NEW YORK (
is being emasculated after it reported a disappointing fourth-quarter outlook.
Shares of the men's apparel retailer are plunging 16% to $18.31 in pre-market trading, a day after it said it expects a loss in the fourth quarter between 15 cents and 19 cents a share. Analysts forecast a profit of a penny.
In the third quarter, Men's Wearhouse posted a 35% jump in profit, to $19.7 million, or 37 cents a share, from $14.6 million, or 28 cents, in the year-ago period. Wall Street was looking for earnings of 33 cents a share.
Revenue inched up to $462 million from $459.7 million last year.
While the company has seen a decline in traffic, increased promotions has successfully drove sales, Stifel Nicolaus analyst Richard Jaffe wrote in a note.
-- Reported by Jeanine Poggi in New York.
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