Originally published at www.seclive.com
The Men's Wearhouse, Inc. (MW) announced its financial results for the first fiscal quarter of 2014, posting results that beat analyst expectations. The Federal Trade Commission just last week approved the $1.8B acquisition of Jos. A Bank Clothiers (NASDAQ:JOSB), stating that the deal is unlikely to harm consumers, resulting in antitrust clearance. The company's earnings fell 50% from $33.1M and $0.65 per share in the year-ago quarter to $16.5M and $0.34 per share, while adjusted earnings increased from $0.65 to $0.69 per share. Net sales increased 2.3% to $630.5M while comparable-store sales increased 2.9% during the quarter. Once completed, the acquisition of Jos. A Bank will result in a company employing 23,000 people in more than 1,700 stores across the country with estimated sales of $3.5B.
Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.