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Exhibit 99.1
     
(MEN’S WAREHOUSE LOGO)
  News Release
 
   
 
  Contacts:
For Immediate Release
   
 
  Neill Davis, Men’s Wearhouse
(281) 776-7000
Ken Dennard, DRG&L
(713) 529-6600
MEN’S WEARHOUSE REPORTS
FISCAL 2010 FOURTH QUARTER RESULTS
  Q4 2010 GAAP diluted loss per share was $0.27 and adjusted diluted loss per share was $0.19.
 
  Fiscal 2010 GAAP diluted earnings per share were $1.27 and adjusted diluted earnings per share were $1.47.
 
  Company provides guidance for first quarter and full year of fiscal 2011
 
  Conference call at 5:00 pm Eastern today
HOUSTON — March 9, 2011 — The Men’s Wearhouse (NYSE: MW) today announced its consolidated financial results for the fourth quarter ended January 29, 2011.
Fourth Quarter Sales Summary — Fiscal 2010
                                         
                            Comparable Store Sales
    U.S. dollars, in millions   Total Sales   Change %
    Current Year   Prior Year   Change %   Current Year   Prior Year
 
Total Company
  $ 542.1 (a)   $ 457.2 (a)     18.6 %                
Total Retail Segment
  $ 479.7     $ 454.2       5.6 %                
MW
  $ 311.1     $ 294.3       5.7 %     4.3 %(c)     -7.1 %(c)
K&G
  $ 96.4     $ 92.7       4.0 %     4.5 %     -5.0 %
Moores Canada
  $ 66.3     $ 61.7       7.3 %     2.3 %(b)     1.9 %(b)
Corporate Apparel Segment
  $ 62.5     $ 3.1       1,943.7 %                
Year-To-Date Sales Summary — Fiscal 2010
                                         
                            Comparable Store Sales
    U.S. dollars, in millions   Total Sales   Change %
    Current Year   Prior Year   Change %   Current Year   Prior Year
 
Total Company
  $ 2,102.7 (a)   $ 1,909.6 (a)     10.1 %                
Total Retail Segment
  $ 1,976.4     $ 1,896.1       4.2 %                
MW
  $ 1,345.9     $ 1,281.8       5.0 %     4.7 %(c)     -4.0 %(c)
K&G
  $ 360.3     $ 370.1       -2.7 %     -1.5 %     -1.9 %
Moores Canada
  $ 246.7     $ 222.1       11.1 %     2.2 %(b)     -0.9 %(b)
Corporate Apparel Segment
  $ 126.3     $ 13.5       837.4 %                
 
(a)   Due to rounded numbers, total Company may not sum.
 
(b)   Comparable store sales change is based on the Canadian dollar.
 
(c)   Does not include ecommerce sales.

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GAAP diluted loss per share was $0.27 for the fourth quarter ended January 29, 2011. Adjusted diluted loss per share was $0.19 after excluding $2.3 million ($1.6 million after tax or $0.03 per diluted share outstanding) in acquisition transaction and integration expenses, $1.1 million ($0.7 million after tax or $0.01 per diluted share outstanding) in tuxedo distribution closure costs and $2.5 million ($1.7 million after tax or $0.03 per diluted share outstanding) for a non-cash fixed asset impairment charge. Due to rounded numbers, the adjusted loss per share may not sum. This compares to adjusted diluted loss per share guidance given December 7, 2010 of $0.19 to $0.22. In Q4 2009, revised GAAP diluted loss per share was $0.36 and adjusted diluted loss per share was $0.11.
GAAP diluted earnings per share was $1.27 for the fiscal year ended January 29, 2011. Adjusted diluted earnings per share was $1.47 after excluding $6.4 million ($4.3 million after tax or $0.08 per diluted share outstanding) in acquisition transaction and integration expenses, $3.1 million ($2.1 million after tax or $0.04 per diluted share outstanding) in tuxedo distribution closure costs and $5.9 million ($3.9 million after tax or $0.07 per diluted share outstanding) for a non-cash asset impairment charge. Due to rounded numbers, the adjusted earnings per share may not sum. In fiscal 2009, revised GAAP diluted earnings per share was $0.88 and adjusted diluted earnings per share was $1.12.
During the third quarter of 2010, the Company changed the inventory valuation method used by its K&G brand from lower of cost or market, as determined by the retail inventory method, to lower of cost or market using the average cost method. This change was done to bring all retail operations of the Company to a common valuation methodology platform. All financial statements in this press release have been revised to reflect this change and are therefore comparable. Prior year fourth quarter revised GAAP diluted loss per share was $0.36, unchanged from the previously reported GAAP diluted loss per share, and prior fiscal year revised GAAP diluted earnings per share was $0.88, an increase of $0.02 per share.
FOURTH QUARTER REVIEW
Dimensions and Alexandra Acquisitions
On August 6, 2010, the Company acquired Dimensions and certain assets of Alexandra, two leading providers of corporate clothing uniforms and workwear in the United Kingdom, for a total cash consideration of approximately £61 million (US$97.8 million). The combined businesses are organized under a UK-based holding company of which Men’s Wearhouse controls 86% and previous Dimensions shareholders control 14%.
The financial results of the combined UK operations, excluding transaction and integration costs, were $0.03 accretive to the Company’s fourth quarter diluted earnings per share. Transaction and integration costs were $2.3 million ($1.6 million after tax or $0.03 per diluted share outstanding). Total sales of the combined UK operations were US$54.2 million.
The financial results of the combined UK operations, excluding transaction and integration costs, were $0.06 accretive to the Company’s fiscal 2010 diluted earnings per share. Transaction and integration costs were $6.4 million ($4.3 million after tax or $0.08 per diluted share outstanding). Total sales of the combined UK operations were US$104.8 million for fiscal 2010.

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Tuxedo Distribution Closures
In late August 2010, a decision was made by the Company to cease tuxedo distribution operations in November 2010 at four of the then eleven facilities that we used for tuxedo distribution. The operations at these four facilities were assumed by other tuxedo distribution facilities in our system allowing us to more effectively manage our tuxedo rental operations. In the fourth quarter, a charge of $1.1 million ($0.7 million after tax or $0.01 per diluted share outstanding) was incurred consisting primarily of labor costs associated with transferring and processing the tuxedo rental inventory from the closed facilities, severance payments and fixed asset write-offs.
The expected ongoing annual benefit, beginning in fiscal 2011, as a result of these closures will be a reduction in operating costs of approximately $4.0 million.
Review of Fourth Quarter Results
Total Company net sales increased 18.6% for the quarter.
At Men’s Wearhouse/Men’s Wearhouse and Tux, the increase of 4.3% in comparable store sales was due to increased units per transaction, higher store traffic levels and an 11.1% comparable store increase in tuxedo rental services revenues.
At Moores, the increase of 2.3% in comparable store sales was due to increased units per transaction and higher net sales price per unit which offset a decline in store traffic.
At K&G, the increase of 4.5% in comparable store sales was due mainly to an increase in units per transaction and higher store traffic levels.
Corporate apparel segment net sales increased $59.4 million to $62.5 million for the quarter compared to the same prior year quarter. The increase was primarily due to our acquisitions of Dimensions and Alexandra in the UK on August 6, 2010.
Gross margin, as a percentage of total net sales, increased 21 basis points from 37.1% to 37.3% due to an increase in tuxedo rental margins and a decrease in occupancy costs as a percent of sales offset by a decrease in retail merchandise margins and the increased mix of the lower margin corporate apparel business.
Selling, general and administrative expenses were $225.4 million in the current year and increased 10.6% from the prior year’s SG&A of $203.8 million. The prior year quarter included $19.5 million in non-cash fixed asset impairment charges. Excluding these charges, prior year SG&A expense was $184.3 million. During the current quarter, the Company incurred $2.3 million in acquisition transaction and integration costs, $1.1 million in tuxedo distribution closure costs and $2.5 million for non-cash fixed asset impairment charges related primarily to K&G and Men’s Wearhouse and Tux stores. Excluding these costs, fourth quarter SG&A expenses were $219.4 million or an increase of 19.0% to the adjusted prior year quarter. SG&A related to the acquired UK operations resulted in a 7.5% increase. The remaining 11.5% increase is primarily due to increased payroll related costs and increased marketing costs. As a percentage of total net sales, adjusted SG&A increased 16 basis points from 40.3% to 40.5%.

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Operating loss was $23.2 million. Excluding $2.3 million in acquisition and integration costs, $1.1 million in tuxedo distribution closure costs and the $2.5 million non-cash fixed asset impairment charge; operating loss was $17.3 million or negative 3.2% of total net sales. This compares with the adjusted prior year operating loss of $14.8 million or negative 3.2% of total net sales, which exclude $19.5 million in pretax non-cash fixed asset impairment charges.
Total inventories of $486.5 million increased 11.9% from the prior year fourth quarter of $434.9 million. Excluding the inventory related to the acquisitions of Dimensions and Alexandra in the UK, inventories decreased 5.7%.
The Company had no bank debt at the end of the fourth quarter of 2010 as all debt was paid off during the quarter.
2011 GUIDANCE
For the fiscal year, GAAP diluted earnings per share is expected to be in a range of $1.71 to $1.81. Adjusted diluted earnings per share are expected to be in a range of $1.75 to $1.85. Adjusted earnings per share exclude acquisition integration expenses of $3.3 million ($2.2 million after tax or $0.04 per diluted share outstanding).
For the first quarter of the fiscal year, GAAP diluted earnings per share is expected to be in a range of $0.26 to $0.29. Adjusted diluted earnings per share are expected to be in a range of $0.27 to $0.30. Adjusted earnings per share exclude acquisition integration expenses of $0.6 million ($0.4 million after tax or $0.01 per diluted share outstanding).
The financial results of the combined UK acquisitions, excluding acquisition integration expenses, are expected to be accretive to the Company’s full year and first quarter diluted earnings per share.

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    Guidance   Guidance
    FY 2011   1Q FY 2011
 
Total Sales Increase
  8% to 9% (1)   14% to 15% (1)
Comparable Store Sales Growth (2)
               
MW
  +2% to +4%   +4% to +5%
K&G
  (1%) to (2%)   (1%) to (2%)
Moores
  Flat to +1%   (2%) to (3%)
Gross Profit Margin
  42.25% to 42.45% (3)   40.60% to 40.75% (3)
S G & A (as % of Sales)
  35.75% to 35.95% (4)   36.15% to 36.30% (4)
Effective Tax Rate
    35.25 %     37.00 %
Weighted Average Shares Outstanding (millions)
    52.6       52.6  
GAAP EPS
  $ 1.71 to $1.81     $ 0.26 to $0.29  
Adjusted EPS
  $ 1.75 to $1.85 (4)   $ 0.27 to $0.30 (4)
Foreign Exchange Conversion (avg.)
               
US Dollar to GBP
    1.59       1.59  
US Dollar to Canadian Dollar
    1.00       1.00  
Footnotes to Guidance:
 
1.   Includes US$220 million for full year FY 2011 and US$55 million for 1Q FY 2011 of sales from acquired operations of Dimensions and Alexandra.
 
2.   Includes an assumed comparable store increase in tuxedo rental revenues of 7% to 8% for the full year FY 2011 and a 1% to 2% increase in 1Q FY 2011.
 
3.   Occupancy costs are expected to be flat for full year FY 2011 and decrease low single digit for 1Q FY 2011.
 
4.   Excludes acquisition integration costs.
CONFERENCE CALL AND WEBCAST INFORMATION
At 5:00 p.m. Eastern time on Wednesday, March 9, 2011, Company management will host a conference call and real time webcast to review the fourth quarter of fiscal 2010 and its outlook for the first quarter and full year of fiscal 2011.
To access the conference call, dial 480-629-9772. To access the live webcast presentation, visit the Investor Relations section of the Company’s website at www.menswearhouse.com. A telephonic replay will be available through March 16, 2011 by calling 303-590-3030 and entering the access code of 4418605#, or a webcast archive will be available free on the website for approximately 90 days.

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STORE INFORMATION
                                 
    January 29, 2011   January 30, 2010
    Number   Sq. Ft.   Number   Sq. Ft.
    of Stores   (000’s)   of Stores   (000’s)
 
Men’s Wearhouse
    585       3,319.0       581       3,284.4  
Men’s Wearhouse and Tux
    388       535.7       454       623.4  
Moores, Clothing for Men
    117       737.8       117       734.6  
K&G (a)
    102       2,394.1       107       2,475.6  
 
Total
    1,192       6,986.6       1,259       7,118.0  
 
(a)   91 and 94 stores, respectively, offering women’s apparel.
Founded in 1973, Men’s Wearhouse is one of North America’s largest specialty retailers of men’s apparel with 1,192 stores. The Men’s Wearhouse, Moores and K&G stores carry a full selection of designer, brand name and private label suits, sport coats, furnishings and accessories and Men’s Wearhouse and Tux stores carry a limited selection. Tuxedo rentals are available in the Men’s Wearhouse, Moores and Men’s Wearhouse and Tux stores. Additionally, Men’s Wearhouse operates a global corporate apparel and workwear group consisting of TwinHill in the United States and Dimensions and Alexandra in the United Kingdom.
This press release contains forward-looking information. The forward-looking statements are made pursuant to the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements may be significantly impacted by various factors, including sensitivity to economic conditions and consumer confidence, possibility of limited ability to expand Men’s Wearhouse stores, possibility that certain of our expansion strategies may present greater risks, changes in foreign currency rates and other factors described in the Company’s annual report on Form 10-K for the fiscal year ended January 30, 2010 and subsequent Forms 10-Q.
For additional information on Men’s Wearhouse, please visit the Company’s website at www.menswearhouse.com. The website for Dimensions is www.dimensions.co.uk and the website for Alexandra is www.alexandra.co.uk.
###

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(MEN’S WAREHOUSE LOGO)
  THE MEN’S WEARHOUSE, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS

In thousands, except per share data
(Unaudited)
FOR THE THREE MONTHS ENDED
January 29, 2011 AND January 30, 2010

(In thousands, except per share data)
                                                         
    Three Months Ended     Variance  
            % of             % of                     Basis  
    2010     Sales     2009     Sales     Dollar     %     Points  
    (as adjusted) (a)                          
Net sales:
                                                       
Clothing product
  $ 407,953       75.25 %   $ 387,084       84.66 %   $ 20,869       5.39 %     (9.41 )
Tuxedo rental services
    38,356       7.08 %     35,380       7.74 %     2,976       8.41 %     (0.66 )
Alteration and other services
    33,343       6.15 %     31,698       6.93 %     1,645       5.19 %     (0.78 )
         
Retail segment sales
    479,652       88.48 %     454,162       99.33 %     25,490       5.61 %     (10.85 )
Corporate apparel segment sales
    62,454       11.52 %     3,056       0.67 %     59,398       1,943.65 %     10.85  
         
Total net sales
    542,106       100.00 %     457,218       100.00 %     84,888       18.57 %     0.00  
 
                                                       
Total cost of sales
    339,947       62.71 %     287,688       62.92 %     52,259       18.17 %     (0.21 )
         
 
                                                       
Gross margin (b):
                                                       
Clothing margin
    211,049       51.73 %     204,995       52.96 %     6,054       2.95 %     (1.23 )
Tuxedo margin
    33,135       86.39 %     27,967       79.05 %     5,168       18.48 %     7.34  
Alteration and other services margin
    8,325       24.97 %     7,985       25.19 %     340       4.26 %     (0.22 )
Occupancy costs
    (68,216 )     (14.22 %)     (71,644 )     (15.77 %)     3,428       4.78 %     1.55  
         
Retail segment margin
    184,293       38.42 %     169,303       37.28 %     14,990       8.85 %     1.14  
Corporate apparel segment margin
    17,866       28.61 %     227       7.43 %     17,639       7,770.48 %     21.18  
         
Gross margin
    202,159       37.29 %     169,530       37.08 %     32,629       19.25 %     0.21  
 
                                                       
         
Selling, general and administrative expenses
    225,356       41.57 %     203,818       44.58 %     21,538       10.57 %     (3.01 )
         
 
                                                       
Operating loss
    (23,197 )     (4.28 %)     (34,288 )     (7.50 %)     11,091       32.35 %     3.22  
 
                                                       
Net interest
    (367 )     (0.07 %)     (153 )     (0.03 %)     (214 )     (139.87 %)     0.03  
         
Loss before income taxes
    (23,564 )     (4.35 %)     (34,441 )     (7.53 %)     10,877       31.58 %     3.19  
 
                                                       
Benefit from income taxes
    (9,370 )     (1.73 %)     (15,688 )     (3.43 %)     6,318       40.27 %     1.70  
         
 
                                                       
Net loss including noncontrolling interest
    (14,194 )     (2.62 %)     (18,753 )     (4.10 %)     4,559       24.31 %     1.48  
 
                                                       
Less: Net loss attributable to noncontrolling interest
    (108 )     (0.02 %)           0.00 %     (108 )     100.00 %     (0.02 )
         
 
                                                       
Net loss attributable to common shareholders
  $ (14,086 )     (2.60 %)   $ (18,753 )     (4.10 %)   $ 4,667       24.89 %     1.50  
         
 
                                                       
Net loss per diluted common share attributable to common shareholders
  $ (0.27 )           $ (0.36 )                                
 
                                                   
 
                                                       
Weighted average diluted common shares outstanding:
    52,819               52,297                                  
 
                                                   
 
(a)   Results have been adjusted for the change in inventory valuation method used by our K&G brand from the retail inventory method to the average cost method during the third quarter of fiscal 2010. The cumulative effect of this change in accounting principle was recorded retrospectively as of February 1, 2009.
 
(b)   Gross margin percent of sales is calculated as a percentage of related sales.

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(MEN’S WAREHOUSE LOGO)
  THE MEN’S WEARHOUSE, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS

(Unaudited)
FOR THE TWELVE MONTHS ENDED
January 29, 2011 AND January 30, 2010

(In thousands, except per share data)
                                                         
    Twelve Months Ended     Variance  
            % of             % of                     Basis  
    2010     Sales     2009     Sales     Dollar     %     Points  
    (as adjusted) (a)                          
Net sales:
                                                       
Clothing product
  $ 1,480,492       70.41 %   $ 1,433,913       75.09 %   $ 46,579       3.25 %     (4.68 )
Tuxedo rental services
    364,269       17.32 %     334,068       17.49 %     30,201       9.04 %     (0.17 )
Alteration and other services
    131,605       6.26 %     128,121       6.71 %     3,484       2.72 %     (0.45 )
         
Retail segment sales
    1,976,366       93.99 %     1,896,102       99.29 %     80,264       4.23 %     (5.30 )
Corporate apparel segment sales
    126,298       6.01 %     13,473       0.71 %     112,825       837.42 %     5.30  
         
Total net sales
    2,102,664       100.00 %     1,909,575       100.00 %     193,089       10.11 %     0.00  
 
                                                       
Total cost of sales
    1,204,231       57.27 %     1,110,677       58.16 %     93,554       8.42 %     (0.89 )
         
 
                                                       
Gross margin (b):
                                                       
Clothing margin
    798,675       53.95 %     775,882       54.11 %     22,793       2.94 %     (0.16 )
Tuxedo margin
    308,202       84.61 %     276,651       82.81 %     31,551       11.40 %     1.80  
Alteration and other services margin
    33,479       25.44 %     33,532       26.17 %     (53 )     (0.16 %)     (0.73 )
Occupancy costs
    (276,688 )     (14.00 %)     (289,672 )     (15.28 %)     12,984       4.48 %     1.28  
         
Retail segment margin
    863,668       43.70 %     796,393       42.00 %     67,275       8.45 %     1.70  
Corporate apparel segment margin
    34,765       27.53 %     2,505       18.59 %     32,260       1,287.82 %     8.93  
         
Gross margin
    898,433       42.73 %     798,898       41.84 %     99,535       12.46 %     0.89  
 
                                                       
         
Selling, general and administrative expenses
    796,762       37.89 %     729,522       38.20 %     67,240       9.22 %     (0.31 )
         
 
                                                       
Operating income
    101,671       4.84 %     69,376       3.63 %     32,295       46.55 %     1.20  
 
                                                       
Net interest
    (1,141 )     (0.05 %)     (332 )     (0.02 %)     (809 )     (243.67 %)     0.04  
         
Earnings before income taxes
    100,530       4.78 %     69,044       3.62 %     31,486       45.60 %     1.17  
 
                                                       
Provision for income taxes
    32,852       1.56 %     22,829       1.20 %     10,023       43.90 %     0.37  
         
 
                                                       
Net earnings including noncontrolling interest
    67,678       3.22 %     46,215       2.42 %     21,463       46.44 %     0.80  
 
                                                       
Less: Net loss attributable to noncontrolling interest
    (19 )     0.00 %           0.00 %     (19 )     100.00 %     0.00  
         
 
                                                       
Net earnings attributable to common shareholders
  $ 67,697       3.22 %   $ 46,215       2.42 %   $ 21,482       46.48 %     0.80  
         
 
                                                       
Net earnings per diluted common share attributable to common shareholders (c)
  $ 1.27             $ 0.88                                  
 
                                                   
 
                                                       
Weighted average diluted common shares outstanding:
    52,853               52,280                                  
 
                                                   
 
(a)   Results have been adjusted for the change in inventory valuation method used by our K&G brand from the retail inventory method to the average cost method during the third quarter of fiscal 2010. The cumulative effect of this change in accounting principle was recorded retrospectively as of February 1, 2009.
 
(b)   Gross margin percent of sales is calculated as a percentage of related sales.
 
(c)   Calculated based on net earnings less net earnings allocated to participating securities.

Page 8


 

     
(MEN’S WAREHOUSE LOGO)
  THE MEN’S WEARHOUSE, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands)
(Unaudited)
                 
    January 29,     January 30,  
    2011     2010  
            (as adjusted) (a)  
ASSETS
               
Current assets:
               
Cash and cash equivalents
  $ 136,371     $ 186,018  
Accounts receivable, net
    60,607       16,745  
Inventories
    486,499       434,881  
Other current assets
    80,531       72,732  
 
           
Total current assets
    764,008       710,376  
 
               
Property and equipment, net
    332,611       344,746  
Tuxedo rental product, net
    89,465       102,479  
Goodwill
    87,994       59,414  
Intangible assets, net
    37,348       4,287  
Other assets
    8,892       12,850  
 
           
 
               
Total assets
  $ 1,320,318     $ 1,234,152  
 
           
 
               
LIABILITIES AND EQUITY
               
Current liabilities:
               
Accounts payable
  $ 123,881     $ 83,052  
Accrued expenses and other current liabilities
    139,640       117,047  
Income taxes payable
    3,135       23,936  
 
           
Total current liabilities
    266,656       224,035  
Long-term debt
          43,491  
Deferred taxes and other liabilities
    69,809       62,236  
 
           
 
               
Total liabilities
    336,465       329,762  
 
           
 
               
Equity:
               
Preferred stock
           
Common stock
    710       705  
Capital in excess of par
    341,663       327,742  
Retained earnings
    1,002,975       956,032  
Accumulated other comprehensive income
    38,366       32,537  
Treasury stock, at cost
    (412,761 )     (412,626 )
 
           
 
               
Total equity attributable to common shareholders
    970,953       904,390  
 
               
Noncontrolling interest
    12,900        
 
           
 
               
Total equity
    983,853       904,390  
 
           
 
               
Total liabilities and equity
  $ 1,320,318     $ 1,234,152  
 
           
 
(a)   Results have been adjusted for the change in inventory valuation method used by our K&G brand from the retail inventory method to the average cost method during the third quarter of fiscal 2010. The cumulative effect of this change in accounting principle was recorded retrospectively as of February 1, 2009.

Page 9


 

     
(MEN’S WAREHOUSE LOGO)
  THE MEN’S WEARHOUSE, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)
FOR THE TWELVE MONTHS ENDED
January 29, 2011 AND January 30, 2010

(In thousands)
                 
    Twelve Months Ended  
    2010     2009  
            (as adjusted) (a)  
CASH FLOWS FROM OPERATING ACTIVITIES:
               
 
               
Net earnings including noncontrolling interest
  $ 67,678     $ 46,215  
Non-cash adjustments to net earnings:
               
Depreciation and amortization
    75,998       86,090  
Tuxedo rental product amortization
    33,485       37,184  
Other
    28,074       3,167  
Changes in assets and liabilities
    (35,288 )     (9,501 )
 
           
 
               
Net cash provided by operating activities
    169,947       163,155  
 
           
 
               
CASH FLOWS FROM INVESTING ACTIVITIES:
               
Capital expenditures
    (58,868 )     (56,912 )
Acquisition of businesses, net of cash
    (97,786 )      
Proceeds from sales of available-for-sale investments
          19,410  
Proceeds from sales of property and equipment
    76       797  
 
           
 
               
Net cash used in investing activities
    (156,578 )     (36,705 )
 
           
 
               
CASH FLOWS FROM FINANCING ACTIVITIES:
               
Proceeds from issuance of common stock
    3,900       4,106  
Payments on revolving credit facility
          (25,000 )
Payments on Canadian term loan
    (46,738 )      
Cash dividends paid
    (19,111 )     (14,722 )
Deferred financing costs
    (1,577 )      
Tax payments related to vested deferred stock units
    (2,748 )     (1,634 )
Excess tax benefits from share-based plans
    1,107       392  
Purchase of treasury stock
    (144 )     (90 )
 
           
 
               
Net cash used in financing activities
    (65,311 )     (36,948 )
 
           
 
               
Effect of exchange rate changes
    2,295       9,104  
 
           
 
               
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS
    (49,647 )     98,606  
 
               
Balance at beginning of period
    186,018       87,412  
 
           
Balance at end of period
  $ 136,371     $ 186,018  
 
           
 
(a)   Results have been adjusted for the change in inventory valuation method used by our K&G brand from the retail inventory method to the average cost method during the third quarter of fiscal 2010. The cumulative effect of this change in accounting principle was recorded retrospectively as of February 1, 2009.

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