Owner of Men’s Wearhouse, Jos. A. Bank creates new exec position

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Owner of Men’s Wearhouse, Jos. A. Bank creates new exec position

By Marianne Wilson - 12/12/2019

Tailored Brands has named its first-ever chief customer officer.

The menswear retailer named Carrie Ask, currently brand president of Men’s Wearhouse and Moores, to the new role of chief customer officer, with responsibility for Men’s Wearhouse, Jos. A. Bank and Moores brands. In line with the new position, the company said it has eliminated the brand president positions for these brands. Mary Beth Blake, brand president of Jos. A. Bank, is resigning. 

“We believe the new structure heightens our focus and ability to unlock value across our brand portfolio and will enable us to show up for our customers in more effective and efficient ways,” Tailored Brands president and CEO Dinesh Lathi stated.

Tailored Brands also reported a third-quarter loss of $89.5 million, or $1.80 a share, compared with net income of $13.9 million, or 27 cents a share, in the year-ago period. Adjusted earnings were 53 cents a share, better than the 43 cents analysts had forecast.

Total net sales for the third quarter decreased 3.0% to a better-than-expected $729.5 million, primarily due to a 2.2% decrease in comparable sales.    

By brand, Men’s Wearhouse comparable sales decreased 2.8% and Jos. A. Bank comparable sales increased 0.5% primarily due to an increase in both units per transaction and transactions partially offset by a decrease in average unit retail. Moores’ comparable sales decreased 5.5% primarily due to a decrease in both average unit retail and transactions while units per transaction were essentially flat.

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