The company now expects to report a fourth-quarter adjusted loss of between 29 cents and 34 cents a share, compared with its previous guidance of a loss between 24 cents and 29 cents.
The lowered guidance is a result of weaker-than-expected same store sales at its Jos. A. Bank suit apparel retail segment. The company now expects comps at Jos. A. Bank to be flat, compared to its previous guidance of a low-single-digit increase.
"Comparable sales at Jos. A. Bank were strong in November and early December but weakened during the third and fourth weeks of December, reflecting a deceleration in traffic. As a result, we now expect fourth quarter comparable sales at Jos. A. Bank to be flat instead of up low-single-digits," said Tailored Brands Executive Chairman Dinesh Lathi. "Based on our revised Jos. A. Bank comparable sales expectations, we are lowering our fourth quarter and full year EPS outlook. We believe we can successfully navigate these short-term challenges to our business and we have continued confidence in our strategic initiatives to drive growth over the long term."
The company reported that retail segment comps for November and December decreased 1.4% year over year.
Tailored Brands other segments are forecast to be mixed with its Men's Wearhouse segment expected to see a 3.6% decline in comps, while K&G and Moores are expected to increase comps 2.1% and 3.5%, respectively.