Tailored Brands Inc (NYSE: TRLD) were pummeled early Thursday, after reporting better-than-expected results for its first quarter. Comps were up 2.1% in the quarter.
The Fremont, California-based company reported GAAP diluted earnings per share of $0.27 and adjusted diluted earnings per share of $0.50, compared to GAAP diluted earnings per share of $0.04 and adjusted diluted earnings per share of $0.27 last year.
"Our improved first quarter results reflect continued execution on our growth strategies," said Tailored Brands CEO Doug Ewert.
"Our brand campaigns are resonating with new and existing customers, helping drive positive 2.1% retail segment comps through increased transactions and new customer acquisition. We continue to grow our custom business and enhance our offering with standard three-week delivery for Made-in-America custom suits.
"In addition, we are improving our omni-channel experience, with the launch of LIVE!, which connects customers on our e-commerce websites with our expert in-store sales associates."
First-quarter 2018 results include $11.9 million of non-cash charges related to the April 2018 refinancing of the Company's term loan, primarily consisting of the write-off of deferred financing costs and original issue discount, and a $3.6 million non-cash loss upon closing the previously announced divestiture of the MW Cleaners business.
For the full fiscal year, the Company expects to achieve adjusted diluted Earnings per Share in the range of $2.35 to $2.50. It also expects comparable sales for Men's Wearhouse and Jos. A. Bank to be positive low-single-digits, Moores comparable sales to be flat-to-up slightly and K&G comparable sales to be flat-to-down slightly.
Shares stumbled $5.17, or 15.5%, to $28.28
