Tailored Brands lowers Q4 SSS at Jos. A. Bank to flat from up low single digits
Retail segment comparable sales for November and December (the nine-week period ended January 5, 2019) decreased 1.4%. This reflects a 3.6% decrease at Men's Wearhouse, a 0.1% increase at Jos. A. Bank, a 2.1% increase at K&G and a 3.5% increase at Moores. For the fourth quarter, the company now expects comparable sales at Jos. A. Bank to be flat vs. previous guidance of up low-single-digits. The company continues to expect comparable sales at Men's Wearhouse to be down low-single-digits, Moores to be up low-single-digits and K&G to be flat-to-up slightly. "Comparable sales at Jos. A. Bank were strong in November and early December but weakened during the third and fourth weeks of December, reflecting a deceleration in traffic. As a result, we now expect fourth quarter comparable sales at Jos. A. Bank to be flat instead of up low-single-digits," said Tailored Brands Executive Chairman Dinesh Lathi. "Based on our revised Jos. A. Bank comparable sales expectations, we are lowering our fourth quarter and full year EPS outlook. We believe we can successfully navigate these short-term challenges to our business and we have continued confidence in our strategic initiatives to drive growth over the long term."