Tailored Brands (NYSE:TLRD) reported its quarterly earnings figures late today, bringing in a sales total that surpassed what analysts called for, yet earnings fell below the Wall Street consensus estimate, causing TLRD stock to take a hit after hours.
The apparel retail chain announced that for its first quarter of its fiscal 2019, it brought in net income of $7.1 million, or 14 cents per share on a GAAP basis, below its year-ago total of $13.9 million, or 27 cents per share. Wall Street predicted the brand would bring in earnings of 15 cents per share.
Tailored Brands added that its revenue total for the three-month period came in at $781.4 million, ahead of the Wall Street consensus estimate of $776 million. The brand added that its sales from Jos A Bank came in at $167 million, while Moores brought in about $42.3 million.
“I am pleased to report that we delivered first quarter adjusted EPS that exceeded our guidance, with Jos. A. Bank and Moores comparable sales ahead of expectations,” said Tailored Brands CEO Dinesh Lathi. He added that the company made “good progress” during the first quarter thanks to its custom business having a strong quarter in response to customer demand for personalized products and services.
Lathi also said that the company had new advertising programs for Men’s Wearhouse and Jos A Bank. “As we seek an optimized creative mix between promotional and storytelling advertising and an enhanced channel mix between broadcast and digital, we launched new brand campaigns for both Men’s Wearhouse and Jos. A. Bank that are being leveraged across channels,” he said.
TLRD stock is down about 3.4% on Wednesday after the bell due in part to the company posting earnings figures that failed to reach Wall Street’s expectations. Shares had been sliding sharply during regular trading hours, falling a touch above 6% before the bell rang as the business prepared itself to report for its quarter.