Tailored Brands stock was hit hard on Monday after releasing an update to its guidance.
The update from Tailored Brands (NYSE:TLRD) has the company changing its losses per share estimate for the fourth quarter of 2018. The company says it now expects losses per share between 29 cents and 34 cents during the quarter. Its previous estimate was for losses per share ranging from 24 cents to 29 cents. This is bad news for Tailored Brands stock as Wall Street is looking for losses per share of 26 cents for the fourth quarter of the year.
To go along with this, Tailored Brands also announced a change for its earnings per share estimate for 2018. It is now looking for earnings per share between $2.25 to $2.30 for the year. The previous guidance was for earnings per share ranging from $2.30 to $2.35. This is more bad news for Tailored Brands stock as analysts are expecting earnings per share of $2.33 for the year.
Tailored Brands also took time during its update to address its outlook for comparable sales in the fourth quarter of 2018. It now expects that Jos. A. Bank comparable sales will be flat instead of its previous guidance of up in the low-single digits.
The bad news for Tailored Brands stock also includes its performance in the November and December months. The company says that Retail segment comparable sales for the period was down 1.4% from the same time last year. It attributes this to a 3.6% decrease at Men’s Wearhouse.
TLRD stock was down 15% as of noon Monday.
As of this writing, William White did not hold a position in any of the aforementioned securities.
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