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This Is What Happens When You Can No Longer Buy One Get Three Free
Shunned... In this 'free-stuff-army' world full of expectations of moar for less (or nothing), it should come as no surprise that the ultimate buy-one-get-a-unicorn-free clothes retailer - Men's Warehouse - just unleashed a 30% off sale on its stock. Due to a self-described "decline in traffic" as the firm transitioned away from the Buy-One-Get-Three-Free campaign, comparable store sales are expected to collapse 20-25%. This has smashed the stocks to its lowest since August 2012...
Carnage...
To over 3 year lows...
During the third quarter comparable sales decreased 14.6% at Jos. A. Bank, far below the Company's earlier expectations. This decrease was primarily driven by a decline in traffic as the Company began the transition away from the Buy-One-Get-Three promotional events.
Doug Ewert, Men's Wearhouse chief executive officer, stated, "We are obviously disappointed by the third quarter results at Jos. A. Bank. Toward the end of the quarter, we reduced the number of Buy-One-Get-Two Free and Buy-One-Get-Three Free days in anticipation of our final Buy-One-Get-Three Free event. While we expected top-line volatility, as we previously stated, we did not anticipate that the impact from the traffic decline would occur to this degree, primarily because the prior year comparisons got progressively easier as the quarter progressed. We also believed the timing of the final Buy-One-Get-Three Free event in October would do more to offset earlier traffic declines than it did.
"Despite these results, we continue to believe that transitioning away from the unsustainable promotional strategy we inherited from Jos. A. Bank and accelerating our new promotional strategy is the right thing to do for the long-term success of the Jos. A. Bank business.
Fourth quarter comparable sales at Jos. A. Bank are now expected to decrease between 20% and 25% resulting from both a decline in traffic continuing from the third quarter trend and a previously expected decline in units per transaction as customers adapt to the shift in the promotional strategy. The Company expects its legacy retail brands to average a comparable sales increase of 3% to 4%.
With the updated outlook, the Company now believes adjusted EPS for fiscal 2015 will be between $1.75 and $2.00. This compares to our previous guidance of $2.70 to $2.90 for adjusted EPS. Synergies remain on target for the quarter and the year. The Company will discuss both fiscal 2016 and fiscal 2017 guidance when fiscal 2015 results are reported.
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Inconceivable...
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ooh I see the buy 1 get 3 free works for their stock now too!
And this is different than going to Big Box Mart, how?
Wrong headline.
THIS iS WHAT HAPPENS WHEN YOU SELL LOW-QUALITY MADE-IN-CHINA SHIT.
Fuck them and their cheaply outsourced manufacturing partners!
George Zimmer the big Obama supporter and bundler? He can go right to bankruptcy court collect none of calms money ever again...
I work in my underwear. ........ Bullish Jockey.
And I was all ready to go get another half dozen lamb's wool lined peter heaters. Bastards.
Honest. Don't pass this by. It's important. Kinda. Well, maybe not but give it a try anyhow.
http://www.ebay.com/bhp/peter-heater
Here's a REALLY nice one!
http://www.ebay.com/itm/Mens-G-String-Torpedo-Backless-Cock-Sock-Fringed...
a man told me of sending his field hand to Cox's to fetch a seersucker suit; and the fool went to Sears and bought a Cocksucker suit.
I ordered the one that looks like a chicken. It houses both your meat and your veg. Seems important to house both.
Yeah, righteous.
Who needs cheap suit anyway for work? White collar mid level is mostly gutted.
Maybe some realtor or insurance scammer getting 1099 and pretending they have money.
Most retailers saw a decline of 50% in traffic'in the last 6 years.
Most won't survive because they're not handling the transition to online sales.
Young people go in a store, try the clothes, take a picture of what they like and go home and order it online with a 25 to 50% discount because those online stores don't have the cost of overhead like the stores do.
Most stores won't survive the end of this decade.
And building a online store to make up with the slack won't cut it either.
Some is more to the point.
Do not have an argument to your point though.
san francisco business news : over 4,000 small business closed last year, 10x over the historical norm as landlords look to gouge rents as the Fed FreeMoney Bonanza kicks in at certain hot spots nationwide, particularly SF.
It's not that - our immigrant labor replacements don't need no steenking suits. Except Patel.
I fly to Hong Kong to restock my business apparel, the saving I realize on bespoke suits more than cover the airfare.
He who feels the need to boast much, does so because he has little.
That's not boasting, it's good advice. (particularly for anyone who might have to pay a price for arriving at a meeting in clothing that seeps crude).
Long, tighty whities and bathrobes.
Jos A Bank Business Model - Business Insider
I'm still fully invested in the Gay Men's Wearhouse. Foot traffic is down, but ass traffic is up.
Always fun to watch the 20 somethings with something to prove wear a poorly fit off the rack Broke Bros.
Sorry, but an ill fitting Brooks Bros?
Must be their Dada's.
it sucks
The millennials are living in mom's basement, and are broke. They don't need no stinking suits.
I have one living next door....I've seen him about 5 times in the last 9 months. I can hear him singing and playing his guitar down there occasionally. Same sorry song, over and over and over.
LOL such a pathetic generation in every way.
Is he singing, "Everything is Awesome?
I would never oridarily do this, but I picked up a black blazer in Target for 40 bucks to have in the back of the car so as not to wear and tear my good suits.
This is ChiCom factories doing whatever they can do to keep the doors open. My guess is these guys used to do apparell for some big label since the quality is quite good (had to have it hemmed by my Viet gal - if the kids want a career with legs they could go into alterations - once these old Vietnamese and Colombian ladies die - it's fucking lights out for professional alterations).
Anywho...haven't been in Men's Outhouse in like 30 fuckin' years. Short this one since they are toast.
in a few years... 50% of suit retailers are out of business, government still publishing 5% unemployment number.
I thot they said "green shuits" were sprouting 6 years ago.
dumbasses should have done moar levered buybacks
A suit is the most idiotic clothing invention ever. It's like walking around with your own personal gallows and noose attached to your body, ready to be hung by disgruntled ex-pussy gold diggers or zombies, and beyond your control to remove it when attacked by Wall Street vampires and their .gov lackeys.
A suit is truly a "monkey suit".
Angus, you're such a joy to read. H/T to you my friend
Your comments are are beautifully direct, humorous, truthful, while wraped in a nice, "tell it all" style.
You don't bullshit people, and I love it.
Distracting typos. Poor form.
Obama is destroying our country, I guarantee it!
- i guess you had to pick up the slack on 70's yearbook photo avatars as Freddie changed his a while back ....
i went from nice slacks and starched shirt, and sport coat about 10 years ago. to running shirt, blue jeans, and running shoes. all of my 40 or so shirts are black. i wear the same levi 505 button ups, have about 10 pair of those. in my office it seems the clients like it better, it puts them into a more relaxed mood.
I'll stipulate that the clothing quality is crap. But the local Men's Warehouse did me a solid a couple months ago. I was driving to a meeting in a very white collar get-up, when an old can of turprntine on the passenger floor of my F150 exploded (shouldn't have left it in the sun). My clothes (and my truck's intereior) were covered in that oily, pine-smelling crap. I pulled into a MW since it happened to be right across the street. I had no time to check out appropriately, so I gave them my sizes, the employee put together a reasonable outfit for me, I walkeed out wearing the clothes and they trusted me to pay later when my meeting was over. I did go back and pay them after the meeting concluded. They had sealed my old clothes in multiple plastic bags so they wouldn't stink anything else up.
The checkout woman even gave me a little Joseph Aboud cologne to help me smell less like a pine tree.
I guess the point is that the clothes are imported junk, but the local people earning their livings there take care of their neighbors. P.S. I haven't worn the clothes since that one meeting.
i knew a guy that worked at mens warehouse 25 years ago. they would press suits for free for life. guys would bring in slacks with shit hanging on them. literally shit in the slacks........
Yurrr gonna love the way your stock drops...I guarantee it!