HOUSTON, Oct. 10 /PRNewswire-FirstCall/ -- Men's Wearhouse (NYSE: MW) today provided its mid-quarter update of earnings per share guidance for the fiscal third quarter that will be ending November 3, 2007.
Neill Davis, executive vice president and CFO, stated, "After a preliminary review of the first two months' results in our fiscal third quarter, we are updating our Q3 2007 GAAP diluted EPS estimate to be in the range of $0.66 to $0.70, up approximately 14% to 21% over last year's third quarter GAAP results of $0.58 per diluted share. This new estimate updates our prior guidance of $0.70 to $0.73, provided on August 22, 2007.
"There are two principal reasons for the refinement of our third quarter estimate range. First, continued softening in traffic trends is driving weaker than planned comparable store sales at the company's K&G stores. Second, the process of integrating the recently acquired After Hours stores has required a number of operating and systems changes which has resulted in lower tuxedo rental unit volume during this adjustment period. Our integration process of After Hours continues and we remain excited about the potential return on this investment and its impact on our continued long-term earnings growth."
CONFERENCE CALL AND WEBCAST INFORMATION
Due to the Thanksgiving holiday, company management will host the conference call and real time web cast at 5:00 p.m. Eastern time on November 28, 2007. Management will review the results for the fiscal third quarter of 2007 and provide an outlook for fiscal fourth quarter and an update for fiscal 2007.
To access the conference call, dial 303-262-2125. To access the live webcast presentation, visit the Investor Relations section of the company's website at http://www.tmw.com. A telephonic replay will be available through December 5, 2007 and by calling 303-590-3000 and entering the access code of 11099472#, or a webcast archive will be available free on the website for approximately 90 days.
Founded in 1973, Men's Wearhouse is one of North America's largest specialty retailers of men's apparel with 1,267 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 Men's Wearhouse, Moores, After Hours and select K&G 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 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 http://www.tmw.com.
CONTACT: Neill Davis, EVP & CFO, Men's Wearhouse (713) 592-7200
Ken Dennard, DRG&E (713) 529-6600
SOURCE The Men's Wearhouse, Inc.
Released October 10, 2007