Tailored Brands Inc (NYSE:TLRD) reported quarterly earnings data that was above expectations, helping to drive company shares up.
The Men’s Wearhouse and Jos. A Bank parent company earned 58 cents per share over its most recent three-month period. Analysts polled by FactSet were calling for earnings of 55 cents per share.
Third-quarter revenue was $847 million for Tailored Brands, falling below the $865 million it netted a year ago. However, net sales still topped the consensus estimate by $14 million.
Men’s Wearhouse had a slightly stronger period year-over-year as comparable sales only rose 0.1% due to lower store trffic since Father’s Day. However, the brand has a bright future ahead as it is collaborating with Kenneth Cole to launch a line of upscale apparel.
Comparable sales declined 9.8% year-over-year, but this figure was still better than expected as Tailored Brands had a very profitable “Buy-One-Get-Three Free” sale the previous October. Jos A. Bank was also a bright spot for the company as it beat expectations, despite suffering an 11.8% decline compared to the previous year.
“While there is still work to be done, we are encouraged by the healthier trends we are seeing at Jos. A. Bank that reflect our investments in elevating the brand and customer experience through marketing, merchandising and a more engaging sales experience,” said Tailored Brands CEO Doug Ewert on the company’s earnings call.
TLRD shares soared 39.2% Thursday.
