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Men's Wearhouse Misses Street 1Q Forecasts

Men's Wearhouse has reported fiscal first-quarter profit of $1.6 million.
By
  • Associated Press

HOUSTON, United States — The Men's Wearhouse Inc. on Wednesday reported fiscal first-quarter profit of $1.6 million.

The Houston-based company said it had net income of 3 cents per share. Earnings, adjusted for non-recurring costs, came to 29 cents per share.

The results did not meet Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was for earnings of 43 cents per share.

The menswear retail chain posted revenue of $828.8 million in the period, which also fell short of Street forecasts. Three analysts surveyed by Zacks expected $845.2 million.

Men's Wearhouse shares have risen roughly 6 percent since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $15.53, a drop of 74 percent in the last 12 months.

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