Tailored Brands shares fell more than 25 percent after market-close as the retail company missed revenue expectations. The company owns brands such as Men’s Wearhouse and Joseph A. Bank.
The company reported $813 million in revenue, missing projections of $820 million. However, it beat earnings, reporting $1.01 per share. Analysts estimated 94 cents per share.
It also lowered its full year earnings guidance to a range of $2.30 a share to $2.35 a share, citing weakening comparable sales at the end of the third quarter. Analysts estimated $2.50 a share.
The brand is down 13 percent year-to-date as retailers everywhere are facing hardships. Sears and Toys R Us went out of business this year while other chains, such as Gap, Lowe’s and Mattress Firm are closing more and more stores.
Tailored Brands is no exception. It closed 250 stores in 2016 and also ended its famous Buy-One-Get-Three Free sales at Joseph A. Bank.
However, it has brought in new leadership. Carrie Ask, a former Levi Strauss executive, joined as brand president of Men’s Wearhouse and Moores. Richard Hansen became senior vice president and formerly was a Walmart executive in charge of marketing and customer analytics. Samantha Lee was promoted from Tailored Brands vice president of site management and customer experience to become the new chief digital officer.
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