Tailored Brands shares (TLRD) were falling hard Thursday after the owner of Men's Wearhouse and JoS. A. Bank Clothiers issued guidance well below analysts' expectations.
The stock was plummeting 23.47% to $8.93 a share.
In the company's fourth quarter earnings report, management guided for adjusted earnings per share of a range of 10 cents to 15 cents for fiscal year 2019. Analysts were looking for 51 cents.
The loss for the quarter came in at 28 cents per share, narrower than analysts' estimates of a 30 cent loss. Revenue was $785.8 million, missing estimates of $801.2 million. Full year 2018 revenue for the company's largest segment, Men's Wearhouse, also fell year over year by the largest amount out of the retailers four segments. Men's Wearhouse 2018 sales fell 9.6% from 2017 to $375 million.
Executive Chairman Dinesh Lathi provided an explanation for the performance.
"Comps at Men's Wearhouse and Jos. A. Bank were down and this trend has continued into the first quarter of 2019," Lathi said. "We attribute the current softness to both the macro-environment as well as the need for us to execute more quickly and effectively on our core growth strategies: deliver personalized products and services, create inspiring and seamless experiences in and across every channel, and build brands that stand for something more than just price."