cut its guidance for the remainder of 2002 after a 2% rise in September same-store sales.
The Houston-based clothier expects to post a third-quarter net profit of 10 cents a share, well below the 5-analyst consensus estimate of 22 cents a share, according to First Call/Thomson Financial. Men's Wearhouse said it will earn 46 cents to 50 cents a share in the fourth quarter and $1 to $1.10 a share for fiscal 2002, also sharply lower than Wall Street expectations.
"While these sales trends are now positive, we have not experienced the expected acceleration in September revenues and are therefore modifying our third and fourth quarters outlook based upon these developments and the current macro economic environment."
Net sales for the five weeks ended Oct. 5 rose 5.9% to $115.5 million. The shares closed down 5.7% to $10.77 on Wednesday, a new 52-week low.