Tailored Brands Inc (NYSE:TLRD) had a rough Thursday as the company reported on its fourth quarter.
The retailer unveiled that its earnings came in at a loss of 19 cents per share to close out the year, missing the consensus estimate that analysts had set out of a 12-cent loss per share. Over the last year, Tailored Brands shut down about 233 stores due to declining sales.
Its Men’s Wearhouse brand was also weak over the quarter as sales fell 3.7% year-over-year. The holiday period proved to be a difficult one for companies such as this one due to poor weather conditions, and the decline of people physically going to malls to buy an item–many prefer to shop online nowadays.
The Jos. A. Bank brand, which Men’s Wearhouse has owned since 2014, saw its revenue dip 4.7% in its fourth quarter. Sales will continue to drop throughout 2017, Tailored Brands predicts.
Fiscal 2017 earnings for the company will be in the range of $1.45 to $1.75 per share. The guidance for the year also projects an operating loss between $19 million and $20 million from its tuxedo business.
This year will be one of transition for Tailored Brands as the company will close at least 10 stores across the nation, and it will invest $90 million in capital expenditures and use free cash flow to pay down debt.
TLRD stock fell 31.2% today.