NEW YORK ( TheStreet) -- Shares of Men's Wearhouse ( MW) dipped in late trades on Wednesday despite a better than expected quarterly report from the men's apparel retailer.

The stock was last quoted at $29, down 1.8%, on volume of around 115,000, according to Nasdaq.com.

The Houston-based company posted adjusted earnings of $58.3 million, or $1.11 a share, for its fiscal second quarter ended in July with total sales rising 22% year-over-year to $655 million and same-store sales for its namesake brand increasing 10.9%.

The performance topped guidance for adjusted earnings of $1.02 to $1.05 a share, and ahead of the average estimate of analysts polled by Thomson Reuters for a profit of $1.04 a share.

Men's Wearhouse also gave above-consensus projections for both the third quarter and full year, saying it expects adjusted earnings of 64 to 66 cents a share and $2.13 to $2.20 a share in the respective periods. The current average analysts' views are for profits of 64 cents a share and $2.11 a share respectively.

The stock rose nearly 5% in Wednesday's regular session ahead of the report and was up nearly 13% year-to-date. The shares have risen 35% in the past year but have pulled back along with the broad market since hitting a 52-week high of $36.44 on July 7.

Wall Street was already bullish with six of the seven analysts covering the stock at either strong buy (4) or buy (2), and the 12-month median price target sitting at $38.

G-III Apparel Group

G-III Apparel Group ( GIII - Get Report) sold off in extended action after the New York clothing company fell well short of Wall Street's profit expectations in its latest quarter because of heavy discounting.

G-III, which has fashion licenses under brands like Calvin Klein and Kenneth Cole, reported a fiscal second-quarter profit of $1.6 million, or 8 cents a share, on sales of $230 million, up 22% from last year. The average estimate of analysts polled by Thomson Reuters, however, was for earnings of 20 cents a share in the July-ended period.

"We had a strong second quarter from a revenue perspective, but some softness in the market prompted us to provide higher levels of support and discounts to our customers," said Morris Goldfarb, the company's chairman and CEO, in a statement. "While this affected our gross margin in the quarter, we have done a good job of stimulating demand and keeping inventories current for us and our retail partners."

G-III also gave an updated outlook, forecasting $2.25 to $2.35 a share for its fiscal third quarter ending in October vs. the consensus view of $2.35 a share. The company sees earnings of $3.05 to $3.15 a share for the full year ending in January 2012 vs. a previously projected range of $3.15 to $3.25 a share.

Other stocks moving in after-hours action included Smith & Wesson Holdings ( SWHC), down 5% to $2.91 on volume of 44,000 after the gun maker gave a below-consensus revenue outlook for the full year, citing weakness in its security solutions unit; and Hovnanian Enterprises ( HOV - Get Report), whose shares gained 4% to $1.72 on volume of around 130,000 after the Red Bank, N.J.-based home builder reported a narrower than expected loss for its fiscal third quarter ended in July.

-- Written by Michael Baron in New York.

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