Men's Wearhouse Q2 Profit Down - Quick Facts

(RTTNews) - The Men's Wearhouse, Inc. (MW) Wednesday reported second-quarter profit of $42.9 million or $0.85 per share, down from $59.39 million or $1.15 per share in the same period last year.

Adjusted earnings for the quarter was $51.0 million or $1.01 per share. On average, five analysts polled by Thomson Reuters expected the company to earn $1.14 per share for the quarter. Analysts' estimates typically exclude special items.

Sales dropped 2.3 percent to $647.3 million from $662.3 million last year. Analysts expected revenues of $669.55 million.

"Retail clothing sales during the second quarter were below our internal plan as we experienced a decline in customer traffic compared to last year's second quarter. We believe this is primarily due to macro issues affecting the apparel retailing space, " said Doug Ewert, Men's Wearhouse president and CEO.

Looking ahead, the company has lowered its full-year 2014 earnings outlook to a range of $2.40 to $2.50 per share from its previous guidance range of $2.70 to $2.80 per share. Analysts currently expect full-year earnings of $2.77 per share.