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 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.