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Men’s Wearhouse Q2 profit up 33%, looks to open 110 stores in next five years

Houston -- Increased sales across its brands helped drive The Men's Wearhouse’s second-quarter net income up nearly 33%, beating estimates.

The retailer earned $57.1 million for the fiscal quarter that ended July 30, up from $43 million in the same quarter last year.

Revenue increased 22% to $655.5 million. Men's Wearhouse said its purchase in 2010 of two British uniform and work-wear companies helped drive business.

On its quarterly conference call, the company said that, in light of its positive results over the past two years, it has reassessed its domestic store penetration and now believes an expansion of its traditional Men's Wearhouse store base by approximately 18% from 591 stores to 700 stores is appropriate during the next 5 years.

The company also said its big and tall business is up 20% year-to-year, growing significantly faster than its regular size business, which is up 12%.

On the same call, Men’s Wearhouse said its Web sales are up 127% year-to-date, and that it is continuing to make significant investments in both systems and people to position itself for even more meaningful growth in the channel.

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