The Mens Wearhouse, Inc.
For Immediate Release
MENS WEARHOUSE DELAYS FILING FORM 10-K
TO FINALIZE CORRECTIONS IN LEASE ACCOUNTING
HOUSTON April 14, 2005 Mens Wearhouse (NYSE: MW) today announced that it will file a Form 12b-25 for a fifteen-day extension of the April 14, 2005 filing deadline for its Annual Report on Form 10-K for the fiscal year ended January 29, 2005. The company now expects to file its Annual Report on Form 10-K on or before April 29, 2005.
The company had previously announced that, like many other companies in the retail, restaurant and other industries, the company is reviewing its accounting treatment for leases and depreciation of related leasehold improvements. The company has discussed its lease accounting practices with its audit committee and consulted with its independent registered public accountants, Deloitte & Touche LLP, and has determined it will restate its historical financial statements. The company expects the effect of the restatement on diluted earnings per share for fiscal years 2002 and 2003 and the effect on previously announced diluted earnings per share for fiscal year 2004 will not exceed $0.01. The company is extending its filing deadline as additional time is needed to complete its internal review and to allow Deloitte & Touche to complete its audit of the lease accounting treatment.
Founded in 1973, Mens Wearhouse is one of North Americas largest specialty retailers of mens apparel with 709 stores. The stores carry a full selection of designer, brand name and private label suits, sport coats, furnishings and accessories, including tuxedo rentals available in the Mens Wearhouse and Moores stores.
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 unfavorable local, regional and national economic developments, disruption in retail buying trends due to homeland security concerns, severe weather conditions, aggressive advertising or marketing activities of competitors and other factors described herein and in the Companys annual report on Form 10-K for the year ended January 31, 2004 and subsequent Forms 10-Q.
For additional information, please visit the companys website at www.menswearhouse.com.
CONTACT: Claudia Pruitt, Mens Wearhouse (713) 592-7200
Ken Dennard, DRG&E (713) 529-6600