Men’s Wearhouse announces overall positive results for 2014
Men’s Wearhouse last week reported its fiscal 2014 results for its parent company and others: Jos. A. Bank, Moores, and K&G. They all performed seemingly well with the exception of Jos. A. Bank, which finished the year down in sales compared to the prior year.
Sales for Men’s Wearhouse, which represent 41% of fourth quarter sales for the company, went up 8.4% from the prior year’s sales and comparable sales increased 6.8%. Jos. A. Bank, which accounted for 36% of the company’s fourth quarter sales, decreased 6.6%. Moores accounted for 6% of fourth quarter sales and increased 8.6%, and K&G accounted for 9% of fourth quarter sales and increased 6.8%.
For the full year, sales for the group increased 31.5% to $3.25 million from $2.47 million in the previous year.
Despite Jos. A. Bank’s struggles, the company is very pleased with its progress.
Doug Ewert, Men's Wearhouse chief executive officer, said, "We have made significant progress on integrating Jos. A. Bank into the infrastructure of Men's Wearhouse and have developed a robust process around synergy identification and realization. The 2015 fiscal year will be the year of strategic transition for Jos. A. Bank as we work on unlocking customer facing opportunities.”
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