Member access

4-Traders Homepage  >  Shares  >  Nyse  >  The Men's Wearhouse, Inc.    MW   US5871181005

SummaryQuotesChart AnalysisNewsCalendarCompanyFinancialsConsensusRevisions 

The Men's Wearhouse, Inc. : Men's Wearhouse Reports Fiscal 2011 Third Quarter Results

12/06/2011 | 04:05pm US/Eastern
Recommend:
0

HOUSTON, Dec. 6, 2011 /PRNewswire/ -- The Men's Wearhouse (NYSE: MW) today announced its consolidated financial results for the third quarter ended October 29, 2011.



                  Third Quarter Net Sales Summary - Fiscal 2011
                  ---------------------------------------------
                    U.S. dollars, in millions    Total Net      Comparable Store Sales
                    -------------------------    ---------      ----------------------
                                                    Sales            Change % (c)
                                                    -----            ------------
                                                   Change %
                                                   --------
                  Current Year    Prior Year                 Current Year    Prior Year
     Total
     Company          $584.6(a)     $550.1(a)         6.3%
     -------           --------      --------         ---
     Total
     Retail
     Segment             $523.8        $494.6         5.9%
     -------             ------        ------         ---
          MW              368.5         349.1         5.6%             5.5%          9.6%
    --                    -----         -----         ---              ---           ---
          K&G              80.2          78.0         2.7%             1.6%       - 0.2%
          ---              ----          ----         ---              ---        ------
           Moores
           Canada          69.0          61.5        12.2%        8.6% (b)      5.6% (b)
          -------          ----          ----        ----         --------      --------
     Corporate
     Apparel
     Segment              $60.8         $55.5         9.5%
     ---------            -----         -----         ---



                             Year-To-Date Net Sales Summary - Fiscal 2011
                             --------------------------------------------
                              U.S. dollars, in millions    Total Net      Comparable Store Sales
                              -------------------------    ---------      ----------------------
                                                              Sales            Change % (c)
                                                              -----            ------------
                                                             Change %
                                                             --------
                            Current Year    Prior Year                 Current Year    Prior Year
     Total
     Company                  $1,820.5(a)   $1,560.6(a)        16.7%
     -------                   ----------    ----------        ----
     Total
     Retail
     Segment                     $1,630.5      $1,496.7         8.9%
     -------                     --------      --------         ---
          MW                      1,130.2       1,034.8         9.2%             9.0%          4.8%
    --                            -------       -------         ---              ---           ---
          K&G                       279.4         263.9         5.9%             5.7%       - 3.5%
          ---                       -----         -----         ---              ---        ------
           Moores
           Canada                   202.5         180.4        12.2%        6.2% (b)      2.1% (b)
          -------                   -----         -----        ----         --------      --------
     Corporate
     Apparel
     Segment                       $190.0         $63.8       197.6%
     ---------                     ------         -----       -----

    (a)  Due to rounded numbers, total Company may not sum.
    (b)  Comparable store sales change is based on the
     Canadian dollar.
    (c)  Does not include ecommerce sales.

PER SHARE INFORMATION

GAAP diluted earnings per share were $0.77 for the third quarter ended October 29, 2011. Adjusted diluted earnings per share were $0.79 after excluding $1.0 million ($0.7 million after tax or $0.01 per diluted share outstanding) in acquisition related integration costs and $0.7 million ($0.5 million after tax or $0.01 per diluted share outstanding) for non-cash asset impairment charges. This compares to adjusted diluted earnings per share guidance given September 7, 2011 of $0.64 to $0.66. In third quarter fiscal 2010, GAAP diluted earnings per share were $0.47 and adjusted diluted earnings per share were $0.57 after excluding $1.4 million ($1.1 million after tax or $0.02 per diluted share outstanding) in acquisition and acquisition related integration costs, $2.0 million ($1.5 million after tax or $0.03 per diluted share outstanding) in tuxedo distribution closure costs and $3.2 million ($2.4 million after tax or $0.05 per diluted share outstanding) for non-cash asset impairment charges.

GAAP diluted earnings per share were $2.37 for the nine months ended October 29, 2011. Adjusted diluted earnings per share were $2.43 after excluding $2.5 million ($1.6 million after tax or $0.03 per diluted share outstanding) in acquisition related integration costs and $1.7 million ($1.1 million after tax or $0.02 per diluted share outstanding) for non-cash asset impairment charges. For the nine months ended October 30, 2010, GAAP diluted earnings per share were $1.54 and adjusted diluted earnings per share were $1.66 after excluding $4.1 million ($2.7 million after tax or $0.05 per diluted share outstanding) in acquisition and acquisition related integration costs, $2.0 million ($1.5 million after tax or $0.03 per diluted share outstanding) in tuxedo distribution closure costs and $3.4 million ($2.2 million after tax or $0.04 per diluted share outstanding) for non-cash asset impairment charges.

Note: Due to rounded numbers, the adjusted earnings per share may not sum.

THIRD QUARTER HIGHLIGHTS

Total Company net sales increased 6.3% for the quarter.

    --  Retail segment sales increased 5.9%.
        --  This increase was primarily attributable to increased retail
            clothing product sales driven by increases in average unit selling
            prices and units sold per transaction offsetting fewer transactions
            per store.
        --  Tuxedo rental services revenues had U.S. comparable store sales of
            1.9% driven by an increase in average rental price.
    --  Corporate apparel segment sales increased 9.5% primarily due to one
        additional week in the current year quarter of U.K. operations acquired
        on August 6, 2010 and increased catalog and internet sales at our U.K.
        operations and increased catalog sales at our U.S. operations.

Total Company gross margin increased 14.1% to $268.2 million and as a percentage of sales, increased 315 basis points.

    --  Retail segment total gross margin, as a percentage of related net sales,
        increased 324 basis points.  This increase was primarily attributable to
        higher product margins driven by higher average net selling prices per
        unit at all brands and lower K&G product cost charge-offs.
    --  Corporate apparel segment gross margin, as a percentage of related
        sales, increased from 26.5% in the third quarter of 2010 to 29.4% in the
        third quarter of 2011 due mainly to an improved mix of higher margin UK
        customers in the 2011 results, partially offset by higher Twin Hill
        product costs.

Total Company adjusted SG&A expenses increased 6.4% to $206.4 million* and as a percentage of sales increased 5 basis points.

    --  The Company's corporate apparel segment drove 1.7% of the quarter over
        quarter increase and the balance, 4.7%, was related to payroll related
        costs and increased expenses associated with increased sales in the
        Company's retail segment.

Adjusted operating income increased 50.4% to $61.7 million* and as a percentage of sales, increased 310 basis points.

    --  The financial results of the U.K. operations, excluding acquisition
        integration costs, were $0.03 accretive to the Company's third quarter
        diluted earnings per share.  Integration costs were $1.0 million ($0.7
        million after tax or $0.01 per diluted share outstanding).

Total inventories increased 21.1% primarily to support increased retail sales and planned promotions in the fourth quarter as well as replenish comparatively oversold levels in the prior year as we embarked on a more aggressive promotional cadence.

The Company repurchased 500,000 shares of its common stock during the third quarter at an average cost of $29.98 per share.

Total cash and cash equivalents at quarter end were $138.5 million.

* Adjusted SG&A and adjusted operating income for third quarter 2011 excludes $1.0 million in acquisition related integration costs and $0.7 million for non cash asset impairment charges. Adjusted SG&A and adjusted operating income for third quarter 2010 excludes $1.4 million in acquisition and acquisition related integration costs, $2.0 million in tuxedo distribution closure costs and $3.2 million in non cash asset impairment charges.

2011 GUIDANCE

For the fiscal year, GAAP diluted earnings per share is expected to be in a range of $2.21 to $2.24. Adjusted diluted earnings per share are expected to be in a range of $2.28 to $2.31. Adjusted earnings per share exclude acquisition related integration costs of $4.0 million ($2.6 million after tax or $0.05 per diluted share outstanding) and impairment charges of $1.7 million ($1.1 million after tax or $0.02 per diluted share outstanding). Both GAAP and adjusted earnings per share reflect the dilutive effect of participating securities which approximates $0.03 for the full year.

Estimated fourth quarter GAAP and adjusted diluted loss per share include a $0.02 per share negative impact from previous guidance due to the shifting of certain costs into the fourth quarter, which favorably impacted the third quarter, and severance costs due to a reorganization in the Company's technology workgroup.

For the fourth quarter of the fiscal year, GAAP diluted loss per share is expected to be in a range of ($0.17) to ($0.14). Adjusted diluted loss per share is expected to be in a range of ($0.15) to ($0.12). Adjusted earnings per share exclude acquisition related integration costs of $1.5 million ($1.0 million after tax or $0.02 per diluted share outstanding). Neither GAAP nor adjusted loss per share have an impact from the dilutive effect of participating securities.

The financial results of the combined UK acquisitions, excluding acquisition related integration costs, are expected to be accretive to the Company's full year and fourth quarter diluted earnings per share.



                                            Guidance            Guidance
                                             FY 2011           4Q FY 2011
                                             -------           ----------

    Total Sales Increase               13.3% to 13.4% (1)   3.5% to 4.0% (1)
    --------------------               ------------------   ----------------
    Comparable Store Sales Growth
     (2)
    -----------------------------
         MW                                    +7% to +8%         +5% to +6%
    --                                          ---------          ----------
         K&G                                   +3% to +4%     -2% to flat
         ---                                   ----------      -----------
         Moores                                +5% to +6%          +3 to +4%
         ------                                ----------           ---------
                                        43.70% to 43.75%   38.65% to 38.85%
    Gross Margin                                (3)                 (3)
    ------------                       -----------------   -----------------
                                        35.95% to 36.00%   40.75% to 40.95%
    S G & A (as % of Sales)                     (4)                 (4)
    -----------------------            -----------------   -----------------
    Effective Tax Rate                               34.6%               43.0%
    -----------------------                          ----                ----
    Weighted Average Shares
     Outstanding (millions)                          51.7                51.4
    -----------------------                          ----                ----
    Foreign Exchange Conversion
     (avg.)
    ---------------------------
         US Dollar to GBP                            1.62                1.63
         ----------------                            ----                ----
         US Dollar to Canadian Dollar                1.01                0.98
         ----------------------------                ----                ----

Footnotes to Guidance:

    1. Includes US$222 million for full year FY 2011 and US$51 million for 4Q FY
       2011 of sales from acquired operations of Dimensions and Alexandra.
    2. Includes an assumed U.S. comparable store increase in tuxedo rental
       revenues of 4% to 5% for the full year FY 2011 and a 14% to 15% increase
       in 4Q FY 2011.
    3. Occupancy costs are expected to be flat to a 1% decrease for full year FY
       2011 and 1% to 2% increase for 4Q FY 2011.
    4. Excludes acquisition related integration costs and impairment charges.

CONFERENCE CALL AND WEBCAST INFORMATION

At 5:00 p.m. Eastern time on Tuesday, December 6, 2011, Company management will host a conference call and real time webcast to review the third quarter of fiscal 2011 and its outlook for the fourth quarter and full year of fiscal 2011.

To access the conference call, dial 480-629-9818. To access the live webcast presentation, visit the Investor Relations section of the Company's website at www.menswearhouse.com. A telephonic replay will be available through December 13, 2011 by calling 303-590-3030 and entering the access code of 4488091#, or a webcast archive will be available free on the website for approximately 90 days.

STORE INFORMATION



                                October 29, 2011  October 30, 2010 January 29, 2011
                                ----------------  ---------------- ----------------

                               Number    Sq. Ft.      Number          Sq. Ft.        Number  Sq. Ft.
                               ------    -------      ------          -------        ------  -------
                             of Stores   (000's)    of Stores         (000's)      of Stores (000's)
                             ---------   -------    ---------         -------      --------- -------

     Men's
     Wearhouse                     597    3,399.6            586          3,319.3        585   3,319.0
     ---------                     ---    -------            ---          -------        ---   -------

     Men's
     Wearhouse
     and
     Tux                           361      503.7            408            561.0        388     535.7
     ---------                     ---      -----            ---            -----        ---     -----

     Moores,
     Clothing
     for
     Men                           117      741.9            117            737.1        117     737.8
     --------                      ---      -----            ---            -----        ---     -----

     K&G
     (a)                           100    2,375.4            102          2,391.8        102   2,394.1
     ---                           ---    -------            ---          -------        ---   -------

    Total                        1,175    7,020.6          1,213          7,009.2      1,192   6,986.6

    (a)  92, 91 and 91 stores, respectively,
     offering women's apparel.

Founded in 1973, Men's Wearhouse is one of North America's largest specialty retailers of men's apparel with 1,175 stores. The Men's Wearhouse, Moores and K&G stores carry a full selection of men's designer, brand name and private label suits, sport coats, furnishings and accessories and Men's Wearhouse and Tux stores carry a limited selection. K&G stores carry a full selection of women's apparel. Tuxedo rentals are available in the Men's Wearhouse, Moores and Men's Wearhouse and Tux stores. Additionally, Men's Wearhouse operates a global corporate apparel and workwear group consisting of Twin Hill in the United States and Dimensions and Alexandra in the United Kingdom.

This press release contains forward-looking information. The forward-looking statements are made pursuant to the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements may be significantly impacted by various factors, including sensitivity to economic conditions and consumer confidence, possibility of limited ability to expand Men's Wearhouse stores, possibility that certain of our expansion strategies may present greater risks, changes in foreign currency rates and other factors described in the Company's annual report on Form 10-K for the fiscal year ended January 29, 2011 and subsequent Forms 10-Q.

For additional information on Men's Wearhouse, please visit the Company's websites at www.menswearhouse.com, www.kgstores.com, www.mooresclothing.com, www.dimensions.co.uk, www.alexandra.co.uk and www.twinhill.com.

Contacts:

Neill Davis, Men's Wearhouse

(281) 776-7000

Ken Dennard, DRG&L

(713) 529-6600



    THE MEN'S WEARHOUSE, INC. AND SUBSIDIARIES
    CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS
    (Unaudited)

                                               FOR THE THREE MONTHS ENDED
                                          October 29, 2011 AND October 30, 2010
                                          (In thousands, except per share data)

                                                        Three Months Ended                      Variance
                                                        ------------------                      --------
                                                           % of                   % of                        Basis
                                                  2011    Sales          2010    Sales    Dollar       %      Points
                                                  ----    -----          ----    -----    ------      ---     ------

    Net sales:
              Retail clothing
               product                        $377,307      64.54%   $350,250      63.67% $27,057       7.73%   0.87
              Tuxedo rental
               services                        112,005      19.16%    111,297      20.23%     708       0.64% (1.07)
              Alteration and other
               services                         34,480       5.90%     33,022       6.00%   1,458       4.42% (0.10)
                                                ------       ----      ------       ----    -----       ----   -----
                   Total retail sales          523,792      89.60%    494,569      89.90%  29,223       5.91% (0.31)
                   Corporate apparel
                    clothing product
                    sales                       60,810      10.40%     55,534      10.10%   5,276       9.50%   0.31
                                                ------      -----      ------      -----    -----       ----    ----
                        Total net sales        584,602     100.00%    550,103     100.00%  34,499       6.27%   0.00

                       Total cost of sales     316,433      54.13%    315,104      57.28%   1,329       0.42% (3.15)

    Gross margin (a):
            Retail clothing
             product                           215,638      57.15%    187,019      53.40%  28,619      15.30%   3.76
            Tuxedo rental
             services                           96,244      85.93%     93,813      84.29%   2,431       2.59%   1.64
            Alteration and other
             services                            7,811      22.65%      8,424      25.51%    (613)    (7.28%) (2.86)
            Occupancy costs                    (69,425)   (13.25%)    (68,978)   (13.95%)    (447)    (0.65%)   0.69
                                               -------   --------     -------   --------     ----    -------    ----
                   Total retail gross
                    margin                     250,268      47.78%    220,278      44.54%  29,990      13.61%   3.24
                   Corporate apparel
                    clothing product
                    margin                      17,901      29.44%     14,721      26.51%   3,180      21.60%   2.93
                                                ------      -----      ------      -----    -----      -----    ----
                       Total gross margin      268,169      45.87%    234,999      42.72%  33,170      14.11%   3.15

    Selling, general and
     administrative
     expenses                                  208,147      35.60%    200,588      36.46%   7,559       3.77% (0.86)
                                                          -------                -------               -----    ----

    Operating income                            60,022      10.27%     34,411       6.26%  25,611      74.43%   4.01

    Net interest                                  (284)    (0.05%)       (274)    (0.05%)     (10)      3.65%   0.00
                                                  ----    -------        ----    -------      ---       ----    ----

    Earnings before
     income taxes                               59,738      10.22%     34,137       6.21%  25,601      74.99%   4.01

    Provision for income
     taxes                                      19,836       3.39%      8,789       1.60%  11,047     125.69%   1.80
                                                           ------                  -----              ------  ------

    Net earnings
     including
     noncontrolling
     interest                                   39,902       6.83%     25,348       4.61%  14,554      57.42%   2.22

    Net earnings
     attributable to
     noncontrolling
     interest                                      (25)      0.00%        (89)    (0.02%)      64    (71.91%)   0.01
                                                   ---       ----         ---    -------      ---   --------    ----

    Net earnings
     attributable to
     common shareholders                       $39,877       6.82%    $25,259       4.59% $14,618      57.87%   2.23
                                               =======       ====     =======       ====  =======      =====    ====

    Net earnings per
     diluted common share
     attributable to
     common shareholders                         $0.77                  $0.47
                                                 =====                  =====

    Weighted average
     diluted common
     shares outstanding:                        51,339                 52,895
                                                ======                 ======


    (a)  Gross margin percent of sales is calculated
     as a percentage of related sales.



    THE MEN'S WEARHOUSE, INC. AND SUBSIDIARIES
    CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS
    (Unaudited)

                                               FOR THE NINE MONTHS ENDED
                                         October 29, 2011 AND October 30, 2010
                                         (In thousands, except per share data)

                                                         Nine Months Ended                       Variance
                                                         -----------------                       --------
                                                            % of                  % of                          Basis
                                                   2011    Sales          2010   Sales     Dollar        %      Points
                                                   ----    -----          ----   -----     ------       ---     ------

    Net sales:
              Retail clothing
               product                       $1,189,357      65.33% $1,072,539     68.73% $116,818       10.89% (3.40)
              Tuxedo rental
               services                         333,413      18.31%    325,913     20.88%    7,500        2.30% (2.57)
              Alteration and other
               services                         107,767       5.92%     98,262      6.30%    9,505        9.67% (0.38)
                                                -------       ----      ------      ----     -----        ----   -----
                   Total retail sales         1,630,537      89.56%  1,496,714     95.91%  133,823        8.94% (6.34)
                   Corporate apparel
                    clothing product
                    sales                       189,978      10.44%     63,844      4.09%  126,134      197.57%   6.34
                                                -------      -----      ------      ----   -------      ------    ----
                        Total net sales       1,820,515     100.00%  1,560,558    100.00%  259,957       16.66%   0.00

                        Total cost of sales     996,468      54.74%    864,284     55.38%  132,184       15.29% (0.65)

    Gross margin (a):
            Retail clothing
             product                            661,419      55.61%    587,626     54.79%   73,793       12.56%   0.82
            Tuxedo rental
             services                           287,683      86.28%    275,067     84.40%   12,616        4.59%   1.89
            Alteration and other
             services                            27,415      25.44%     25,154     25.60%    2,261        8.99% (0.16)
            Occupancy costs                    (205,006)   (12.57%)   (208,472)  (13.93%)    3,466        1.66%   1.36
                                               --------   --------    --------  --------     -----        ----    ----
                   Total retail gross
                    margin                      771,511      47.32%    679,375     45.39%   92,136       13.56%   1.93
                   Corporate apparel
                    clothing product
                    margin                       52,536      27.65%     16,899     26.47%   35,637      210.88%   1.18
                                                 ------      -----      ------     -----    ------      ------    ----
                       Total gross margin       824,047      45.26%    696,274     44.62%  127,773       18.35%   0.65

    Selling, general and
     administrative
     expenses                                   631,370      34.68%    571,406     36.62%   59,964       10.49% (1.93)
                                                -------      -----     -------     -----                         -----

    Operating income                            192,677      10.58%    124,868      8.00%   67,809       54.30%   2.58

    Net interest                                   (781)    (0.04%)       (774)   (0.05%)       (7)       0.90% (0.01)
                                                   ----    -------        ----   -------       ---        ----   -----

    Earnings before
     income taxes                               191,896      10.54%    124,094      7.95%   67,802       54.64%   2.59

    Provision for income
     taxes                                       67,532       3.71%     42,222      2.71%   25,310       59.95%   1.00
                                                 ------       ----      ------      ----    ------       -----    ----

    Net earnings
     including
     noncontrolling
     interest                                   124,364       6.83%     81,872      5.25%   42,492       51.90%   1.58

    Net (earnings) loss
     attributable to
     noncontrolling
     interest                                        16       0.00%        (89)   (0.01%)      105    (117.98%)   0.01
                                                    ---       ----         ---   -------       ---   ---------    ----

    Net earnings
     attributable to
     common shareholders                       $124,380       6.83%    $81,783      5.24%  $42,597       52.09%   1.59
                                               ========       ====     =======      ====   =======       =====    ====


    Net earnings per
     diluted common share
     attributable to
     common shareholders                          $2.37                  $1.54
                                                  =====                  =====

    Weighted average
     diluted common
     shares outstanding:                         51,776                 52,776
                                                 ======                 ======

    (a)  Gross margin percent of sales is calculated
     as a percentage of related sales.



    THE MEN'S WEARHOUSE, INC. AND SUBSIDIARIES
    CONDENSED CONSOLIDATED BALANCE SHEETS
    (In thousands)
    (Unaudited)

                                               October 29,    October 30,
                                                        2011           2010
                                                        ----           ----
                                  ASSETS
                                  ------

    Current assets:
      Cash and cash equivalents                     $138,545       $197,843
      Accounts receivable, net                        66,094         65,069
      Inventories                                    616,758        509,422
      Other current assets                            61,088         62,830
                                                      ------         ------

         Total current assets                        882,485        835,164
    Property and equipment, net                      348,785        333,007
    Tuxedo rental product, net                        85,876         86,121
    Goodwill                                          88,707         90,580
    Intangible assets, net                            35,378         38,678
    Other assets                                       3,579         21,831
                                                       -----         ------

         Total assets                             $1,444,810     $1,405,381
                                                  ==========     ==========

    LIABILITIES AND EQUITY
    ----------------------

    Current liabilities:
      Accounts payable                              $155,610       $145,138
      Accrued expenses and other current
       liabilities                                   146,391        130,550
      Income taxes payable                            22,727         12,294
      Current maturities of long-term debt                 -         45,584
                                                         ---         ------

         Total current liabilities                   324,728        333,566

    Deferred taxes and other liabilities              76,429         72,664
                                                      ------         ------

         Total liabilities                           401,157        406,230
                                                     -------        -------

    Equity:
      Preferred stock                                      -              -
      Common stock                                       717            709
      Capital in excess of par                       356,414        336,942
      Retained earnings                            1,108,662      1,023,467
      Accumulated other comprehensive
       income                                         41,504         37,651
      Treasury stock, at cost                       (476,749)      (412,761)
                                                    --------       --------

         Total equity attributable to common
          shareholders                             1,030,548        986,008

      Noncontrolling interest                         13,105         13,143
                                                      ------         ------

         Total equity                              1,043,653        999,151
                                                   ---------        -------

          Total liabilities and equity            $1,444,810     $1,405,381
                                                  ==========     ==========



    THE MEN'S WEARHOUSE, INC. AND SUBSIDIARIES
    CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
    (Unaudited)

                                   FOR THE NINE MONTHS ENDED
                             October 29, 2011 AND October 30, 2010
                                        (In thousands)

                                                                Nine Months Ended
                                                                -----------------
                                                                2011                2010
                                                                ----                ----

    CASH FLOWS FROM OPERATING ACTIVITIES:

      Net earnings including
       noncontrolling interest                              $124,364             $81,872
      Non-cash adjustments to net earnings:
         Depreciation and amortization                        56,572              57,210
         Tuxedo rental product
          amortization                                        25,923              31,732
         Other                                                26,164              11,284
      Changes in assets and
       liabilities                                           (85,477)            (16,216)
                                                             -------             -------

              Net cash provided by
               operating activities                          147,546             165,882
                                                             -------             -------

    CASH FLOWS FROM INVESTING ACTIVITIES:
      Capital expenditures                                   (66,960)            (43,835)
      Acquisitions of businesses,
       net of cash                                                 -             (97,786)
      Proceeds from sales of
       property and equipment                                     59                  76

              Net cash used in investing
               activities                                    (66,901)           (141,545)
                                                             -------            --------

    CASH FLOWS FROM FINANCING ACTIVITIES:
      Proceeds from issuance of
       common stock                                            5,995               2,503
      Cash dividends paid                                    (18,880)            (14,318)
      Tax payments related to
       vested deferred stock units                            (2,955)             (2,748)
      Excess tax benefits from
       share-based plans                                       1,592                 952
      Purchase of treasury stock                             (63,988)               (144)
                                                             -------                ----

              Net cash used in financing
               activities                                    (78,236)            (13,755)
                                                             -------             -------

      Effect of exchange rate
       changes                                                  (235)              1,243
                                                                ----               -----

    INCREASE IN CASH AND CASH
     EQUIVALENTS                                               2,174              11,825

      Balance at beginning of
       period                                                136,371             186,018
      Balance at end of period                              $138,545            $197,843
                                                            ========            ========

SOURCE Men's Wearhouse

Recommend :
0
React to this article
Latest news on THE MEN'S WEARHOUSE, INC.
6d ago MEN WEARHOUSE : Declares Quarterly Cash Dividend
7d ago MEN WEARHOUSE : MENS WEARHOUSE INC : Change in Directors or Principal Officers, ..
7d ago MEN WEARHOUSE : Board Promotes Blake To President
09/12 THE MEN'S WEARHOUSE, INC. : ex-dividend day
09/11 BRADY : NYSE stocks posting largest percentage decreases
09/11 MEN WEARHOUSE : MENS WEARHOUSE INC : Results of Operations and Financial Conditi..
09/11 MEN WEARHOUSE : MENS WEARHOUSE INC MANAGEMENT'S DISCUSSION AND ANALYSIS (form 10..
09/10 MEN WEARHOUSE : posts 2Q profit
09/10 MEN WEARHOUSE : Reports Fiscal 2014 Second Quarter And Six Month Results
09/10 MEN WEARHOUSE : MENS WEARHOUSE INC : Other Events, Financial Statements and Exhi..
Dynamic quotes  
ON
| OFF