Men’s Wearhouse Posts 24% Drop in Profit
Men’s Wearhouse Inc. reported a 24% drop in second-quarter profit and predicted earnings for the second half of the year to come in at the low end of Wall Street’s estimates.
The Fremont-based retailer, which has nearly 700 stores in the United States and Canada, said net income fell to $7.8 million, or 19 cents a share, a penny less than the average forecast of analysts polled by Thomson First Call. Sales rose 4% to $308.6 million. Same-store sales fell 1.5% in the U.S. and 2.2% in Canada.
The company expects earnings of 25 or 26 cents a share for the third quarter and 61 or 62 cents for the fourth. Analysts on average were expecting 37 cents and 61 cents, respectively.
Shares of Men’s Wearhouse fell $1.07 to $19.35 on the NYSE..
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