FREMONT, Calif., March 11, 2014 /PRNewswire/ --The Men's Wearhouse (NYSE: MW) today announced consolidated financial results for the fiscal year ended February 1, 2014.

Fiscal year 2013 had 52 weeks compared with 53 weeks in fiscal year 2012. Consequently, results for the fourth quarter and fiscal year 2013 were negatively impacted by the additional week in 2012. Comparable sales for the fourth quarter and fiscal year 2013 do not include an additional week in fiscal year 2012.

Total net sales for fiscal year 2013 decreased 0.6% to $2.5 billion, and total Men's Wearhouse brand revenues were up 1.6% over fiscal 2012 and up 3% on a 52 week fiscal comparison. GAAP diluted EPS for fiscal year 2013 was $1.70 and adjusted EPS was $2.21 excluding one-time costs(1).

Total net sales for the fiscal 2013 13-week fourth quarter decreased 7.9% to $560.6 million from $608.4 million in last year's 14-week fourth quarter. GAAP loss per share was $0.64 for the fourth quarter of 2013. Adjusted loss per share was $0.38 excluding one-time costs(2).

Doug Ewert, Men's Wearhouse president and chief executive officer, commented, "We were not immune to the effects of weak consumer spending sentiments and severe weather disruption that impacted most retailers in December and January. Tuxedo and corporate apparel sales were in-line with internal expectations, while clothing sales in all three retail chains were lower than expected. Weather-related store closures and an aggressive promotional retail environment resulted in a traffic decline. We estimate that approximately one-quarter of the 2.5% comparable sales decrease in the fourth quarter at Men's Wearhouse was due to these closures."

Ewert added, "We executed an aggressive advertising and promotional plan, and made adjustments as the challenging retail environment unfolded during the quarter. We proactively increased our promotional activity, including incremental advertising spending, and reduced our expenses accordingly. Subsequently, we have seen business improve significantly in February, as both Men's Wearhouse and Moores finished the month with approximately 3% and 9% comparable sales increases respectively, overcoming additional weather-related store closures. Looking forward, we are excited about the rollout of our 'Made-in-America' Joseph Abboud product into the Men's Wearhouse stores. This product should be in all stores by the summer of 2014 and will be supported by brand advertising, which commenced in select markets on March 10th.

"We look forward to completing the combination of Men's Wearhouse and Jos. A. Bank, which we also announced today, and to achieving the benefits of the combination for our shareholders," concluded Ewert.

(1)

Adjusted net earnings exclude $41.1 million ($27.3 million after tax or $0.56 per diluted share) in costs related to the JA Holding, Inc. acquisition and integration, costs related to various strategic projects, separation costs associated with former executives, non-cash impairment of K&G goodwill, K&G ecommerce closure costs and a New York store related closure costs. Also excluded is a $2.2 million ($1.5 million after tax or $0.03 per diluted share) gain from the sale of an office building in Fremont, CA. Adjusted diluted earnings per share may not sum due to rounded numbers.

(2)

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Men's Wearhouse Reports Fiscal 2013 Results