NEW YORK (TheStreet) -- Shares of Men's Wearhouse Inc (MW) were rallying, higher by 7.26% to $62.78 in early market trading Thursday, after the company reported better than expected first quarter earnings results after the market closed yesterday.
Men's Wearhouse earned 54 cents per share, surpassing Wall Street expectations of a profit of 52 cents per share, according to analysts polled by Thomson Reuters.
Revenue also came in above estimates. The company posted $885.09 in sales, compared to the consensus of $857.67 million for the quarter.
"We are very pleased to report another strong quarter with all brands performing well. Comparable sales increased 6.8% at Men's Wearhouse, 0.8% at Moores and 7.3% at K&G and decreased 1.5% at Jos. A. Bank," Men's Wearhouse CEO Doug Ewert said in a statement.
The company also reiterated its 2015 and 2017 earnings guidance.
It forecasts earnings of between $2.70 to $2.90 per share for the fiscal 2015, and earnings of between $5.75 to $6.25 per share for fiscal 2017.
In addition, Men's Wearhouse announced its 10-year deal with department store Macy's (M) to run tuxedo rental shops inside 300 Macy's stores.
Houston, Texas-based Men's Wearhouse is a specialty retailer of men's suits and a provider of tuxedo rental products.
Separately, TheStreet Ratings team rates MENS WEARHOUSE INC as a Buy with a ratings score of B-. TheStreet Ratings Team has this to say about their recommendation:
"We rate MENS WEARHOUSE INC (MW) a BUY. This is driven by several positive factors, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its robust revenue growth, good cash flow from operations, expanding profit margins and solid stock price performance. We feel its strengths outweigh the fact that the company has had sub par growth in net income."