Tailored Brands swings to loss, appoints first chief customer officer
Houston, Texas-based menswear retail group, Tailored Brands, Inc. reported declining revenues and widening losses on Wednesday, as sales decreased across its brand portfolio.
For the third quarter ended November 2, 2019, the company announced net revenues of $729.5 million, a decline of 3.0% from the $751.7 million reported by the company in the prior-year period. Comparable sales fell 2.2%.
By brand, the group’s Men’s Wearhouse banner saw a 2.8% decline in comparable sales, while K&G and Moores reported decreases of 1.5% and 5.5%, respectively. Jos. A. Bank posted a 0.5% increase in comparable sales, but a 0.5% decrease in total net sales.
The company’s quarterly net loss was $89.6 million, or $1.80 per diluted share, down from net earnings of $13.9 million, or $0.27 per diluted share, in the same period in the previous year.
“Our third quarter performance reflects continued progress in each of our transformational strategies,” commented Tailored Brands president and CEO Dinesh Lathi in a release. “While we still have much more work in front of us, we are encouraged by the improved momentum in the business.”
Year to date, Tailored Brands reported total net sales of $1.7 billion, down from $1.8 billion, while net loss for the period was $48.2 million ($0.96 per diluted share), compared to net income of $77.0 million ($1.52 per diluted share).
On Wednesday, Tailored Brands also announced that Carrie Ask, the current brand president of Men’s Wearhouse and Moores, has been appointed to the newly created role of chief customer officer.
In this role she will be tasked with providing customers with more innovative ways to interact with the company’s rands. As part of her promotion, the brand president position at Men’s Wearhouse and Moores has been eliminated.
Ask’s previous experience before joining Tailored Brands includes periods spent as EVP and president of global retail at Levi Strauss & Co., VP and GM of Nike Stores North America, and VP of global retail at Converse.
Looking forward to the fourth quarter, Tailored Brands expects to see an adjusted diluted loss per share of between $0.50 and $0.55.
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