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Tailored Brands Shares Drop After Q1 Report

Shares of Tailored Brands Inc. dropped 19.9 percent after the company reported first-quarter results, even though it managed to beat Wall Street’s consensus estimates.
For the three months ended May 5, the parent company of Men’s Wearhouse and Jos. A. Bank said it had net income of $13.9 million, or 27 cents a diluted share, from net income of $1.8 million, or 4 cents, a year ago. Diluted earnings per share were 50 cents for the quarter on an adjusted basis. Net sales totaled $818 million, a 4.5 percent increase from $782.9 million a year ago. Excluding income from rental and alteration services, as well as its corporate apparel business, retail sales were up 5.2 percent to $613.6 million from $583.6 million. Comparable-store sales rose 2.1 percent. And the company said its corporate apparel net sales rose 9.6 percent, or $5.5 million mostly due to the impact of a stronger British pound this year. By brand segment, Men’s Wearhouse comps rose 3.2 percent, while comps at Jos. A. Ban rose 1.2 percent. Comps at Moores were up 1.8 percent, but were down 1.7 percent at K&G.
Wall Street was expecting diluted EPS of 48 cents on sales of $794.1 million.
Given the beat

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Via:: http://wwd.com/menswear-news/mens-retail-business/tailored-brands-shares-drop-after-q1-report-mens-wearhouse-jos-a-bank-1202708715/