sales.

Advertising expense increased $21.9 million to $50.7 million.  This increase represented a 116 basis point increase in expense. 

Selling, general and administrative expenses ("SG&A") increased $48.3 million to $275.6 million, a 492 basis points decrease.

Operating income increased $28.0 million to $55.3 million, representing 6.3% of net sales compared to 4.3% in the prior year.

FIRST QUARTER ADJUSTED OPERATING RESULTS (1)

In our fourth quarter earnings release we provided historical baselines of operating results for fiscal year 2014 in order to provide comparable results to fiscal year 2015.  These baselines include Jos. A. Bank operations for the 2014 full year and exclude items we believe are not indicative of our core operating results as well as certain items related to the acquisition of Jos. A. Bank.  Below is a comparison of the consolidated first quarter FY 2015 adjusted operating results to first quarter FY 2014 baseline.



Q1 FY15


Q1 FY15


Q1 FY14


Q1 FY14


Variance


$


% of Sales


$


% of Sales


Dollar

%

Basis Points

Net sales:












     Retail clothing product

$ 666,862


75.34%


$ 632,136


74.55%


$ 34,726

5.49%

0.79

     Tuxedo rental services

103,129


11.65%


106,147


12.52%


(3,018)

-2.84%

(0.87)

     Alteration and other services

54,280


6.13%


52,788


6.23%


1,492

2.83%

(0.09)

Total retail sales

824,271


93.13%


791,071


93.30%


33,200

4.20%

(0.17)

Corporate apparel clothing product

60,818


6.87%


56,825


6.70%


3,993

7.03%

0.17

Total net sales

885,089


100.00%


847,896


100.00%


37,193

4.39%

-













Gross margin: (2)












     Retail clothing product

373,218


55.97%


357,691


56.58%


15,527

4.34%

(0.62)

     Tuxedo rental services

87,045


84.40%


89,083


83.92%


(2,038)

-2.29%

0.48

     Alteration and other services

18,130


33.40%


15,983


30.28%


2,147

13.43%

3.12

     Occupancy costs

(112,810)


-13.69%


(108,405)


-13.70%


(4,405)

4.06%

0.02

Total retail gross margin

365,583


44.35%


354,352


44.79%


11,231

3.17%

(0.44)

Corporate apparel clothing product

16,995


27.94%


17,078


30.05%


(83)

-0.49%

(2.11)

Total gross margin

382,578


43.22%


371,430


43.81%


11,148

3.00%

(0.58)













Advertising expense

50,656


5.72%


41,987


4.95%


8,669

20.65%

0.77

Selling, general and administrative expenses

263,985


29.83%


262,099


30.91%


1,886

0.72%

(1.09)

























Operating income

$   67,937


7.68%


$   67,344


7.94%


$      593

0.88%

(0.27)


(1)

See Use of Non-GAAP Financial Measures for reconciliation to GAAP.

(2)

Gross margin percent of related sales.

 

Total net sales increased 4.4%, or $37.2 million from $847.9 million baseline net sales.  Retail segment net sales for the quarter increased by 4.2%, or $33.2 million, to $824.3 million due primarily to an increase in comparable sales in the legacy brands.  Corporate apparel sales increased by 7.0%, or $4.0 million.

Total adjusted gross margin of $382.6 million increased $11.1 million or 3.0% and decreased 58 basis points compared to baseline total gross margin.  Excluding Jos. A. Bank, total adjusted gross margin decreased 30 basis points.  Adjusted retail segment gross margin increased $11.2 million, or 3.2%, and decreased 44 basis points from prior year baseline primarily due to lower retail clothing margin offset somewhat by higher tuxedo and alteration and other services margin.  The adjusted retail segment gross margin rate decreased 11 basis points excluding Jos. A. Bank.  Corporate apparel gross margin decreased $0.1 million, or 0.5%, and decreased 211 basis points.

On a stand-alone basis, total Jos. A. Bank adjusted retail gross margin (including tuxedo margin, alteration margin and occupancy) decreased 167 basis points from 40.5% to 38.8%.  Jos. A. Bank adjusted retail clothing margin decreased 106 basis points from 58.3% to 57.3%. 

Advertising expense was $50.7 million.  This represents an increase of $8.7 million or 77 basis points, compared to the prior year baseline primarily due to increased advertising expense to support branding initiatives.

Adjusted SG&A expenses of $264.0 million were 109 basis points favorable to the prior year baseline primarily due to lower payroll related costs and other synergies.  On an absolute dollar basis, adjusted SG&A increased by $1.9 million, or 0.7%, to prior year baseline. 

Adjusted operating income was $67.9 million, an increase of $0.6 million, or 0.9%, over the prior year baseline operating results of $67.3 million.

INTEREST AND TAXES

GAAP net interest expense for the first quarter was $26.5 million.  Loss on extinguishment of debt was $12.7 million and was adjusted for as a non-operating item.  The loss was the result of our $400 million partial refinancing of our term loan to a fixed rate of 5.0%.

The effective tax rate for the first quarter was 35.8%.  Excluding the impact of integration costs, the adjusted effective tax rate was 37.3%.

NET EARNINGS

GAAP net earnings were $10.4 million compared to GAAP net earnings of $16.5 million last year.  GAAP EPS was $0.21 compared to $0.34 in the prior year quarter.  Adjusted net earnings were $26.0 million, or $0.54 adjusted EPS.

BALANCE SHEET

In connection with the acquisition of Jos. A. Bank, debt at the end of the first quarter 2015 was approximately $1.7 billion.

Inventories increased $340.7 million to $986.5 million at the end of the first quarter 2015 from $645.8 million at prior year first quarter due primarily to Jos. A. Bank and inventory related to Joseph Abboud.

Capital expenditures for the first quarter of fiscal year 2015 were $30.4 million compared to $22.5 million in the prior year.

CALL AND WEBCAST INFORMATION

At 9:00 a.m. Eastern time on Thursday, June 11, 2015, management will host a conference call and real time webcast to discuss fiscal 2015 first quarter results.

To access the conference call, dial 412-902-0030.  To access the live webcast presentation, visit the Investor Relations section of the Company's website at http://ir.menswearhouse.com. A telephonic replay will be available through June 18, 2015 by calling 201-612-7415 and entering the access code of 13609463#, or a webcast archive will be available free on the website for approximately 90 days.

STORE INFORMATION


May 2, 2015

May 3, 2014

January 31, 2015


Number of Stores

Sq. Ft. (000's)

Number of Stores

Sq. Ft. (000's)

Number of Stores

Sq. Ft. (000's)








Men's Wearhouse (a)

702

3,963.4

670

3,820.4

698

3,955.7








Jos. A. Bank (b)

636

2,923.2

--

--

636

2,922.2








Men's Wearhouse and Tux

207

287.9

244

338.9

210

291.2








Moores, Clothing for Men

124

783.1

120

764.8

123

779.0








K&G (c)

89

2,109.0

94

2,228.8

91

2,164.4








Total

1,758

10,066.6

1,128

7,152.9

1,758

10,112.5



(a)

Includes one Joseph Abboud store.

(b)

Excludes 15 franchise stores.

(c)

81, 85 and 83 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 1,758 stores.  The Men's Wearhouse, Jos. A. Bank, 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, Jos. A. Bank, 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.  Forward-looking statements are not guarantees of future performance and a variety of factors could cause actual results to differ materially from the anticipated or expected results expressed in or suggested by these forward-looking statements.  These forward-looking statements may be significantly impacted by various factors, including, but not limited to: actions by governmental entities, domestic and international economic activity and inflation, success, or lack thereof, in executing our internal operating plans and new store and new market expansion plans, as well as integration of acquisitions, including Jos. A. Bank, performance issues with key suppliers, disruption in buying trends due to homeland security concerns, severe weather, foreign currency fluctuations, government export and import policies, advertising or marketing activities of competitors, and legal proceedings. Future results will also be dependent upon our ability to continue to identify and complete successful expansions and penetrations into existing and new markets and our ability to integrate such expansions with our existing operations.

The forward-looking statements in this press release speak only as of the date hereof. Except for the ongoing obligations of Men's Wearhouse to disclose material information under the federal securities laws, Men's Wearhouse undertakes no obligation to revise or update publicly any forward-looking statement, except as required by law.  Other factors that may impact the forward-looking statements are described in Men's Wearhouse's annual report on Form 10-K for the fiscal year ended January 31, 2015.  For additional information on Men's Wearhouse, please visit the Company's websites at www.menswearhouse.com, www.josbank.com, www.josephabboud.com, www.mooresclothing.com, www.kgstores.com, www.twinhill.com, www.dimensions.co.uk and www.alexandra.co.uk.

Contact:
Investor Relations
(281) 776-7575
ir@tmw.com

Kelly Dilts
Men's Wearhouse, SVP, Finance & IR

Ken Dennard
Dennard Lascar Associates

(1) Adjusted information is non-GAAP financial information provided to enhance the user's overall understanding of the Company's current financial performance. Reconciliations of adjusted financial information to GAAP results are included in the tables at the end of this release.


THE MEN'S WEARHOUSE, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS

(Unaudited)


For the Three Months Ended May 2, 2015 and May 3, 2014

(In thousands, except per share data)



Three Months Ended


Variance



% of


% of




Basis


2015

Sales

2014

Sales


Dollar

%

Points










Net sales:









          Retail clothing product

$   666,862

75.34%

$  433,024

68.68%


$233,838

54.00%

6.66

          Tuxedo rental services

103,129

11.65%

101,663

16.12%


1,466

1.44%

(4.47)

          Alteration and other services   

54,280

6.13%

38,962

6.18%


15,318

39.32%

(0.05)

               Total retail sales

824,271

93.13%

573,649

90.99%


250,622

43.69%

2.14

               Corporate apparel clothing product

60,818

6.87%

56,825

9.01%


3,993

7.03%

(2.14)

                    Total net sales

885,089

100.00%

630,474

100.00%


254,615

40.38%

0.00










                   Total cost of sales

503,537

56.89%

347,110

55.06%


156,427

45.07%

1.84










Gross margin (a):









        Retail clothing product

372,478

55.86%

241,547

55.78%


130,931

54.21%

0.07

        Tuxedo rental services

87,045

84.40%

86,346

84.93%


699

0.81%

(0.53)

        Alteration and other services

18,130

33.40%

11,240

28.85%


6,890

61.30%

4.55

        Occupancy costs

(113,096)

(13.72%)

(72,847)

(12.70%)


(40,249)

(55.25%)

(1.02)

               Total retail gross margin

364,557

44.23%

266,286

46.42%


98,271

36.90%

(2.19)

               Corporate apparel clothing product

16,995

27.94%

17,078

30.05%


(83)

(0.49%)

(2.11)

                   Total gross margin

381,552

43.11%

283,364

44.94%


98,188

34.65%

(1.84)










Advertising expense

50,656

5.72%

28,771

4.56%


21,885

76.07%

1.16

Selling, general and administrative expenses

275,607

31.14%

227,312

36.05%


48,295

21.25%

(4.92)










Operating income

55,289

6.25%

27,281

4.33%


28,008

102.66%

1.92










Net interest

(26,455)

(2.99%)

(1,074)

(0.17%)


(25,381)

2363.22%

(2.82)

Loss on extinguishment of debt

(12,675)

(1.43%)

-

-


(12,675)

-

(1.43)










Earnings before income taxes

16,159

1.83%

26,207

4.16%


(10,048)

(38.34%)

(2.33)










Provision for income taxes

5,790

0.65%

9,749

1.55%


(3,959)

(40.61%)

(0.89)










Net earnings including non-controlling interest

10,369

1.17%

16,458

2.61%


(6,089)

(37.00%)

(1.44)










Net loss attributable to non-controlling interest

-

-

28

0.00%


(28)

-

0.00










Net earnings attributable to common shareholders

$    10,369

1.17%

$    16,486

2.61%


$  (6,117)

(37.10%)

(1.44)










Net earnings per diluted common share attributable to common shareholders

$         0.21


$       0.34















Weighted-average diluted common shares outstanding:

48,429


47,974







(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)




May 2,


May 3,



2015


2014






ASSETS









Current assets:





Cash and cash equivalents

$            61,802


$             95,923


Accounts receivable, net

83,169


67,778


Inventories

986,457


645,772


Other current assets

170,278


84,803







   Total current assets

1,301,706


894,276

Property and equipment, net

560,141


406,784

Tuxedo rental product, net

146,050


148,120

Goodwill

893,435


127,098

Intangible assets, net

664,935


57,966

Other assets

36,832


6,734







   Total assets

$       3,603,099


$        1,640,978






LIABILITIES AND SHAREHOLDERS' EQUITY









Current liabilities:





Accounts payable

$          233,066


$           168,826


Accrued expenses and other current liabilities

289,956


220,452


Income taxes payable

1,328


4,277


Current maturities of long-term debt

7,000


10,000







   Total current liabilities

531,350


403,555






Long-term debt

1,679,634


85,000

Deferred taxes and other liabilities

412,575


109,696







   Total liabilities

2,623,559


598,251






Shareholders' equity:





Preferred stock

-


-


Common stock

485


480


Capital in excess of par

442,743


417,622


Retained earnings

538,716


580,373


Accumulated other comprehensive income

789


33,302


Treasury stock, at cost

(3,193)


(3,407)







   Total equity attributable to common shareholders

979,540


1,028,370







Non-controlling interest

-


14,357







   Total shareholders' equity

979,540


1,042,727







    Total liabilities and shareholders' equity

$      3,603,099


$       1,640,978

 

THE MEN'S WEARHOUSE, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

For the Three Months Ended May 2, 2015 and May 3, 2014

(In thousands)




Three Months Ended



2015


2014






CASH FLOWS FROM OPERATING ACTIVITIES:










Net earnings including non-controlling interest

$            10,369


$           16,458


Non-cash adjustments to net earnings:





   Depreciation and amortization

31,906


21,929


   Tuxedo rental product amortization

7,604


7,497


Deferred financing costs amortization

1,796


140


Discount on long-term debt amortization

340


-


Loss on extinguishment of debt

12,675


-


Loss on disposition of assets

424


1,357


   Other

12,480


(2,977)


Changes in operating assets and liabilities

(28,609)


25,409







        Net cash provided by operating activities

48,985


69,813






CASH FLOWS FROM INVESTING ACTIVITIES:





Capital expenditures

(30,384)


(22,543)







        Net cash used in investing activities

(30,384)


(22,543)






CASH FLOWS FROM FINANCING ACTIVITIES:





Proceeds from asset-based revolving credit facility

3,000


-


Payments on asset-based revolving credit facility

(3,000)


-


Payments on new term loan

(4,500)


-


Payments on previous term loan

-


(2,500)


Deferred financing costs

(3,566)


(1,389)


Cash dividends paid

(8,863)


(8,812)


Proceeds from issuance of common stock

908


4,373


Tax payments related to vested deferred stock units

(4,506)


(5,732)


Excess tax benefits from share-based plans

981


3,002


Repurchases of common stock

(277)


(251)







        Net cash used in financing activities

(19,823)


(11,309)







Effect of exchange rate changes

763


710






(DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS

(459)


36,671







Balance at beginning of period

62,261


59,252


Balance at end of period

$            61,802


$          95,923

 

THE MEN'S WEARHOUSE, INC. AND SUBSIDIARIES

UNAUDITED NON-GAAP FINANCIAL MEASURES

(In thousands, except per share amounts)


Use of Non-GAAP Financial Measures


In addition to providing financial results in accordance with GAAP, we have provided adjusted information for fiscal first quarter 2015 and a historical consolidated baseline for fiscal first quarter 2014 which includes Jos. A. Bank results.  This non-GAAP financial information is provided to enhance the user's overall understanding of the Company's current financial performance.  Specifically, we believe the adjusted and baseline results provide useful information by excluding items we believe are not indicative of our core operating results as well as certain items related to the acquisition and integration of Jos. A. Bank. 


The non-GAAP financial information should be considered in addition to, not as a substitute for or as being superior to, operating income, cash flows, or other measures of financial performance prepared in accordance with GAAP.  A reconciliation of this non-GAAP information to our actual results follows and may not sum due to rounded numbers.

 


GAAP to Adjusted Statements of Earnings Information

GAAP to Adjusted - Three Months Ended May 2, 2015


GAAP


Acquisition


Purchase


Other (2)


Adjusted


Results


& Integration (1)


Acctg Allocation




Results

Net sales

$ 885,089


$               -


$               -


$           -


$ 885,089











Total retail gross margin

364,557


-


1,026


-


365,583

Corporate apparel clothing product

16,995


-


-


-


16,995

Total gross margin

381,552


-


1,026


-


382,578











Advertising expense

50,656


-


-


-


50,656

Selling, general and administrative expenses

275,607


(5,949)


(2,069)


(3,604)


263,985

Operating income

55,289


5,949


3,095


3,604


67,937











Net interest

(26,455)


-


-


-


(26,455)

Loss on extinguishment of debt

(12,675)


12,675


-


-


-

Provision for income taxes

5,790


7,184


1,154


1,344


15,473











Net earnings including non-controlling interest

10,369


11,440


1,941


2,260


26,009











Net earnings attributable to non-controlling interest

-


-


-


-


-











Net earnings attributable to common shareholders

$   10,369


$      11,440


$        1,941


$   2,260


$   26,009











Net earnings per diluted common share attributable to common shareholders

$       0.21


$          0.24


$          0.04


$     0.05


$       0.54


(1)

Acquisition, integration and loss on extinguishment of debt relates to Jos. A. Bank.

(2)

Other relates to separation costs with former executives.

 

GAAP to Historical Baselines of Operating Results – First Quarter Fiscal Year 2014


Historical Consolidated Baseline First Quarter FY 2014 - Three Months Ended May 3, 2014


MW GAAP


JOSB GAAP


Purchase


Acquisition,


Historical


Results


Results (1)


Accounting


Integration &


Baseline

Net sales:





Adjustments (2)


Other (3)



      Retail clothing product 

$    433,024


$      199,112


$            -


$                  -


$    632,136

      Tuxedo rental services 

101,663


4,484


-


-


106,147

      Alteration and other services 

38,962


13,826


-


-


52,788

 Total retail sales 

573,649


217,422


-


-


791,071

 Corporate apparel clothing product 

56,825


-


-


-


56,825

 Total net sales 

630,474


217,422


-


-


847,896











 Gross margin: 










      Retail clothing product 

241,547


116,135


9


-


357,691

      Tuxedo rental services 

86,346


2,737


-


-


89,083

      Alteration and other services 

11,240


4,743


-


-


15,983

      Occupancy costs 

(72,847)


(34,474)


(1,084)


-


(108,405)

 Total retail gross margin 

266,286


89,141


(1,075)


-


354,352

 Corporate apparel clothing product 

17,078


-




-


17,078

 Total gross margin 

283,364


89,141


(1,075)


-


371,430











 Advertising expense 

28,771


13,216


-


-


41,987

 Selling, general and administrative expenses 

227,312


136,630


-


(101,843)


262,099





















 Operating income (loss) 

$      27,281


$       (60,705)


$   (1,075)


$      101,843


$      67,344



(1)

As filed in Jos. A. Bank's 10-Q and reclassified to be consistent with Men's Wearhouse reporting.

(2)

Adjustments to Jos. A. Bank's 10-Q reported balances for change from FIFO to average weighted cost and elimination of tenant improvement allowance credits.

(3)

Other relates primarily to strategic alternative review and SG&A reduction program costs.

 

To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/mens-wearhouse-reports-fiscal-2015-first-quarter-results-300097316.html

SOURCE Men's Wearhouse