Tailored Brands, Inc. (NYSE:TLRD) Q1 2019 Earnings Conference Call Transcript

Jun 12, 2019 • 05:00 pm ET

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Tailored Brands, Inc. (NYSE:TLRD) Q1 2019 Earnings Conference Call Transcript

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Presentation
Operator
Operator

Greetings, and welcome to the Tailored Brands First Quarter 2019 Results Conference Call. At this time all participants are in a listen-only mode. A brief question-and-answer session will follow the formal presentation. (Operator Instructions) As a reminder, this conference is being recorded.

I would now like to turn the conference over to your host, Julie MacMedan. Thank you. You may begin.

Executive
Julie MacMedan

Thank you and good afternoon, everyone. Welcome to Tailored Brands' first quarter 2019 results conference call. This call is being webcast and a replay will be available on the Company's Investor Relations website, ir.tailoredbrands.com. Please note that comments made during the conference call contain forward-looking statements within the meaning of the United States federal securities laws. These statements are subject to significant business, economic and competitive risks, uncertainties and contingencies, many of which are beyond our control. Any forward-looking statements are not guarantees of future performance and actual results may differ materially from those in such forward-looking statements. Please refer to today's earnings release, our annual report on Form 10-K and quarterly reports on Form 10-Q to understand these risks and uncertainties. You can access all of these reports on theTailored Brands' IR website.

In addition, the information on this call speaks only as of today, June 12, 2019 and we assume no obligation to publicly update or revise our forward-looking statements. Throughout this conference call, management will be discussing results on an adjusted basis. A reconciliation of non-GAAP financial measures to the most directly comparable GAAP financial measures and our explanation of why the non-GAAP financial measures may be useful are discussed in today's earnings release.

With me today are our President and CEO, Dinesh Lathi and our CFO, Jack Calandra. I would now like to turn the call over to Dinesh.

Executive
Dinesh Lathi

Thank you, Julie, and good afternoon everyone. Earlier today we released our results for the first quarter of 2019 and I'm pleased to report that our earnings per share of $0.21 exceeded the high end of the $0.10 to $0.15 guidance range we provided in March. The better than expected results were due in part to solid outperformance to plan at Jos. A. Bank, which registered only a slight quarter comp contraction of 0.7% that was better than the guided range of minus 3% to minus 5%, and a modest beat to plan at Moores with a quarter comp decline of 4.6%, exceeding the guidance range of minus 5% to minus 7%.

At Men's Wearhouse, we met our guidance range for the quarter at a comp of minus 4.5%. At K&G, a slight quarter comp decline of 0.5% was just shy of the low end of our flat to 2% guided range. In the aggregate, our first quarter retail comp was down 3.2% and at the better end of our internal expectations. Like many retailers who have already reported Q1 results, our Q1 started off slowly and we believe like others that say February was unfavorably impacted by weather and delayed tax refunds. In the combined March