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December 12, 2013
10:33 EDTJOSB, MWMen's Wearhouse rises after earnings, calls JoS. A. Bank offer 'compelling'
Shares of Men's Wearhouse (MW), a specialty retailer of menís suits and a provider of tuxedo rentals, are higher this morning after the company reported better than forecast third quarter results and in-line full year guidance. WHAT'S NEW: Men's Wearhouse reported Q3 adjusted earnings per share of 90c and revenue of $649M, which beat analystsí consensus estimates of 86c and $627.14M, respectively. Results were in-line with internal expectations and were below last year's Q3 results primarily due to lower tuxedo margin, the company said. Same-store sales for the quarter increased 2.6% at the Men's Wearhouse brand. The company backed its FY13 adjusted EPS view of $2.40-$2.50, which is generally in line with estimates of $2.46. WHAT'S NOTABLE: On its earnings conference call, CEO Doug Ewert said the company's $55 per share acquisition proposal for rival JoS. A. Bank (JOSB) is "compelling" and would be "substantially accretive" to Men's Wearhouse earnings in the first year following closing. Ewert said the company is ready to engage with the JoS. A. Bank board "immediately." The executive also said that Men's Wearhouse is facing some of the headwinds that are affecting all apparel retailers right now. He said the company needs to achieve higher comps than the 2.6% achieved in Q3 moving forward to achieve its financial objectives. PRICE ACTION: Men's Wearhouse rose $1.32, or 2.62%, to $51.78 in mid-morning trading. Year-to-date, shares are up over 66%. OTHERS TO WATCH: JoS. A. Bank, which previously said it was continuing to review the acquisition proposal from Men's Wearhouse, is relatively flat at $56.51.
News For MW;JOSB From The Last 14 Days
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April 24, 2014
06:30 EDTJOSB, MWMen's Wearhouse extends tender offer for Jos. A. Bank to May 7
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April 10, 2014
07:38 EDTJOSB, MWMen's Wearhouse extends expiration date of Jos. A. Bank offer to April 23
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