Men's apparel retailer Men's Wearhouse Inc. (MW) Wednesday reported first-quarter net earnings of $33.1 million or $0.65 per share, compared to $26.9 million or $0.52 per share in the same period last year.
On average, six analysts polled by Thomson Reuters expected earnings of $0.55 per share for the quarter. Analysts' estimates typically exclude special items.
Total net sales for the first quarter grew 5.1 percent to $616.54 million from $586.57 million in the comparable quarter last year, while five analysts estimated revenues of $604.74 million for the quarter.
Retail segment sales for the quarter increased 4.4%, while corporate apparel sales increased by 13.0%.
Looking forward to the fiscal year 2013, the company continues to expect earnings of $2.70 to $2.80 per share. Analysts currently estimate earnings of $2.75 per share for the year.
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