Tailored Brands, Inc. Announces Unaudited Consolidated Earnings Results for Second Quarter and Six Months Ended August 4, 2018; Reaffirms Earnings Guidance for Fiscal 2018
For the six months, the company reported total net sales of $1,641,394,000, operating income of $140,883,000, earnings before income taxes of $77,412,000, net earnings of $63,147,000 or $1.24 per diluted share, non-GAAP operating income of $149,024,000, non-GAAP net earnings of $79,953,000 or $1.57 per diluted share compared to net sales of 1,633,664,000, operating income of $139,467,000, earnings before income taxes of $92,840,000, net earnings of $60,310,000 or $1.23 per diluted share, non-GAAP operating income of $156,619,000, non-GAAP net earnings of $71,791,000 or $1.46 per diluted share a year ago. Net cash provided by operating activities was $197,991,000 against $140,529,000 a year ago. Capital expenditures were $24,645,000 against $33,973,000 a year ago. On a GAAP basis, the effective tax rate was 16.7% compared to 32.5% last year. On an adjusted basis, the effective tax rate was 23.9% compared to 32.5% last year.
The company reaffirmed earnings guidance for fiscal 2018. The company continues to expect to achieve adjusted diluted EPS in the range of $2.35 to $2.50. The company continues to expect comparable sales for Men's Wearhouse and Jos. A. Bank to be positive low-single-digits. The company is increasing its outlook for Moores comparable sales to be positive low-single-digits, up from flat-to-up slightly, and raising its outlook for K&G comparable sales to be flat-to-up slightly, up from flat-to-down slightly. The company continues to expect an effective tax rate of approximately 25%. The company continues to expect to reduce inventories by a high-single-digit percentage. The company continues to expect depreciation and amortization of approximately $100 million.