Top-News
Mittwoch,
13.06.2018 22:20
von
PR Newswire
| Aufrufe: 115
Tailored Brands, Inc. Reports Fiscal 2018 First Quarter Results
Ein Arzt berät einen Patienten (Symbolbild).
© TommL / Vetta / Getty Images
https://www.gettyimages.de/
PR Newswire
FREMONT, Calif., June 13, 2018
FREMONT, Calif., June 13, 2018 /PRNewswire/ -- Tailored Brands, Inc. (NYSE: TLRD) today announced consolidated financial results for the fiscal first quarter ended May 5, 2018.
For the first quarter ended May 5, 2018, the Company reported GAAP diluted earnings per share of $0.27 and adjusted diluted earnings per share(1) of $0.50, compared to GAAP diluted earnings per share of $0.04 and adjusted diluted earnings per share(1) of $0.27 last year.
"Our improved first quarter results reflect continued execution on our growth strategies," said Tailored Brands CEO Doug Ewert. "Our brand campaigns are resonating with new and existing customers, helping drive positive 2.1% retail segment comps through increased transactions and new customer acquisition. We continue to grow our custom business and enhance our offering with standard three-week delivery for Made-in-America custom suits. In addition, we are improving our omni-channel experience, with the launch of LIVE!, which connects customers on our e-commerce websites with our expert in-store sales associates."
Ewert added, "We also continued to strengthen our balance sheet. During the quarter, we refinanced our term loan on favorable terms, extending its maturity to 2025, and we reduced our total debt by $110 million."
First quarter 2018 results include $11.9 million of non-cash charges related to the April 2018 refinancing of the Company's term loan, primarily consisting of the write-off of deferred financing costs and original issue discount, and a $3.6 million non-cash loss upon closing the previously announced divestiture of the MW Cleaners business.
First Quarter Fiscal 2018 Results
| Net Sales Summary(1) | |||
| | |||
| | Net Sales (U.S. | % Total | Comparable |
| | | | |
| Retail | $754.8 | 4.1% | 2.1% |
| Men's Wearhouse | $447.8 | 6.6% | 3.2% |
| Jos. A. Bank | $169.1 | 1.1% | 1.2% |
| K&G | $89.3 | 0.7% | -1.7% |
| Moores(3) | $46.1 | 13.0% | 1.8% |
| MW Cleaners(4) | $2.6 | -70.0% | |
| Corporate Apparel | $63.1 | 9.6% | |
| | | | |
| Total Company | $818.0 | 4.5% | |
| | |
| (1) | Amounts may not sum due to rounded numbers. |
| (2) | Comparable sales is defined as net sales from stores open at least 12 months at period end and includes e-commerce sales. Due to the 53-week to 52-week calendar shift, first quarter 2018 comparable sales are compared with the 13-week period ended May 6, 2017. |
| (3) | The Moores comparable sales change is based on the Canadian dollar. |
| (4) | On March 3, 2018, the Company sold its MW Cleaners business. |
Net Sales
Total net sales increased 4.5% to $818.0 million. Retail net sales increased 4.1% primarily due to the benefit from the 53-week to 52-week calendar shift and an earlier Easter, as well as the increase in retail segment comparable sales of 2.1%. Corporate apparel net sales increased 9.6%, or $5.5 million, almost entirely due to the impact of a stronger British pound this year compared to last year.
Comparable Sales
Men's Wearhouse comparable sales increased 3.2%. Comparable sales for clothing increased primarily due to an increase in transactions, partially offset by a decrease in units per transaction, while average unit retail was flat. Comparable rental services revenue decreased 3.9%, primarily reflecting a continued shift to purchase suits for special occasions that more than offset the benefit of an earlier prom season.
Jos. A. Bank comparable sales increased 1.2% primarily due to an increase in transactions and units per transaction that more than offset a decrease in average unit retail.
K&G comparable sales decreased 1.7% primarily due to lower transactions and a decrease in average unit retail partially offset by an increase in units per transaction.
Moores comparable sales increased 1.8% primarily due to an increase in transactions and units per transaction that more than offset a decrease in average unit retail.
Gross Margin
On a GAAP basis, consolidated gross margin was $345.2 million, an increase of $12.8 million, primarily due to the increase in net sales. As a percent of sales, consolidated gross margin decreased 30 basis points to 42.2%. On an adjusted basis, consolidated gross margin decreased 40 basis points, primarily due to a decrease in retail gross margin rate.
On a GAAP basis, retail gross margin was $328.8 million, an increase of $12.1 million. As a percent of sales, retail gross margin decreased 10 basis points to 43.6%. On an adjusted basis, retail gross margin increased $10.7 million while the retail gross margin rate decreased 30 basis points primarily due to increased promotional activities, mostly offset by lower occupancy costs as a percent of sales.
Advertising Expense
Advertising expense decreased $1.0 million to $41.2 million and decreased 40 basis points as a percent of sales to 5.0%.
Selling, General and Administrative Expenses ("SG&A")
On a GAAP basis, SG&A decreased $8.1 million to $251.1 million and decreased 240 basis points as a percent of sales. On an adjusted basis, SG&A increased $4.0 million to $247.5 million primarily due to higher employee-related benefit costs and increased incentive compensation expense, but decreased 80 basis points as a percent of sales to 30.3%.
Operating Income
On a GAAP basis, operating income was $52.9 million compared to $31.0 million last year. On an adjusted basis, operating income was $56.5 million compared to $48.2 million last year. As a percent of sales, adjusted operating margin increased 70 basis points to 6.9%.
Net Interest Expense and Net Loss on Extinguishment of Debt
Net interest expense was $21.9 million compared to $25.6 million last year. The decrease in interest expense was due to reducing our outstanding debt.
On a GAAP basis, net loss on extinguishment of debt was $12.7 million compared to a net gain on extinguishment of debt of $0.7 million last year. The net loss on extinguishment of debt includes $11.9 million related to the write-off of deferred financing costs and original issue discount resulting from the Company's refinancing of its Term Loan. On an adjusted basis, net loss on extinguishment of debt was $0.9 million compared to a net gain on extinguishment of debt of $0.7 million last year.
Effective Tax Rate
On a GAAP basis, the effective tax rate was 24.0% compared to 70.2% last year. On an adjusted basis, the effective tax rate was 25.0% compared to 42.9% last year. Both the GAAP and the adjusted effective tax rate reflect the impact of the Tax Cuts and Jobs Act of 2017. In the first quarter of last year, the adjusted effective tax rate of 42.9% was impacted by new accounting guidance related to stock-based compensation.
Net Earnings and EPS
On a GAAP basis, net earnings were $13.9 million compared to net earnings of $1.8 million last year. Diluted EPS was $0.27 compared to diluted EPS of $0.04 last year.
On an adjusted basis, net earnings were $25.3 million compared to net earnings of $13.3 million last year. Adjusted diluted EPS was $0.50 compared to adjusted diluted EPS of $0.27 last year.
Balance Sheet Highlights
Cash and cash equivalents at the end of the first quarter of 2018 were $93.2 million, an increase of $26.6 million compared to the end of the first quarter of 2017. There were no borrowings outstanding on our revolving credit facility at the end of the first quarter of 2018.
Inventories decreased $140.6 million, or 14.3%, to $843.7 million at the end of the first quarter of 2018 compared to the end of the first quarter of 2017, primarily due to a 15.0% reduction in retail segment inventories, with the largest reduction at Jos. A. Bank.
In April 2018, the Company refinanced its term loan and extended its maturity to April 2025. Total debt at the end of the first quarter of 2018 was approximately $1.3 billion, down $301.4 million compared to the end of the first quarter of 2017. During the first quarter, the Company made a total of $95.7 million in payments on its term loan, including $93.4 million in conjunction with the refinancing. In addition, during the first quarter, the Company repurchased and retired $17.6 million in face value of its senior notes.
Cash flow from operating activities for the first quarter of 2018 was $120.2 million compared to $33.4 million last year. The increase was driven by a favorable change in accounts payable primarily due to timing of vendor payments for inventory, as well as higher net earnings and expected lower inventory purchases.
Capital expenditures for the first quarter of 2018 were $11.0 million compared to $17.8 million last year.
FISCAL 2018 FULL YEAR OUTLOOK
The Company reaffirmed its outlook for fiscal 2018 as follows:
- Earnings per Share: The Company expects to achieve adjusted diluted EPS in the range of $2.35 to $2.50.
- Comparable Sales: The Company expects comparable sales for Men's Wearhouse and Jos. A. Bank to be positive low-single-digits, Moores comparable sales to be flat-to-up slightly and K&G comparable sales to be flat-to-down slightly.
- Effective Tax Rate: The Company expects the effective tax rate to be approximately 25%.
- Inventory: The Company expects to reduce inventories by a high-single-digit percentage.
- Capital Expenditures: The Company expects capital expenditures of approximately $100 million.
- Depreciation and Amortization: The Company expects depreciation and amortization of approximately $100 million.
- Real Estate: The Company expects approximately net 10 store closures in 2018 resulting from its continuous review of its real estate portfolio for opportunities to optimize its fleet as lease terms expire.
The Company noted that fiscal 2018 is a 52-week year versus the 53-week fiscal 2017.
| STORE INFORMATION | ||||||||
| | ||||||||
| | May 5, 2018 | April 29, 2017 | February 3, 2018 | |||||
| | Number | Sq. Ft. (000's) | Number | Sq. Ft. (000's) | Number | Sq. Ft. (000's) | ||
| | | | | | | | ||
| Men's Wearhouse (a) | 720 | 4,040.8 | 717 Werbung Mehr Nachrichten zur Tailored Brands Aktie kostenlos abonnieren
E-Mail-Adresse
Bitte überprüfe deine die E-Mail-Adresse.
Benachrichtigungen von ARIVA.DE (Mit der Bestellung akzeptierst du die Datenschutzhinweise) -1  Vielen Dank, dass du dich für unseren Newsletter angemeldet hast. Du erhältst in Kürze eine E-Mail mit einem Aktivierungslink. Hinweis: ARIVA.DE veröffentlicht in dieser Rubrik Analysen, Kolumnen und Nachrichten aus verschiedenen Quellen. Die ARIVA.DE AG ist nicht verantwortlich für Inhalte, die erkennbar von Dritten in den „News“-Bereich dieser Webseite eingestellt worden sind, und macht sich diese nicht zu Eigen. Diese Inhalte sind insbesondere durch eine entsprechende „von“-Kennzeichnung unterhalb der Artikelüberschrift und/oder durch den Link „Um den vollständigen Artikel zu lesen, klicken Sie bitte hier.“ erkennbar; verantwortlich für diese Inhalte ist allein der genannte Dritte. Andere Nutzer interessierten sich auch für folgende News | |||||
