Men's Wearhouse sinks as weak Jos. A. Bank sales weigh on results
Shares of Men's Wearhouse Inc. tumbled in Wednesday's extended session after the men's clothier swung to a quarterly loss as its Jos. A. Bank unit continued to disappoint. Men's Wearhouse reported a third-quarter loss of $27.1 million, or 56 cents a share, compared with a profit of $6.8 million, or 14 cents a share, a year ago. The clothing retailer blamed its weak results on a $90-million impairment charge stemming from a steep drop in sales at Jos. A. Bank. On an adjusted basis, the company earned 50 cents a share. Revenue fell to $865.4 million from $890.6 million. Analysts surveyed by FactSet had projected third-quarter earnings of 50 cents a share on revenue of $877 million. Comparable sales rose 5.3% in the quarter at its namesake stores but sank 14.6% at Jos. A. Bank. Men's Wearhouse shares skidded 17% in after-hours trading.
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