Men's Wearhouse provided its mid-quarter update of earnings per share guidance for the fiscal third quarter that will be ending November 3, 2007.
Neill Davis, executive vice president and CFO, stated, "After a preliminary review of the first two months' results in our fiscal third quarter, we are updating our Q3 2007 GAAP diluted EPS estimate to be in the range of $0.66 to $0.70, up approximately 14% to 21% over last year's third quarter GAAP results of $0.58 per diluted share. This new estimate updates our prior guidance of $0.70 to $0.73, provided on August 22, 2007.
"There are two principal reasons for the refinement of our third quarter estimate range. First, continued softening in traffic trends is driving weaker than planned comparable store sales at the company's K&G stores."
"Second, the process of integrating the recently acquired After Hours stores has required a number of operating and systems changes which has resulted in lower tuxedo rental unit volume during this adjustment period."
"Our integration process of After Hours continues and we remain excited about the potential return on this investment and its impact on our continued long-term earnings growth."
Conference Call and Webcast Information:
Due to the Thanksgiving holiday, company management will host the conference call and real time web cast at 5:00 p.m. Eastern time on November 28, 2007. Management will review the results for the fiscal third quarter of 2007 and provide an outlook for fiscal fourth quarter and an update for fiscal 2007.
Neill Davis, executive vice president and CFO, stated, "After a preliminary review of the first two months' results in our fiscal third quarter, we are updating our Q3 2007 GAAP diluted EPS estimate to be in the range of $0.66 to $0.70, up approximately 14% to 21% over last year's third quarter GAAP results of $0.58 per diluted share. This new estimate updates our prior guidance of $0.70 to $0.73, provided on August 22, 2007.
"There are two principal reasons for the refinement of our third quarter estimate range. First, continued softening in traffic trends is driving weaker than planned comparable store sales at the company's K&G stores."
"Second, the process of integrating the recently acquired After Hours stores has required a number of operating and systems changes which has resulted in lower tuxedo rental unit volume during this adjustment period."
"Our integration process of After Hours continues and we remain excited about the potential return on this investment and its impact on our continued long-term earnings growth."
Conference Call and Webcast Information:
Due to the Thanksgiving holiday, company management will host the conference call and real time web cast at 5:00 p.m. Eastern time on November 28, 2007. Management will review the results for the fiscal third quarter of 2007 and provide an outlook for fiscal fourth quarter and an update for fiscal 2007.
