Men’s Warehouse Lifted By After Hours
The Men’s Warehouse announced a successful second quarter with net income up to $54.2 million compared to $35.6 million last year. Same store sales were up 1.1% in the U.S., but only because of the company’s tuxedo rental business. Same store sales were down in the K&G stores and up in The Men’s Warehouse. Same store sales were highest in the company’s Canadian Moores stores – up 8.4 percent.
Apparel sales, which the company says represents 70.7 percent of total sales, was up 4 percent across the company.
The biggest news for the company is its After Hours acquisition, which raised the company’s third quarter guidance. After Hours, a chain of formalwear stores, operates more than 500 stores in the U.S. The acquisition closed in April. After Hours could add as much as 12 cents per share to the company’s fiscal year profits.
