The Men’s Wearhouse, Inc. (NYSE: MW) 2Q Results Beat Expectation & Guidance for 3Q Looks Conservative

Late Wednesday, The Men’s Wearhouse, Inc. (NYSE:MW) reported second fiscal quarter adjusted EPS of $1.11, above consensus of $1.04 on strong tailored clothing demand and strategic promotions.

For the fiscal second quarter, the company reported a profit of $57.1 million, or $1.09 a share, up 33% year over year from $43 million, or 81 cents a share, a year earlier.

Excluding $1.7 million one time items such as acquisition integration expenses, the company posted adjusted EPS of $1.11 from 84 cents a year ago.

Sales during the quarter rose 22.1% year over year to $655.5 million from $537 million in the same quarter a year earlier & above the consensus estimate of $643.63 million.

Gross margin dipped 120 basis points to 47.2% as occupancy leverage was offset by lower retail clothing margins and mix of corporate apparel while SG&A improved 150 basis points.

The company raised its FY2011 outlook to $2.13 to $2.20 a share on a sales increase of 12.5% to 13.5% from $2.04 to $2.12 a share on 12% to 13% sales growth versus the consensus of $2.11 a share. It also forecasted its third fiscal quarter outlook to 64 to 66 cents a share on sales growth of 3% to 4% versus the consensus of 64 cents a share.

Shares of the North America’s largest specialty retailers of men’s apparel fell 1.39% to $29.11 in after-hours after climbing 4.65% in the regular session. The 52 week range of the stock is $20.60 – $36.44. Currently, the market capitalization of the stock stands at $1.52 billion with P/E of 19.27 and beta of 1.59.

The Men’s Wearhouse, Inc. (The Men’s Wearhouse), incorporated in May 1974, is a specialty retailer of men’s suits and a provider of tuxedo rental product in the United States and Canada.


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