Men's Wearhouse Reports Fiscal 2011 Fourth Quarter and Full Year Results
- Q4 2011 GAAP diluted loss per share was $0.07 and adjusted diluted loss per share was $0.05 compared to adjusted diluted loss per share guidance of $0.15 to $0.12
- Fiscal 2011 GAAP diluted earnings per share were $2.30 and adjusted diluted earnings per share were $2.38 compared to adjusted diluted earnings per share guidance of $2.28 to $2.31
- Company provides guidance for fiscal first quarter and full year 2012
- Conference call at 5:00 pm Eastern today
HOUSTON, March 7, 2012 /PRNewswire/ -- The Men's Wearhouse (NYSE: MW) today announced its consolidated financial results for the fiscal fourth quarter and full year ended January 28, 2012.
Doug Ewert, president and chief executive officer, stated, "Fiscal 2011 was a tremendous year for all of our stakeholders. In January 2012, the Board of Directors declared a 50% increase in the Company's quarterly cash dividend to $0.18 per share. Also in January 2012, we were named once again by FORTUNE® magazine as one of the 100 Best Companies to Work for In America. We entered fiscal 2011 with the objective to leverage our brands and drive shareholder value, and we have made great strides towards both these goals."
Fourth Quarter Net Sales Summary – Fiscal 2011 |
||||||
U.S. dollars, in millions |
Total Net |
Comparable Store Sales Change |
||||
Current Year |
Prior Year |
Current Year |
Prior Year |
|||
Total Company |
$ 562.2(a) |
$ 542.1(a) |
3.7% |
|||
Total Retail Segment |
$ 508.7 |
$ 479.7 |
6.0% |
|||
MW |
341.5 |
311.1 |
9.8% |
9.3% |
4.3% |
|
K&G |
95.7 |
96.4 |
- 0.8% |
- 2.1% |
4.5% |
|
Moores Canada |
65.2 |
66.3 |
- 1.7% |
- 0.2% (b) |
2.3% (b) |
|
Corporate Apparel Segment |
$ 53.5 |
$ 62.5 |
- 14.3% |
|||
Year-To-Date Net Sales Summary – Fiscal 2011 |
||||||
U.S. dollars, in millions |
Total Net |
Comparable Store Sales Change |
||||
Current Year |
Prior Year |
Current Year |
Prior Year |
|||
Total Company |
$ 2,382.7(a) |
$ 2,102.7(a) |
13.3% |
|||
Total Retail Segment |
$ 2,139.2 |
$ 1,976.4 |
8.2% |
|||
MW |
1,471.7 |
1,345.9 |
9.3% |
9.1% |
4.7% |
|
K&G |
375.1 |
360.3 |
4.1% |
3.6% |
- 1.5% |
|
Moores Canada |
267.7 |
246.7 |
8.5% |
4.5% (b) |
2.2% (b) |
|
Corporate Apparel Segment |
$ 243.5 |
$ 126.3 |
92.8% |
|||
(a) Due to rounded numbers, total Company may not sum. (b) Comparable store sales change is based on the Canadian dollar. (c) Does not include ecommerce sales. |
||||||
PER SHARE INFORMATION
GAAP diluted loss per share was $0.07 for the fourth quarter ended January 28, 2012. Adjusted diluted loss per share was $0.05 after excluding $1.3 million ($0.9 million after tax or $0.02 per diluted share outstanding) in acquisition related integration costs and $0.3 million ($0.2 million after tax or less than $0.01 per diluted share outstanding) for non-cash asset impairment charges. This compares to adjusted diluted loss per share guidance given December 6, 2011 of $0.15 to $0.12. In fourth quarter fiscal 2010, GAAP diluted loss per share was $0.27 and adjusted diluted loss per share was $0.19 after excluding $2.3 million ($1.6 million after tax or $0.03 per diluted share outstanding) in acquisition and acquisition related integration costs, $1.1 million ($0.7 million after tax or $0.01 per diluted share outstanding) in tuxedo distribution closure costs and $2.5 million ($1.7 million after tax or $0.03 per diluted share outstanding) for non-cash asset impairment charges.
GAAP diluted earnings per share were $2.30 for the twelve months ended January 28, 2012. Adjusted diluted earnings per share were $2.38 after excluding $3.8 million ($2.5 million after tax or $0.05 per diluted share outstanding) in acquisition related integration costs and $2.0 million ($1.3 million after tax or $0.03 per diluted share outstanding) for non-cash asset impairment charges. For the twelve months ended January 29, 2011, GAAP diluted earnings per share were $1.27 and adjusted diluted earnings per share were $1.47 after excluding $6.4 million ($4.3 million after tax or $0.08 per diluted share outstanding) in acquisition and acquisition related integration costs, $3.1 million ($2.1 million after tax or $0.04 per diluted share outstanding) in tuxedo distribution closure costs and $5.9 million ($3.9 million after tax or $0.07 per diluted share outstanding) for non-cash asset impairment charges.
Note: Due to rounded numbers, the adjusted earnings per share may not sum.
FOURTH QUARTER HIGHLIGHTS
Total Company net sales increased 3.7% for the quarter.
- Retail segment sales increased 6.0%.
- This increase was primarily attributable to increased retail clothing product sales driven by increases in average unit selling prices in the U.S. and units sold per transaction offsetting fewer transactions per store.
- Tuxedo rental services revenues had U.S. comparable store sales of 14.9% driven primarily by an increase in units rented.
- Corporate apparel segment sales decreased 14.3% primarily due to prior year fourth quarter new customer rollouts.
Total Company gross margin increased 11.2% to $224.9 million and as a percentage of sales, increased 271 basis points.
- Retail segment total gross margin, as a percentage of related net sales, increased 292 basis points. This increase was primarily attributable to higher product margins driven by higher average net selling prices per unit in the U.S., a favorable sales mix trend to higher margin product, lower product cost charge-offs, and occupancy cost leverage.
- Corporate apparel segment gross margin, as a percentage of related sales, decreased from 28.6% in the fourth quarter of 2010 to 27.3% in the fourth quarter of 2011 due mainly to Twin Hill product cost charge-offs and lower margin U.S. customers.
Total Company adjusted SG&A expenses increased 5.0% to $230.5 million (1) and as a percentage of sales increased 52 basis points.
- The quarter over quarter increase was primarily due to payroll related costs.
Adjusted operating loss decreased 67.6% to $5.6 million (1) and as a percentage of sales, increased 219 basis points.
- The financial results of the U.K. operations, excluding acquisition integration costs, were $0.02 accretive to the Company's fourth quarter diluted earnings per share. Integration costs were $1.3 million ($0.9 million after tax or $0.02 per diluted share outstanding).
Total inventories increased 17.7% primarily to replenish comparatively oversold levels in the prior year as we embarked on a more aggressive promotional cadence.
Total cash and cash equivalents at quarter end were $125.3 million.
(1) Adjusted SG&A and adjusted operating loss for fourth quarter 2011 excludes $1.3 million in acquisition related integration costs and $0.3 million in non-cash asset impairment charges. Adjusted SG&A and adjusted operating loss for fourth quarter 2010 excludes $2.3 million in acquisition and acquisition related integration costs, $1.1 million in tuxedo distribution closure costs and $2.5 million in non-cash asset impairment charges.
2012 FINANCIAL GUIDANCE
For the fiscal year (which is a 53-week year under the retail calendar), the Company expects GAAP diluted earnings per share in a range of $2.70 to $2.78, an increase of 13% to 17% over the prior year adjusted diluted earnings per share. For the first quarter GAAP diluted earnings per share is expected to be in a range of $0.53 to $0.54, a flat to 2% increase over the prior year adjusted diluted earnings per share.
Forecasted operating highlights for the year include the following:
- Several seasonal shifts in the fiscal year calendar are expected to impact the quarterly sales results of the Company's tuxedo rental business. Specifically, the calendar shift of the Easter Holiday will favorably impact the first quarter and negatively impact the second quarter. The anniversary of the peak rental period in November 2011 is expected to favorably impact the third quarter and negatively impact the fourth quarter.
- Corporate apparel sales are expected to decline in the first and second quarters largely offset by increases in the third and fourth quarters as the Company's United Kingdom operations anniversary new customer additions in fiscal 2011 and initiation of new customer programs in fiscal 2012. The full year decrease is primarily the result of a weaker currency conversion rate of the US dollar to the pound sterling and lower rollout revenues.
- Gross margins are planned to continue to increase and stem largely from higher average unit retail prices and continued occupancy cost leverage.
- On a 52-week basis, SG&A expense is expected to increase in the 2.5% to 3.5% range representing modest leverage, as a percent of sales. The seasonality of that cost increase throughout the year will vary significantly by quarter.
- The annual increase is more heavily weighted in the first quarter driven by increased investments in payroll put in place during the second half of the prior fiscal year as well as increased marketing expenses in fiscal 2012.
- The rate of SG&A growth will diminish to the low single digit range for the second and third quarter stemming from 1) a moderation of payroll costs increases and 2) realization of cost synergies from the integration of the Alexandra and Dimension businesses in the United Kingdom in the prior year.
- Lastly, SG&A increases in the fourth quarter are expected to be flat to up 1% as the Company anniversaries higher incentive compensation expenses in the prior year.
- New store growth includes up to 25 net new Men's Wearhouse stores and 3 new Moores stores. We also expect to close up to 43 Men's Wearhouse and Tuxedo stores and 3 K&G stores.
Guidance |
Guidance |
||
FY 2012 (4) (5) |
1Q FY 2012 (4) |
||
Total Sales Increase |
4.0% to 5.0% |
2.0% to 2.5% |
|
Comparable Store Sales Growth (1) |
|||
MW (2) |
+3% to +4% |
+3% to +4% |
|
K&G |
+1% to +2% |
+1% to +2% |
|
Moores |
+2% to +3% |
+6% to +7% |
|
Corporate Apparel Sales Decrease |
-2.0% to -3.0% |
-15% to -16% |
|
Change in Gross Margin |
+0.65% to +0.70% |
+0.90% to +1.00% |
|
Increase in S G & A (3) |
+4.0% to +4.5% |
+6.0% to +6.5% |
|
Effective Tax Rate |
34.7% |
34.7% |
|
Weighted Average Shares Outstanding (millions) |
51.500 |
51.200 |
|
GAAP Diluted EPS (6) |
$2.70 to $2.78 |
$0.53 to $0.54 |
|
Footnotes to Guidance:
- All comparable store information is based on a 52-week comparable time period.
- Includes an assumed U.S. comparable store increase in tuxedo rental revenues of 5% to 6% for the full year FY 2012 and an increase of 9% to 10% in 1Q FY 2012.
- Excludes acquisition related integration costs and impairment charges incurred in prior periods.
- Foreign exchange conversion rates (average) assumed throughout the fiscal year is 1.565 for the US dollar to the Pound and 1.000 for the US Dollar to the Canadian Dollar.
- Fiscal 2012 is a 53-week year with an extra week included in the fourth quarter. Diluted earnings per share from the extra week are estimated at $0.02.
- Reflects the dilutive effect of participating securities, which approximates $0.04 for the full year and $0.01 for the first quarter.
CONFERENCE CALL AND WEBCAST INFORMATION
At 5:00 p.m. Eastern time on Wednesday, March 7, 2012, Company management will host a conference call and real time webcast to review the fiscal fourth quarter and full year 2011 results and its outlook for the fiscal first quarter and full year 2012.
To access the conference call, dial 480-629-9722. To access the live webcast presentation, visit the Investor Relations section of the Company's website at www.menswearhouse.com. A telephonic replay will be available through March 14, 2012 by calling 303-590-3030 and entering the access code of 4518856#, or a webcast archive will be available free on the website for approximately 90 days.
STORE INFORMATION
January 28, 2012 |
January 29, 2011 |
|||||
Number |
Sq. Ft. (000's) |
Number |
Sq. Ft. (000's) |
|||
Men's Wearhouse |
607 |
3,462.7 |
585 |
3,319.0 |
||
Men's Wearhouse and Tux |
343 |
474.6 |
388 |
535.7 |
||
Moores, Clothing for Men |
117 |
741.7 |
117 |
737.8 |
||
K&G (a) |
99 |
2,351.2 |
102 |
2,394.1 |
||
Total |
1,166 |
7,030.2 |
1,192 |
6,986.6 |
||
(a) 91 stores, respectively, offering women's apparel. |
||||||
Founded in 1973, Men's Wearhouse is one of North America's largest specialty retailers of men's apparel with 1,166 stores. The Men's Wearhouse, Moores and K&G stores carry a full selection of men's designer, brand name and private label suits, sport coats, furnishings and accessories and Men's Wearhouse and Tux stores carry a limited selection. Most K&G stores carry a full selection of women's apparel. Tuxedo rentals are available in the Men's Wearhouse, Moores and Men's Wearhouse and Tux stores. Additionally, Men's Wearhouse operates a global corporate apparel and workwear group consisting of Twin Hill in the United States and Dimensions and Alexandra in the United Kingdom.
This press release contains forward-looking information. The forward-looking statements are made pursuant to the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements may be significantly impacted by various factors, including sensitivity to economic conditions and consumer confidence, possibility of limited ability to expand Men's Wearhouse stores, possibility that certain of our expansion strategies may present greater risks, changes in foreign currency rates and other factors described in the Company's annual report on Form 10-K for the fiscal year ended January 29, 2011 and subsequent Forms 10-Q.
For additional information on Men's Wearhouse, please visit the Company's websites at www.menswearhouse.com, www.kgstores.com, www.mooresclothing.com, www.twinhill.com, www.dimensions.co.uk, www.alexandra.co.uk.
Contacts:
Neill Davis, Men’s Wearhouse
(281) 776-7000
Ken Dennard, DRG&L
(713) 529-6600
THE MEN'S WEARHOUSE, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS (Unaudited) |
|||||||||
FOR THE THREE MONTHS ENDED |
|||||||||
January 28, 2012 AND January 29, 2011 |
|||||||||
(In thousands, except per share data) |
|||||||||
Three Months Ended |
Variance |
||||||||
% of |
% of |
Basis |
|||||||
2011 |
Sales |
2010 |
Sales |
Dollar |
% |
Points |
|||
Net sales: |
|||||||||
Retail clothing product |
$ 430,314 |
76.55% |
$ 407,953 |
75.25% |
$22,361 |
5.48% |
1.29 |
||
Tuxedo rental services |
43,444 |
7.73% |
38,356 |
7.08% |
5,088 |
13.27% |
0.65 |
||
Alteration and other services |
34,898 |
6.21% |
33,343 |
6.15% |
1,555 |
4.66% |
0.06 |
||
Total retail sales |
508,656 |
90.48% |
479,652 |
88.48% |
29,004 |
6.05% |
2.00 |
||
Corporate apparel clothing product sales |
53,513 |
9.52% |
62,454 |
11.52% |
(8,941) |
(14.32%) |
(2.00) |
||
Total net sales |
562,169 |
100.00% |
542,106 |
100.00% |
20,063 |
3.70% |
0.00 |
||
Total cost of sales |
337,289 |
60.00% |
339,947 |
62.71% |
(2,658) |
(0.78%) |
(2.71) |
||
Gross margin (a): |
|||||||||
Retail clothing product |
234,594 |
54.52% |
211,049 |
51.73% |
23,545 |
11.16% |
2.78 |
||
Tuxedo rental services |
36,553 |
84.14% |
33,135 |
86.39% |
3,418 |
10.32% |
(2.25) |
||
Alteration and other services |
7,414 |
21.24% |
8,325 |
24.97% |
(911) |
(10.94%) |
(3.72) |
||
Occupancy costs |
(68,294) |
(13.43%) |
(68,216) |
(14.22%) |
(78) |
(0.11%) |
0.80 |
||
Total retail gross margin |
210,267 |
41.34% |
184,293 |
38.42% |
25,974 |
14.09% |
2.92 |
||
Corporate apparel clothing product margin |
14,613 |
27.31% |
17,866 |
28.61% |
(3,253) |
(18.21%) |
(1.30) |
||
Total gross margin |
224,880 |
40.00% |
202,159 |
37.29% |
22,721 |
11.24% |
2.71 |
||
Selling, general and administrative expenses |
232,125 |
41.29% |
225,356 |
41.57% |
6,769 |
3.00% |
(0.28) |
||
Operating loss |
(7,245) |
(1.29%) |
(23,197) |
(4.28%) |
15,952 |
(68.77%) |
2.99 |
||
Net interest |
(241) |
(0.04%) |
(367) |
(0.07%) |
126 |
(34.33%) |
0.02 |
||
Loss before income taxes |
(7,486) |
(1.33%) |
(23,564) |
(4.35%) |
16,078 |
(68.23%) |
3.02 |
||
Benefit for income taxes |
(3,588) |
(0.64%) |
(9,370) |
(1.73%) |
5,782 |
(61.71%) |
1.09 |
||
Net loss including noncontrolling interest |
(3,898) |
(0.69%) |
(14,194) |
(2.62%) |
10,296 |
(72.54%) |
1.92 |
||
Net loss attributable to noncontrolling interest |
119 |
0.02% |
108 |
0.02% |
11 |
10.19% |
0.00 |
||
Net loss attributable to common shareholders |
$ (3,779) |
(0.67%) |
$ (14,086) |
(2.60%) |
$10,307 |
(73.17%) |
1.93 |
||
Net loss per diluted common share attributable to common shareholders |
$ (0.07) |
$ (0.27) |
|||||||
Weighted average diluted common shares outstanding: |
51,297 |
52,819 |
|||||||
(a) Gross margin percent of sales is calculated as a percentage of related sales. |
|||||||||
THE MEN'S WEARHOUSE, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS (Unaudited) |
|||||||||
FOR THE TWELVE MONTHS ENDED |
|||||||||
January 28, 2012 AND January 29, 2011 |
|||||||||
(In thousands, except per share data) |
|||||||||
Twelve Months Ended |
Variance |
||||||||
% of |
% of |
Basis |
|||||||
2011 |
Sales |
2010 |
Sales |
Dollar |
% |
Points |
|||
Net sales: |
|||||||||
Retail clothing product |
$1,619,671 |
67.98% |
$1,480,492 |
70.41% |
$139,179 |
9.40% |
(2.43) |
||
Tuxedo rental services |
376,857 |
15.82% |
364,269 |
17.32% |
12,588 |
3.46% |
(1.51) |
||
Alteration and other services |
142,665 |
5.99% |
131,605 |
6.26% |
11,060 |
8.40% |
(0.27) |
||
Total retail sales |
2,139,193 |
89.78% |
1,976,366 |
93.99% |
162,827 |
8.24% |
(4.21) |
||
Corporate apparel clothing product sales |
243,491 |
10.22% |
126,298 |
6.01% |
117,193 |
92.79% |
4.21 |
||
Total net sales |
2,382,684 |
100.00% |
2,102,664 |
100.00% |
280,020 |
13.32% |
0.00 |
||
Total cost of sales |
1,333,757 |
55.98% |
1,204,231 |
57.27% |
129,526 |
10.76% |
(1.29) |
||
Gross margin (a): |
|||||||||
Retail clothing product |
896,013 |
55.32% |
798,675 |
53.95% |
97,338 |
12.19% |
1.37 |
||
Tuxedo rental services |
324,236 |
86.04% |
308,202 |
84.61% |
16,034 |
5.20% |
1.43 |
||
Alteration and other services |
34,829 |
24.41% |
33,479 |
25.44% |
1,350 |
4.03% |
(1.03) |
||
Occupancy costs |
(273,300) |
(12.78%) |
(276,688) |
(14.00%) |
3,388 |
1.22% |
1.22 |
||
Total retail gross margin |
981,778 |
45.89% |
863,668 |
43.70% |
118,110 |
13.68% |
2.19 |
||
Corporate apparel clothing product margin |
67,149 |
27.58% |
34,765 |
27.53% |
32,384 |
93.15% |
0.05 |
||
Total gross margin |
1,048,927 |
44.02% |
898,433 |
42.73% |
150,494 |
16.75% |
1.29 |
||
Selling, general and administrative expenses |
863,495 |
36.24% |
796,762 |
37.89% |
66,733 |
8.38% |
(1.65) |
||
Operating income |
185,432 |
7.78% |
101,671 |
4.84% |
83,761 |
82.38% |
2.95 |
||
Net interest |
(1,022) |
(0.04%) |
(1,141) |
(0.05%) |
119 |
(10.43%) |
0.01 |
||
Earnings before income taxes |
184,410 |
7.74% |
100,530 |
4.78% |
83,880 |
83.44% |
2.96 |
||
Provision for income taxes |
63,944 |
2.68% |
32,852 |
1.56% |
31,092 |
94.64% |
1.12 |
||
Net earnings including noncontrolling interest |
120,466 |
5.06% |
67,678 |
3.22% |
52,788 |
78.00% |
1.84 |
||
Net loss attributable to noncontrolling interest |
135 |
0.01% |
19 |
0.00% |
116 |
610.53% |
0.00 |
||
Net earnings attributable to common shareholders |
$ 120,601 |
5.06% |
$ 67,697 |
3.22% |
$ 52,904 |
78.15% |
1.84 |
||
Net earnings per diluted common share attributable to common shareholders |
$ 2.30 |
$ 1.27 |
|||||||
Weighted average diluted common shares outstanding: |
51,692 |
52,853 |
|||||||
(a) Gross margin percent of sales is calculated as a percentage of related sales. |
|||||||||
THE MEN'S WEARHOUSE, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands) (Unaudited) |
|||||
January 28, |
January 29, |
||||
2012 |
2011 |
||||
ASSETS |
|||||
Current assets: |
|||||
Cash and cash equivalents |
$ 125,306 |
$ 136,371 |
|||
Accounts receivable, net |
56,669 |
60,607 |
|||
Inventories |
572,502 |
486,499 |
|||
Other current assets |
70,906 |
80,531 |
|||
Total current assets |
825,383 |
764,008 |
|||
Property and equipment, net |
355,717 |
332,611 |
|||
Tuxedo rental product, net |
99,814 |
89,465 |
|||
Goodwill |
87,782 |
87,994 |
|||
Intangible assets, net |
33,711 |
37,348 |
|||
Other assets |
3,545 |
8,892 |
|||
Total assets |
$ 1,405,952 |
$ 1,320,318 |
|||
LIABILITIES AND EQUITY |
|||||
Current liabilities: |
|||||
Accounts payable |
$ 123,445 |
$ 123,881 |
|||
Accrued expenses and other current liabilities |
154,395 |
139,640 |
|||
Income taxes payable |
3,435 |
3,135 |
|||
Total current liabilities |
281,275 |
266,656 |
|||
Deferred taxes and other liabilities |
92,858 |
69,809 |
|||
Total liabilities |
374,133 |
336,465 |
|||
Equity: |
|||||
Preferred stock |
- |
- |
|||
Common stock |
718 |
710 |
|||
Capital in excess of par |
362,735 |
341,663 |
|||
Retained earnings |
1,095,535 |
1,002,975 |
|||
Accumulated other comprehensive income |
36,921 |
38,366 |
|||
Treasury stock, at cost |
(476,749) |
(412,761) |
|||
Total equity attributable to common shareholders |
1,019,160 |
970,953 |
|||
Noncontrolling interest |
12,659 |
12,900 |
|||
Total equity |
1,031,819 |
983,853 |
|||
Total liabilities and equity |
$ 1,405,952 |
$ 1,320,318 |
|||
THE MEN'S WEARHOUSE, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) |
|||||
FOR THE TWELVE MONTHS ENDED |
|||||
January 28, 2012 AND January 29, 2011 |
|||||
(In thousands) |
|||||
Twelve Months Ended |
|||||
2011 |
2010 |
||||
CASH FLOWS FROM OPERATING ACTIVITIES: |
|||||
Net earnings including noncontrolling interest |
$ 120,466 |
$ 67,678 |
|||
Non-cash adjustments to net earnings: |
|||||
Depreciation and amortization |
75,968 |
75,998 |
|||
Tuxedo rental product amortization |
28,858 |
33,485 |
|||
Other |
49,012 |
28,074 |
|||
Changes in assets and liabilities |
(111,507) |
(35,288) |
|||
Net cash provided by operating activities |
162,797 |
169,947 |
|||
CASH FLOWS FROM INVESTING ACTIVITIES: |
|||||
Capital expenditures |
(91,820) |
(58,868) |
|||
Acquisitions of businesses, net of cash |
- |
(97,786) |
|||
Proceeds from sales of property and equipment |
59 |
76 |
|||
Net cash used in investing activities |
(91,761) |
(156,578) |
|||
CASH FLOWS FROM FINANCING ACTIVITIES: |
|||||
Proceeds from issuance of common stock |
8,354 |
3,900 |
|||
Payments on Canadian term loan |
- |
(46,738) |
|||
Cash dividends paid |
(25,098) |
(19,111) |
|||
Deferred financing costs |
- |
(1,577) |
|||
Tax payments related to vested deferred stock units |
(2,955) |
(2,748) |
|||
Excess tax benefits from share-based plans |
1,903 |
1,107 |
|||
Purchase of treasury stock |
(63,988) |
(144) |
|||
Net cash used in financing activities |
(81,784) |
(65,311) |
|||
Effect of exchange rate changes |
(317) |
2,295 |
|||
DECREASE IN CASH AND CASH EQUIVALENTS |
(11,065) |
(49,647) |
|||
Balance at beginning of period |
136,371 |
186,018 |
|||
Balance at end of period |
$ 125,306 |
$ 136,371 |
|||
SOURCE The Men's Wearhouse
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