The Men’s Wearhouse reported net income of $13.6 million, or $0.26 per diluted share, in the first fiscal quarter of 2010, which ended 5/1/2010. The company earned net income of $5.2 million, or $0.10 per diluted share, in the same quarter in 2009.
The Men’s Wearhouse reported that revenues increased slightly on a year over year basis, from $464.1 million in the first quarter of fiscal 2009 to $473.5 million in the quarter that just ended.
The Men’s Wearhouse released guidance for the second quarter of fiscal 2010, and expects diluted earnings per share to be in a range of $0.75-0.78. The company said that this guidance is based on a single digit increase in comparable store sales at the Men’s Wearhouse stores.
The Men’s Wearhouse improved its balance sheet during the first quarter of fiscal 2010. The company ended the quarter with cash and cash equivalents of $219.6 million, and total debt of $45.8 million.
The Men’s Wearhouse is a specialty retailer with 1,352 stores located in North America. The company sells suits, sports coats and other apparel, and operates under several different brands including Men’s Wearhouse, Moores and K&G stores.
For more information on the company, go to www.menswearhouse.com