Tailored Brands has unveiled financial results for the full year ended January 30, 2016.
For full year 2015 (on GAAP basis), total net sales zoomed 7.5 per cent, or US $ 243.7 million, to US $ 3,496.3 million. Retail segment net sales increased by 8.6 per cent, or US $ 257.3 million. Corporate apparel sales plunged by 5.3 per cent or US $ 13.6 million. Net loss for the full year was US $ 1,026.7 million compared to US $ 0.4 million last year, the company release mentions.
Tailored Brands is also mulling over closing around 250 stores in Fiscal 2016. “As part of our store rationalization program we plan to close approximately 250 stores during fiscal year 2016. The store closures fall into three categories. First, we expect to close 80 to 90 full-line Jos. A. Bank stores which we believe have limited potential for meaningful profit improvement. Second, we will close all Jos. A. Bank (49) and Men’s Wearhouse (9) outlet stores.
We have determined that outlet stores, which collectively were not profitable, are not sufficiently differentiated enough from our core offerings and have not resonated with our customers. Lastly, we intend to close between 100 and 110 MW Tux stores,” informed Doug Ewert, Chief Executive Officer of the company.
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Tailored Brands is the largest specialty retailer of men’s suits and the largest provider of rental product in the US and Canada with over 1,700 stores including tuxedo shops within Macy’s. The Company’s brands include Men’s Wearhouse, Jos. A. Bank, Joseph Abboud, Moores Clothing for Men and K&G Fashion Superstores.
