FREMONT, Calif - Tailored Brands, Inc. (NYSE: TLRD) today announced consolidated financial results for the fiscal fourth quarter and year ended February 1, 2020.
For the fourth quarter ended February 1, 2020, the Company reported GAAP loss from continuing operations per diluted share of $0.80 compared to GAAP earnings from continuing operations per diluted share of $0.08 in the fourth quarter last year. Excluding the impact of certain items in both periods, fourth quarter 2019 adjusted loss from continuing operations per diluted share(1) was $0.46 compared to adjusted loss from continuing operations per diluted share(1) of $0.34 last year.
Fourth quarter 2019 pre-tax results from continuing operations include $22.7 million of charges consisting of $17.4 million associated with the Company's previously announced sale of the Joseph Abboud trademarks primarily due to the write-off of inventory related to its recently closed Joseph Abboud store and e-commerce site and $5.2 million of charges related to our multi-year cost savings and operational excellence programs, including consulting, severance and lease termination costs. In addition, we have reflected the results of the corporate apparel business as discontinued operations for all periods presented.
For the fiscal year ended February 1, 2020, the Company reported GAAP earnings from continuing operations per diluted share of $0.51 compared to GAAP earnings from continuing operations per diluted share of $1.94 last year. For fiscal 2019, adjusted diluted EPS from continuing operations was $1.08 compared to adjusted diluted EPS from continuing operations of $2.15 for the same period a year ago.
Tailored Brands President and CEO Dinesh Lathi said, 'Fiscal 2020 got off to a solid start, with total retail comparable sales up 2.4% and all brands positive in February. However, over the past two and a half weeks, we've seen a deceleration in comparable sales across brands, coinciding with heightened actions taken by governments, businesses, schools and citizens to curb the spread of COVID-19. Beginning March 17th, we have decided to close stores in the U.S. and Canada until March 28th to ensure the safety and well-being of our employees and customers. We will continue to monitor this timing based on guidance from health authorities. We are taking aggressive and prudent actions to ensure the business has ample liquidity to weather this uncertain period. In an abundance of caution and as a proactive measure, on March 16th we drew down $260 million from our revolving credit facility.'
(1)
We have reflected the results of the corporate apparel business as discontinued operations for all periods presented. In addition, we have recast our non-GAAP presentation for prior periods to remove the results of the corporate apparel business and provide results from continuing operations. The Company believes that disclosure of non-GAAP results for its continuing operations is meaningful to the user's overall understanding of the Company's financial performance. In the fourth quarter of fiscal 2019, adjusted items include $22.7 million of charges consisting of $17.4 million related to the Company's previously announced sale of the Joseph Abboud trademarks primarily due to the write-off of inventory related to its recently closed Joseph Abboud store and e-commerce site and $5.2 million of charges related to our multi-year cost savings and operational excellence programs, including consulting, severance and lease termination costs. In the fourth quarter of fiscal 2018, adjusted items related to continuing operations consisted of a favorable net sales adjustment reflecting the impact of changes made to our loyalty programs. See Use of Non-GAAP Financial Measures for additional information on items excluded from adjusted EPS.
Lathi continued, 'We are confident in the long-term prospects of our business, despite the near-term disruption from COVID-19, because of the progress we made in 2019 to enhance our competitive positioning and how we show up for customers. A few key highlights include strengthening our leadership and operating structure, offering a more compelling polished casual assortment, delivering double-digit e-commerce growth, shifting our marketing spend to digital from broadcast, and strengthening our balance sheet and our ability to reduce our debt. As we gain more visibility into macro-economic and business conditions, we plan to share more specifics on our financial outlook for fiscal 2020.'
Fourth Quarter Fiscal 2019 Results
The following commentary reflects results from the Company's continuing operations.
See details at: https://www.tailoredbrands.com/news-media/press-releases/detail/1887/tailored-brands-inc-reports-fiscal-2019-fourth-quarter
Investor Relations
(281) 776-7575
ir@tailoredbrands.com
Julie MacMedan, VP, Investor Relations
Tailored Brands, Inc.
Source: Tailored Brands, Inc.
TAILORED BRANDS, INC. 
