HOUSTON, Oct. 8 /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 1, 2008.
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 2008 GAAP diluted EPS estimate to be in the range of $0.22 to $0.26 and adjusted diluted EPS to be in a range of $0.24 to $0.28. This estimate updates our prior guidance of GAAP diluted EPS of $0.34 to $0.38 and adjusted diluted EPS of $0.36 to $0.40 provided on August 27, 2008.
"The Company's retail apparel operations in the United States have experienced reduced traffic levels from previous expectations, largely a direct reflection of the recent turmoil in the credit markets which appears to be impacting consumer buying patterns and levels. We are estimating those trends will continue through the final month of the quarter. Tuxedo rental revenues, quarter to date, are trending positively to the company's initial plans for the quarter."
CONFERENCE CALL AND WEBCAST INFORMATION
At 5:00 p.m. Eastern time on November 19, 2008, company management will host a conference call and real time web cast to review the results for the fiscal third quarter of 2008 and provide an outlook for fiscal fourth quarter and update for fiscal 2008.
To access the conference call, dial 303-262-2211. 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 November 26, 2008 and by calling 303-590-3000 and entering the access code of 11120945#, 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 1,298 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 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 sensitivity to economic conditions and consumer confidence, possibility of limited ability to expand Men's Wearhouse stores, possibility that certain of our expansion strategies may present greater risks and other factors described in the company's annual report on Form 10-K for the year ended February 2, 2008 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 (281) 776-7000
Ken Dennard, DRG&E (713) 529-6600
SOURCE Men's Wearhouse
Released October 8, 2008