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Earnings Highlights and Summary

For the first quarter of the fiscal year 2018, ended May 05, 2018, Tailored Brands' total net sales increased 4.5% to $818.0 million compared to $782.9 million in Q1 FY17. The Company's revenue numbers topped analysts' estimates of $794.0 million.

During Q1 FY18, Tailored Brands' retail net sales increased 4.1%, primarily due to the benefit from the 53-week to 52-week calendar shift and an earlier Easter, as well as the increase in retail segment comparable sales of 2.1%. The Company's corporate apparel net sales increased 9.6%, or $5.5 million, almost entirely due to the impact of a stronger British pound in the reported quarter.

On a GAAP basis, Tailored Brands' consolidated gross margin was $345.2 million, up 4% compared to $332.4 million in Q1 FY17, primarily due to the increase in net sales. As a percentage of sales, the Company's consolidated gross margin decreased 30 basis points (bps) to 42.2%. On an adjusted basis, the Company?s consolidated gross margin fell 40 bps, primarily due to a decrease in retail gross margin rate.

During Q1 FY18, Tailored Brands' GAAP operating income soared 71% to $52.9 million compared to $31.0 million in Q1 FY17. On an adjusted basis, the Company's operating income was $56.5 million, up 17% compared to $48.2 million in the year earlier same quarter.

On a GAAP basis, Tailored Brands' net earnings were $13.9 million, or $0.27 per diluted share, in Q1 FY18 compared to $1.8 million, or $0.04 per diluted share, in Q1 FY17. On an adjusted basis, the Company's net earnings were $25.3 million, or $0.50 per diluted share, in Q1 FY18 compared to $13.3 million, or $0.27 per diluted share, in Q1 FY17. Tailored Brands' earnings numbers surpassed Wall Street's estimates of $0.48 per share.

Comparable Sales

During Q1 FY18, Tailored Brands' Men?s Wearhouse comparable sales increased 3.2%. Comparable sales for clothing increased primarily due to an increase in transactions, partially offset by a decrease in units per transaction, while average unit retail was flat. Comparable rental services revenues decreased 3.9%, primarily reflecting a continued shift to purchase suits for special occasions that more than offset the benefit of an earlier prom season.

Tailored Brands' Jos. A. Bank comparable sales increased 1.2%, primarily due to an increase in transactions and units per transaction. The Company's K&G comparable sales decreased 1.7% on a y-o-y basis, primarily due to lower transactions and a decrease in average unit retail.

For Q1 FY18, Tailored Brands' Moores comparable sales increased 1.8% versus the year ago comparable period, primarily due to an increase in transactions and units per transaction that more than offset a decrease in average unit retail.

Cash Matters

As of May 05, 2018, Tailored Brands' cash and cash equivalents were $93.2 million compared to $66.6 million as on April 29, 2017. There were no borrowings outstanding on the Company's revolving credit facility at the end of the reported quarter.

Tailored Brands' inventories decreased 14.3% to $843.7 million on a y-o-y basis at the end of Q1 FY18, primarily due to a reduction in retail segment inventories of 15.0%, with the largest reduction at Jos. A. Bank.

Tailored Brands' cash flow from operating activities was $120.2 million in Q1 FY18, up 257% compared to $33.4 million in Q1 FY17, driven by a favorable change in accounts payable, primarily due to the timing of vendor payments for inventory, as well as higher net earnings and expected lower inventory purchases.

Outlook

For the full fiscal year 2018, Tailored Brands is forecasting adjusted earnings per share to be in the band of $2.35 to $2.50. The Company expects comparable sales for Men?s Wearhouse and Jos. A. Bank to be positive low-single digits; Moores comparable sales to be flat-to-up slightly; and K&G comparable sales to be flat-to-down slightly.

Tailored Brands is expecting approximately net 10 store closures in 2018, resulting from its continuous review of its real estate portfolio for opportunities to optimize its fleet as lease terms expire.

Stock Performance Snapshot

July 09, 2018 - At Monday's closing bell, Tailored Brands' stock slightly advanced 0.71%, ending the trading session at $25.47.

Volume traded for the day: 655.64 thousand shares.

Stock performance in the previous six-month period - up 19.69%; past twelve-month period - up 140.74%; and year-to-date - up 16.67%

After yesterday's close, Tailored Brands' market cap was at $1.26 billion.

Price to Earnings (P/E) ratio was at 11.61.

The stock has a dividend yield of 2.83%.

The stock is part of the Services sector, categorized under the Apparel Stores industry. This sector was up 1.1% at the end of the session.

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