Men’s Warehouse in trouble after posting disappointing earnings yesterday. The men’s clothing retailer posted an EPS of $0.52, below the average analyst estimate of $0.55 a share.
Revenue for the quarter rose slightly 1.1% to $586.6 million, also below estimates of $ 593.9 million.
The company attributes the drop to a timing issue in their UK operations. Instead of rolling out products like they did last year, they are waiting until the second half of this year. They also added that sales in corporate apparel, which dropped in the first quarter, would be picking up in the third and fourth quarters.
The second quarter doesn’t look much better than the first though. Men’s Warehouse expects EPS between $1.12-$1.13 a share, below the $1.22 analysts are expecting.
Men’s Warehouse fell drastically at the open and has stayed there into mid-morning trading. Its shares are down over 16% to $29.60.