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Men’s Wearhouse owner Tailored Brands drops after posting disappointing 4Q net sales

The company reported an adjusted loss of $0.28 per share on total net sales of $785.76 million
Tailored Brands man in suit
The owner of Men's Wearhouse slumped in premarket trading

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.

READ: Sears purchased by hedge funder Eddie Lampert, staves off bankruptcy

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]

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