Tailored Brands Inc (NYSE:TLRD) declined Thursday a day after the owner of Men’s Wearhouse and Jos. A. Bank posted disappointing fourth-quarter net sales.
For the quarter ended February 2, the company reported an adjusted loss of $0.28 per share on total net sales of $785.76 million. The average forecast of analysts was for a loss of $0.29 per share on total net sales of $801.23 million.
Shares of the company fell 21% to $9.20 in Thursday's premarket trading.
The company's retail segment’s same-store sales increased 1.2% for fiscal year 2018, although comps were down for Men’s Wearhouse and Jos. A Bank during the quarter.
“We attribute the current softness to both the macro-environment as well as the need for us to execute more quickly and effectively on our core growth strategies,” Executive Chairman Dinesh Lathi said in a statement.
On the bright side, the company said it strengthened its balance sheet by reducing total debt by $232 million.
–This story has been updated to give the latest stock price–
Contact Dennis Fitzgerald at [email protected]