JANUARY 03, 2007
HOUSTON, Jan. 3 /PRNewswire-FirstCall/ — Men’s Wearhouse (NYSE: MW) today provided its mid-quarter update of earnings per share guidance for the quarter that will be ending February 3, 2007.
Neill Davis, executive vice president and CFO, stated, “After a preliminary review of the first two months’ results in our fiscal fourth quarter, we are reaffirming our Q4 2006 GAAP and adjusted diluted EPS estimates to be in the range of $0.72 to $0.76 and $0.68 to $0.72, respectively.”
Summary Reconciliation of GAAP diluted EPS to Adjusted diluted EPS
HISTORICAL RESULTS (A)
Fiscal 2005 Fiscal 2006
1Q 2Q 3Q 4Q YR 1Q 2Q 3Q
GAAP Diluted EPS 0.41 0.43 0.44 0.60 1.88 0.53 0.65 0.58
Adjustments (B)
Eddie Rodriguez
Costs (C) 0.05 0.06 0.11
Stock Based
Compensation
Reported in
Earnings (D) 0.01 0.01 0.01 0.03 0.02 0.02 0.02
53rd Week
Impact (E)
Foreign
Earnings
Repatriation (F) 0.07 0.07
Discrete Tax
Items (G) (0.04) (0.02) (0.05)
Net
Adjustments 0.05 0.07 (0.02) 0.07 0.17 0.02 0.02 0.02
Adjusted Diluted
EPS 0.46 0.50 0.41 0.67 2.04 0.55 0.67 0.60
GUIDANCE
Fiscal 2006
4Q YR
GAAP Diluted EPS 0.72 - 0.76 2.48 - 2.52
Adjustments (B)
Eddie Rodriguez Costs (C)
Stock Based Compensation
Reported in Earnings (D) 0.02 0.08
53rd Week Impact (E) (0.06) (0.06)
Foreign Earnings
Repatriation (F)
Discrete Tax Items (G)
Net Adjustments (0.04) 0.02
Adjusted Diluted EPS 0.68 - 0.72 2.50 - 2.54
A. Due to the effect of rounding, the sum of the individual per
share amounts may not equal the total shown.
B. Net of tax.
C. The company ceased operating its test of the new retail
concept "Eddie Rodriguez" in the second quarter of fiscal 2005.
D. In fiscal 2005 the company did not grant non-qualified stock
options (NQO's) to key employees, opting instead to issue
primarily deferred stock units (DSU's). In 2006 the company
began recognizing stock option expense as it adopted
FASB No. 123R. Amounts reported in earnings for 2005 include
primarily DSU's and for 2006 include mostly DSU's and NQO's.
E. Fiscal 2006 will include one additional week (for a total of
53 weeks) as the company reports its fiscal operations on a
retail calendar.
F. The company incurred a one-time tax expense of $3.9 million
($0.07 per share) related to the repatriation of foreign earnings
under the provisions of the American Jobs Creation Act.
G. Adjustments to tax reserves associated with favorable
developments on certain outstanding income tax matters.
Founded in 1973, Men’s Wearhouse is one of North America’s largest specialty retailers of men’s apparel with 752 stores. The stores carry a full selection of designer, brand name and private label suits, sport coats, furnishings and accessories, including tuxedo rentals available in the Men’s Wearhouse and Moores stores.
This press release contains forward-looking information. The forward- looking statements are made pursuant to the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements may be significantly impacted by various factors, including unfavorable local, regional and national economic developments, disruption in retail buying trends due to homeland security concerns, severe weather conditions, aggressive advertising or marketing activities of competitors and other factors described herein and in the company’s annual report on Form 10-K for the year ended January 28, 2006 and subsequent Forms 10-Q.
For additional information on Men’s Wearhouse, please visit the company’s website at http://www.menswearhouse.com .
CONTACT: Neill Davis, EVP & CFO, Men’s Wearhouse (713) 592-7200
Ken Dennard, DRG&E (713) 529-6600
SOURCE The Men’s Wearhouse, Inc.
Released January 3, 2007