Shares of men’s apparel retailer The Men’s Wearhouse (MW) were one of Thursday’s big winners after the company posted better-than-expected results for its fourth quarter ending Jan. 31, 2009.

The owner of more than 1,200 stores under The Men’s Wearhouse, Moores and K&G names said it lost 6 cents per share for the quarter compared to a profit of 28 cents per share a year ago.

Excluding one-time items the company would have earned 3 cents per share. Revenue fell 11 percent from last year to $476.4 million. Analysts were expecting MW to have a loss of 16 cents per share, excluding items, on revenue of $492.4 million, according to Reuters Estimates.

Chief Financial Officer of Men’s Wearhouse Neill P. Davis said the results came in significantly better than the company’s mid-quarter guidance, which was at the lower end of break even to an 18 cent per share loss, due to better than expected clothing sales and margin at the company’s Men’s Wearhouse and Moores retail stores and the impact of lower operating costs from initiatives implemented during the quarter.

He said the company’s promotional pace accelerated during the quarter based on the positive response the company was realizing from increased customer traffic.

Mr. Davis said the company implemented a number of actions during the quarter to adjust operating costs to the realities and external conditions impacting the business and the economy as a whole. Those actions include streamlining the company’s store field management organization, reduced corporate office personnel, reduced incentive compensation payments, reduced various benefit programs, and reduced general administrative spending.

Chairman and CEO George A. Zimmer said that in addition to lowering costs, the company has redefined its value proposition at Men’s Wearhouse and Moores stores to mean that deep discount sometimes means buy one get one free. He said that this change was made following evidence that store traffic and suit unit sales rose dramatically when the promotion was advertised.

It’s a strategy, Zimmer notes, that is necessary in the current environment and still allows the company to offer its customers extraordinary value while maintaining adequate margins. Evidently so, as the promotion will run during the first half of the year. Men’s Wearhouse said it expects earnings between 45 cents and 65 cents per share for the first half, with sales declining in the 4 percent to 7 percent range.

This article was written by Jamie Dlugosch, contributor to InvestorPlace Media. For more actionable insights likes this, visit www.InvestorPlace.com.