by Christopher Freeburn | September 6, 2012 11:31 am
Shares of The Men’s Wearhouse (NYSE:MW) surged on Thursday after it reported quarterly profits that beat analysts’ estimates.
The company said it earned $59.4 million during its second fiscal quarter, compared to $57.1 million in the same period last year. The men’s apparel retailer recorded revenue of $662.3 million, up slightly from 2011. That narrowly missed analysts’ estimates for revenue of $662.9 million, the Associated Press noted.
EPS for the quarter was $1.15, up from $1.09 last year, and topping Wall Street forecasts of $1.12 a share.
Investors liked the results. Shares of Men’s Warehouse soared more than 15% in Thursday morning trading.
The company projected full-year earnings of between $2.74 and $2.80 a share. Analysts are looking for 2012 profits of about $3.05 a share.
Company officials said that same-store sales rose 4.4% over last year at its brand-name outlets, while its K&G stores saw same-store sales dip 3.3%.
Last week, menswear rival Jos. A. Bank Clothiers (NASDAQ:JOSB) reported second-quarter earnings and sales that beat analysts’ estimates, sending its shares up sharply.
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