Overall Q2 revenues fell 4.1% Y/Y to $789.5M, including a 4.9% decline at Men's Wearhouse to $423.5M and a 3.7% drop at Jos. A. Bank to $166.1M.
End-of-quarter cash and cash equivalents fell 71% Y/Y to $19.5M, inventories increased 7% to $847M, and operating cash flow fell 85% to $33.3M; total debt slipped by $61M to $1.2B.
For Q3, TLRD forecasts adjusted EPS of $0.40-$0.45, compared with analyst consensus of $0.88, with across the board sales declines including a 3%-5% drop in same-store sales at Men's Wearhouse and a 2%-4% decline at Jos. A. Bank.
The company says it is halting the dividend so it can redeploy capital to accelerated debt repayment and share repurchases.
TLRD says it expects a net closure of seven stores across Men's Wearhouse and Jos. A. Bank for the quarter.
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