Exhibit 99.1
     
The Men’s Wearhouse, Inc.

  (MEN'S WEARHOUSE LOGO)
News Release
   
For Immediate Release
MEN’S WEARHOUSE REPORTS FISCAL 2007
FOURTH QUARTER AND YEAR END RESULTS
  Q4 2007 GAAP diluted EPS was $0.28 versus $0.95 in 2006
 
  Fiscal 2007 GAAP diluted EPS was $2.73 versus $2.71 in 2006
 
  Company estimates Fiscal 2008 GAAP diluted EPS in a range of $1.80 to $2.00
 
  Estimated Fiscal 2008 GAAP diluted EPS includes $0.10 in non-recurring charges
 
  Conference call at 5:00 pm eastern today
HOUSTON – March 12, 2008 – The Men’s Wearhouse (NYSE: MW) today announced its consolidated financial results for the fourth quarter and fiscal year ended February 2, 2008.
                                         
Fourth Quarter Sales Summary – Fiscal 2007
                            Comparable Store Sales
    U.S. dollars, in millions   Total Sales   Change %
    Current Year   Prior Year (d)   Change %   Current Year   Prior Year
 
Total Company
  $ 535.0     $ 556.8       - 3.9 %                
 
MW
  $ 318.4 (a)   $ 349.7 (a)     -9.0 %     -5.4 %     + 0.0 %
 
MW Tux (b)
  $ 21.9                                  
 
K&G
  $ 109.0     $ 130.1       - 16.2 %     - 17.2 %     - 6.1 %
 
United States
  $ 463.9     $ 486.7       - 4.7 %     - 8.6 %     - 1.5 %
 
Moores
  $ 71.1     $ 70.1       + 1.4 %     - 7.3 %(c)     + 9.8 %(c)
 
                                         
Year-To-Date Sales Summary – Fiscal 2007
                            Comparable Store Sales
    U.S. dollars, in millions   Total Sales   Change %
    Current Year   Prior Year (d)   Change %   Current Year   Prior Year
 
Total Company
  $ 2,112.6     $ 1,882.1       + 12.2 %                
 
MW
  $ 1,214.1 (a)   $ 1,209.2 (a)     + 0.4 %     - 0.4 %     + 3.1 %
 
MW Tux (b)
  $ 199.2                                  
 
K&G
  $ 407.8     $ 418.3       - 2.5 %     - 10.9 %     - 1.8 %
 
United States
  $ 1,862.9     $ 1,653.5       + 12.7 %     - 3.0 %     + 1.9 %
 
Moores
  $ 249.7     $ 228.6       + 9.2 %     + 1.5 %(c)     + 8.7 %(c)
 
 
(a)   Includes retail stores and ecommerce.
 
(b)   MW Tux stores resulting from the acquisition of After Hours on April 9, 2007. They will be excluded from comparable store sales reporting until Q2 of fiscal 2008.
 
(c)   Comparable store sales change is based on the Canadian dollar.
 
(d)   The company follows the retail 4-5-4 reporting calendar which includes an extra week in fiscal 2006. Thus, fourth quarter includes 14 weeks and full year includes 53 weeks.
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This year’s 13 week fourth quarter operating income was $21.5 million compared to $73.2 million for last year’s 14 week quarter and net income was $14.8 million compared to $52.3 million last year. Diluted earnings per share were $0.28 for the fourth quarter ended February 2, 2008 compared to $0.95 last year. MW Tux (formerly After Hours), after acquisition funding costs, decreased the diluted earnings per share for the fourth quarter by $0.37.
Fiscal year 2007’s 52 week operating income was $228.7 million compared to $223.9 million for last year’s 53 week period and net income was $147.0 million compared to $148.6 million last year. Diluted earnings per share were $2.73 for the full year compared to $2.71 last year. MW Tux (formerly After Hours), after acquisition funding costs, increased the diluted earnings per share for fiscal year 2007 by $0.02.
It should be noted that the seasonality of MW Tux (formerly After Hours) revenues is heavily concentrated in April, May and June. Second quarter, followed by third quarter, is the highest revenue quarter and first and fourth quarters are considered off season. As a result, MW Tux (formerly After Hours) typically has income in the second and third quarters and losses in the first and fourth quarters.
FOURTH QUARTER HIGHLIGHTS
    Total company sales decreased 3.9% for the 13 week 2007 quarter as compared to the 14 week 2006 quarter. Apparel sales, representing 87.2% of total sales, decreased 7.8%. Tuxedo rental revenues, representing 6.5% of total sales, increased 130.3%. Tuxedo rental revenues excluding MW Tux (formerly After Hours) increased 3.9%.
  o   Comparable store sales decreased 8.6% for the Company’s United States based stores, below the Company’s guidance of negative low single digit range. This under plan performance was primarily related to weaker traffic trends at both TMW and K&G.
 
  o   Comparable store sales decreased 7.3% for the Company’s Canadian based stores, below the Company’s guidance of flat to +2%. This decline in comparable store sales is also a result of weaker traffic trends.
    Gross margin, as a percentage of sales, decreased 183 basis points from 44.60% to 42.77% primarily due to the inclusion of the MW Tux (formerly After Hours) operations which deleveraged occupancy costs due to the seasonality of the tuxedo business.
 
    Selling, general, and administrative expenses as a percentage of sales increased 728 basis points from 31.46% to 38.74%. This increase is due to the inclusion of the MW Tux (formerly After Hours) operations, amplified during the tuxedo off season, as well as the decrease in apparel sales.
 
    The effective tax rate for the quarter was 30.6%.
 
    During the quarter, the Company repurchased 1,218,900 shares for a total of $27.7 million.
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2008 GUIDANCE AND HIGHLIGHTS
In the summer of 2008, the Company expects to close its Canadian based manufacturing facility, operated by its subsidiary, Golden Brand. The company estimates the pre tax cost to close the facility to be approximately $8.5 million or the equivalent of $0.10 per diluted share outstanding for the fiscal year. The estimated pre tax cost for first quarter is $5.5 million or the equivalent of $0.06 per diluted share outstanding, for second quarter is $1.3 million or the equivalent of $0.02 per diluted share outstanding and for third quarter is $1.7 million or the equivalent of $0.02 per diluted share outstanding.
For the fiscal year, the Company expects adjusted diluted earnings per share to be $1.90 to $2.10 excluding the Golden Brand closure costs. Including these costs, diluted earnings per share are expected to be $1.80 to $2.00. This guidance assumes same store sales in the U.S. to decrease in the mid single digit range and in Canada to be flat.
For the first quarter, the Company expects adjusted diluted earnings per share to be $0.20 to $0.24 excluding the Golden Brand closure costs. Including these costs, diluted earnings per share are expected to be $0.14 to $0.18. This guidance assumes same store sales in the U.S. to decrease in the high single digit range and in Canada to decrease in the low single digit range. MW Tux (formerly After Hours) was acquired at the beginning of April 2007. Thus February and March, which are considered off season, were not included in first quarter fiscal 2007 results. The February and March diluted earnings per share impact on first quarter is estimated to be dilutive by $0.22.
For the second quarter, the Company expects adjusted diluted earnings per share to be $0.80 to $0.86 excluding the Golden Brand closure costs. Including these costs, diluted earnings per share are expected to be $0.78 to $0.84. This guidance assumes same store sales in the U.S., including MW Tux (formerly After Hours) stores, to decrease in the mid to high single digit range and in Canada to increase in the low single digit range.
The guidance includes an estimated effective tax rate of approximately 38.3% for the first and second quarters and approximately 37.9% for the full year. The fully diluted shares outstanding are estimated to be 52.1 million.
CONFERENCE CALL AND WEBCAST INFORMATION
At 5:00 p.m. Eastern time today, company management will host a conference call and real time web cast to review the results for the fiscal fourth quarter and full year 2007 and provide an outlook for fiscal 2008.
To access the conference call, dial 303-262-2130. To access the live webcast presentation, visit the Investor Relations section of the company’s website at www.tmw.com. A telephonic replay will be available through March 19, 2008 and by calling 303-590-3000 and entering the access code of 11106658#, or a webcast archive will be available free on the website for approximately 90 days.
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STORE INFORMATION
                                 
    February 2, 2008   February 3, 2007
    Number   Sq. Ft.   Number   Sq. Ft.
    of Stores   (000’s)   of Stores   (000's)
 
Men’s Wearhouse
    563       3,152.6       543       3,014.8  
 
MW Tux (a)
    489       652.0                  
 
Moores, Clothing for Men
    116       719.8       116       722.7  
 
K&G (b)
    105       2,428.8       93       2,201.6  
 
Total
    1,273       6,953.2       752       5,939.1  
 
(a)   MW Tux stores resulting from the acquisition of After Hours on April 9, 2007.
 
(b)   89 and 73 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 1,273 stores. The Men’s Wearhouse, Moores and K&G stores carry a full selection of designer, brand name and private label suits, sport coats, furnishings and accessories and the MW Tux (formerly After Hours) stores carry a limited selection. Tuxedo rentals are available in the Men’s Wearhouse, Moores and MW Tux (formerly After Hours) 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, governmental actions and other factors described herein and in the Company’s annual report on Form 10-K for the year ended February 3, 2007 and subsequent Forms 10-Q.
For additional information on Men’s Wearhouse, please visit the Company’s website at www.tmw.com.
         
 
  CONTACT:   Neill Davis, EVP & CFO, Men’s Wearhouse (281) 776-7200
 
      Ken Dennard, DRG&E (713) 529-6600
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(MEN'S WEAR HOUSE LOGO)
  THE MEN’S WEARHOUSE, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS

(Unaudited)
FOR THE THREE MONTHS ENDED
February 2, 2008 and February 3, 2007

(In thousands, except per share data)
                                 
    Three Months Ended  
            % of             % of  
    2007     Sales     2006     Sales  
     
Net sales
  $ 534,958       100.00 %   $ 556,845       100.00 %
Cost of goods sold, including buying, distribution and occupancy costs
    306,143       57.23 %     308,470       55.40 %
     
Gross margin
    228,815       42.77 %     248,375       44.60 %
 
                               
Selling, general and administrative expenses
    207,266       38.74 %     175,187       31.46 %
     
 
                               
Operating income
    21,549       4.03 %     73,188       13.14 %
 
                               
Interest income
    (1,332 )     -0.25 %     (2,537 )     -0.46 %
Interest expense
    1,533       0.29 %     2,390       0.43 %
     
 
                               
Earnings before income taxes
    21,348       3.99 %     73,335       13.17 %
 
                               
Provision for income taxes
    6,533       1.22 %     21,011       3.77 %
     
 
                               
Net earnings
  $ 14,815       2.77 %   $ 52,324       9.40 %
     
 
                               
Net earnings per share:
                               
Basic
  $ 0.28             $ 0.99          
 
                           
Diluted
  $ 0.28             $ 0.95          
 
                           
 
                               
Weighted average common shares outstanding:
                               
Basic
    52,187               52,965          
 
                           
Diluted
    52,708               54,843          
 
                           
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(MEN’S WEARHOUSE LOGO)
  THE MEN’S WEARHOUSE, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS

(Unaudited)
FOR THE TWELVE MONTHS ENDED
February 2, 2008 and February 3, 2007

(In thousands, except per share data)
                                 
    Twelve Months Ended  
            % of             % of  
    2007     Sales     2006     Sales  
     
Net sales
  $ 2,112,558       100.00 %   $ 1,882,064       100.00 %
Cost of goods sold, including buying, distribution and occupancy costs
    1,142,501       54.08 %     1,066,359       56.66 %
     
Gross margin
    970,057       45.92 %     815,705       43.34 %
 
                               
Selling, general and administrative expenses
    741,405       35.10 %     591,767       31.44 %
     
 
                               
Operating income
    228,652       10.82 %     223,938       11.90 %
 
                               
Interest income
    (5,987 )     -0.28 %     (9,786 )     -0.52 %
Interest expense
    5,046       0.24 %     9,216       0.49 %
     
 
                               
Earnings before income taxes
    229,593       10.87 %     224,508       11.93 %
 
                               
Provision for income taxes
    82,552       3.91 %     75,933       4.03 %
     
 
                               
Net earnings
  $ 147,041       6.96 %   $ 148,575       7.89 %
     
 
                               
Net earnings per share:
                               
Basic
  $ 2.76             $ 2.80          
 
                           
Diluted
  $ 2.73             $ 2.71          
 
                           
 
                               
Weighted average common shares outstanding:
                               
Basic
    53,258               53,111          
 
                           
Diluted
    53,890               54,749          
 
                           
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(MEN’S WEARHOUSE LOGO)
  THE MEN’S WEARHOUSE, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands)
(Unaudited)
                 
    February 2,     February 3,  
    2008     2007  
ASSETS
               
 
               
Current assets:
               
Cash and cash equivalents
  $ 39,446     $ 179,694  
Short-term investments
    59,921        
Inventories
    492,423       448,586  
Other current assets
    79,205       52,549  
 
           
Total current assets
    670,995       680,829  
Property and equipment, net
    410,167       289,640  
Tuxedo rental product, net
    84,089       57,565  
Goodwill
    65,309       56,867  
Other assets, net
    25,907       12,051  
 
           
 
Total assets
  $ 1,256,467     $ 1,096,952  
 
           
 
               
LIABILITIES AND SHAREHOLDERS’ EQUITY
               
 
               
Current liabilities
  $ 277,255     $ 226,138  
Long-term debt
    92,399       72,967  
Deferred taxes and other liabilities
    70,876       44,075  
Shareholders’ equity
    815,937       753,772  
 
           
 
Total liabilities and equity
  $ 1,256,467     $ 1,096,952  
 
           

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(MEN’S WEARHOUSE LOGO)
  THE MEN’S WEARHOUSE, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)
FOR THE TWELVE MONTHS ENDED
February 2, 2008 AND February 3, 2007

(In thousands)
                 
    Twelve Months Ended  
    2007     2006  
CASH FLOWS FROM OPERATING ACTIVITIES:
               
Net earnings
  $ 147,041     $ 148,575  
Non-cash adjustments to net earnings:
               
Depreciation and amortization
    80,296       61,387  
Tuxedo rental product amortization
    42,067       16,858  
Other
    15,073       10,144  
Changes in assets and liabilities
    (79,600 )     (76,170 )
 
           
 
               
Net cash provided by operating activities
    204,877       160,794  
 
           
 
CASH FLOWS FROM INVESTING ACTIVITIES:
               
Capital expenditures
    (126,076 )     (72,904 )
Net non-cash assets acquired
    (68,232 )      
Net purchases and proceeds from the sales of available-for-sale investments
    (59,921 )     62,775  
Other
    (40 )     (1,506 )
 
           
 
               
Net cash used in investing activities
    (254,269 )     (11,635 )
 
           
 
CASH FLOWS FROM FINANCING ACTIVITIES:
               
Cash dividends paid
    (12,353 )     (10,830 )
Proceeds from revolving credit facility
    5,375        
Principal payments on debt
          (130,000 )
Proceeds from issuance of common stock
    7,132       10,823  
Purchase of treasury stock
    (106,106 )     (40,289 )
Other
    1,538       2,052  
 
           
 
               
Net cash used in financing activities
    (104,414 )     (168,244 )
 
           
 
Effect of exchange rate changes
    13,558       (1,447 )
 
           
 
               
DECREASE IN CASH AND CASH EQUIVALENTS
    (140,248 )     (20,532 )
Balance at beginning of period
    179,694       200,226  
 
           
Balance at end of period
  $ 39,446     $ 179,694  
 
           

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