Sat. Nov 16th, 2019

Tailored Brands sells corporate apparel business, raises Q2 guidance

1 min read

Tailored Brands Inc.

TLRD, +15.53%

said Monday it is selling its corporate apparel business to a group led by the existing corporate apparel U.K. executive team for $62 million in cash. The company will use proceeds from the deal to reinvest in its core business and to pay down debt. The men’s apparel retailer said it now expects second-quarter EPS of 64 cents to 66 cents and adjusted EPS of 78 cents to 80 cents, up from prior guidance of 65 cents to 70 cents. Sales are expected to range from $787 million to $789 million. The FactSet consensus is for EPS of 70 cents and sales of $790 million. Shares rose 13.6% premarket on the news, but are down 63% in 2019, while the S&P 500

SPX, +1.44%

has gained 15%.

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