Shares of The Men’s Wearhouse, Inc. (NYSE:MW) slumped in After Hours on Tuesday after the company projected worse than expected loss for the ongoing quarter citing rising costs from bonus payments and medical expenses.
The company said that it et expects to report a loss of 19 cents to 22 cents a share in its fourth-quarter with total sales seen rising by a percentage in the high teens to low 20s, missed analysts estimates of a loss of 5 cents per share and sales of $520 million.
The company also said that it earned $25.3 million, or 47 cents a share in the third-quarter, compared to $19.3 million, or 36 cents a share a year ago.
Revenue during the quarter grew 19% year-on-year to $550.1 million, while same-store sales jumped 9.6%.
Shares of MW slumped 8.70% to $26.24 in extended trading hours.
The Men’s Wearhouse, Inc. (The Men’s Wearhouse) is a specialty retailer of men’s suits and a provider of tuxedo rental product in the United States and Canada.
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