Tailored Brands, Inc. Reports Fiscal 2019 First Quarter Results
Tailored Brands, Inc. (NYSE:TLRD) today announced consolidated financial results for the fiscal first quarter ended May 4, 2019.
For the first quarter ended May 4, 2019, the Company reported GAAP diluted earnings per share of $0.14 and adjusted diluted earnings per share(1) of $0.21, compared to GAAP diluted earnings per share of $0.27 and adjusted diluted earnings per share(1) of $0.50 last year.
First quarter 2019 results include $4.4 million of charges related to our multi-year cost savings and operational excellence programs consisting of $3.1 million in consulting costs, $1.1 million in severance costs and $0.2 million in lease termination costs.
Tailored Brands President and CEO Dinesh Lathi said, “I am pleased to report that we delivered first quarter adjusted EPS that exceeded our guidance, with Jos. A. Bank and Moores comparable sales ahead of expectations.
“While we are on a journey to evolve our business to more fully meet our customers’ needs and wants, we made good progress in the first quarter against our strategic initiatives. Our custom business posted another strong quarter as we continued to respond to our customers’ demand for personalized products and services that help them look their best in the moments that matter. Our e-commerce team executed a robust portfolio of user experience and personalization tests, several of which have been pushed into production to increase conversion and average order values. Finally, as we seek an optimized creative mix between promotional and storytelling advertising and an enhanced channel mix between broadcast and digital, we launched new brand campaigns for both Men’s Wearhouse and Jos. A. Bank that are being leveraged across channels.”
|(1)||In the first quarter of fiscal 2019, adjusted items consist of costs related to our multi-year cost savings and operational excellence programs including consulting, severance and lease termination costs. In the first quarter of fiscal 2018, adjusted items consist of a loss on extinguishment of debt related to the refinancing of our term loan and a loss upon the divestiture of the MW Cleaners business. See Use of Non-GAAP Financial Measures for additional information on items excluded from adjusted EPS.|
First Quarter Fiscal 2019 Results