Men’s Wearhouse tops expectations

Fremont, Calififornia — The Men’s Weahouse reported a decline in first-quarter profit, hurt mostly by expenses. But the retailer’s results still topped Wall Street expectations.



Men's Wearhouse, which is acquiring smaller rival Jos. A. Bank Clothiers, reported first-quarter net earnings of $16.5, compared with $33 million last year. Results include $26.5 million in costs related to strategic projects, primarily Jos. A. Bank and cost reduction initiatives.



Total sales for the quarter grew 2.3% to $630.5 million from $616.5 million a year ago.



Same-store sales at the company’s namesake brand rose 2.9% for the quarter, while Canadian brand Moores had a 6% increase.



"We are excited about our near-term and long-term opportunities,” said Doug Ewert, Men's Wearhouse president CEO. “As previously disclosed, the Federal Trade Commission terminated the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended. We now expect to complete the combination of Men's Wearhouse and Jos. A. Bank within the next few weeks and look forward to achieving the benefits of the combination for our shareholders.”