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Men’s Wearhouse misses mark, bets on back half
HOUSTON — The Men’s Wearhouse raised prices to preserve margins in the face of weak first quarter demand, but it wasn’t enough to prevent profits from falling short of estimates.
The company reported first quarter earnings per share of 52 cents, below guidance of 53 cents to 54 cents a share provided when the company reported fourth quarter results on March 7. Analysts’ expected the company to earn 55 cents a share.
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Comps stall at Pep Boys, down 2.8% in Q1
PHILADELPHIA — Comparable sales slipped 2.8% at Pep Boys during the first quarter ended April 28, as customers were slow to come to the retailer for parts and services. The comps decline consisted of a 1.2% comparable-service revenue decrease and a 3.2% comparable-merchandise sales decrease. Total sales for the quarter increased by $11.1 million, or 2.2%, to $524.6 million from $513.5 million for the same period last year.