Tailored Brands sees Q3 adjusted EPS 40c-45c, consensus 88c
Sees Q3 comparable sales for Men's Wearhouse to be down 3%-5%, Jos. A. Bank to be down 2%-4%, K&G to be down 2%-4% and Moores to be down 4%-6%. Tailored Brands President and CEO Dinesh Lathi said: "On our year-end call, we indicated that we had work ahead of us to transform our customer-facing experience to one that can generate sustainable and profitable growth. We also said that, while we transform the experience, we would execute and invest in a focused manner with a clear goal of continuing to generate cash that we would deploy responsibly. Our sale of the corporate apparel business is consistent with our commitment to focused execution and investment. The Board of Directors' unanimous decision to suspend the quarterly cash dividend for reallocation to debt repayment and share repurchases is consistent with our commitment to responsible allocation of capital. And while our Q2 results and Q3 guidance reflect what we've previously shared about the need to transform our customer experience and the fact that transformations take time, the early signs of customer response to our strategies indicate that we are making healthy progress on our journey."