Attached files
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| 8-K - CURRENT REPORT OF MATERIAL EVENTS OR CORPORATE CHANGES - TAILORED BRANDS INC | a12-20365_18k.htm |
Exhibit 99.1
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News Release |
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Contact: |
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For Immediate Release |
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Ken Dennard, DRG&L (832) 594-4004 |
MEN’S WEARHOUSE REPORTS FISCAL 2012 SECOND QUARTER RESULTS
· Q2 2012 GAAP diluted earnings per share was $1.15 compared to per share guidance of $1.12 to $1.13
· Company provides guidance for fiscal third and fourth quarters and raises guidance for fiscal full year 2012
HOUSTON — September 5, 2012 — The Men’s Wearhouse (NYSE: MW) today announced its consolidated financial results for the fiscal second quarter ended July 28, 2012 and will file its Form 10-Q tomorrow morning, September 6, 2012.
Net earnings for the 2012 fiscal second quarter was $59.4 million, or $1.15 diluted earnings per share, compared to net earnings of $57.1 million, or $1.09 diluted earnings per share, in the same period in 2011. Last year’s second quarter adjusted diluted earnings per share was $1.11 after excluding $0.7 million ($0.5 million after tax or $0.01 per diluted share) in acquisition related integration costs and $1.0 million ($0.7 million after tax or $0.01 per diluted share) for a non-cash asset impairment charge.
Net sales for the second quarter of fiscal 2012 increased 1.0% to $662.3 million from $655.5 million for the same period a year ago, in line with expectations, and retail segment sales increased 3.2% or $18.7 million. Diluted earnings per share of $1.15 was better than the $1.12 to $1.13 guidance given on June 6, 2012 mainly as a result of a higher than planned retail segment gross margin for second quarter 2012 and a slightly lower than expected tax rate.
Doug Ewert, Men’s Wearhouse president and chief executive officer, stated, “Sales at our flagship brand Men’s Wearhouse stores, which represented approximately 65% of our total second quarter sales, were above both prior year sales and our plan for the 2012 second quarter. Comparable store sales increased 4.4% as our customers continue to respond positively to our long standing service model and our trend right men’s apparel during both promotional and non-promotional periods. In addition, our higher margin tuxedo rental revenues experienced strong U.S. comparable store sales of 4.3% in the second quarter, driven by increased unit rentals and unit rental rates as well as increased sales of tuxedo accessories.
“Moores, our retail brand in Canada, was roughly 12% of our total sales mix in the 2012 second quarter and also had a better than expected comparable store sales increase of 2.5%. Moores continues to perform well in its market,” continued Ewert. “K&G’s sales, which were roughly 14% of our total sales for the second quarter, fell below our expectations with a comparable store sales decrease of 3.3%. We continue to focus on improving K&G’s performance and in late August we rolled out our new marketing campaign featuring Blair Underwood, accomplished actor and Broadway star. We are excited about this initiative and about having an exclusive relationship to sell his BU Collection, a premier line of men’s tailored suits. Our Corporate Apparel segment, which represented 9% of our total 2012 second quarter sales, performed as planned for the quarter and is poised for a solid second half as launch dates for customer uniform programs come into effect.”
The following is a summary of net sales for second quarter and year to date fiscal 2012. The dollars shown are U.S. dollars in millions and due to rounded numbers may not sum. Comparable store sales do not include ecommerce sales and the Moores’ comparable store sales change is based on the Canadian dollar.
Second Quarter Net Sales Summary — Fiscal 2012
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Net Sales |
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Comparable Store Sales Change |
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Net Sales Change |
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Current Year |
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Current Year |
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Prior Year |
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Total Retail Segment |
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3.2 |
% |
$ |
18.7 |
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$ |
604.7 |
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Men’s Wearhouse |
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5.5 |
% |
$ |
22.5 |
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$ |
429.5 |
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4.4 |
% |
10.9 |
% |
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K&G |
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(2.7 |
)% |
$ |
(2.5 |
) |
$ |
90.0 |
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(3.3 |
)% |
5.4 |
% |
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Moores |
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(2.4 |
)% |
$ |
(2.0 |
) |
$ |
78.4 |
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2.5 |
% |
4.4 |
% |
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MW Cleaners |
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10.8 |
% |
$ |
0.7 |
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$ |
6.8 |
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Corporate Apparel Segment |
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(17.1 |
)% |
$ |
(11.9 |
) |
$ |
57.6 |
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Total Company |
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1.0 |
% |
$ |
6.8 |
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$ |
662.3 |
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Year-To-Date Net Sales Summary — Fiscal 2012
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Net Sales |
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Comparable Store Sales Change |
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Net Sales Change |
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Current Year |
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Current Year |
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Prior Year |
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Total Retail Segment |
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3.1 |
% |
$ |
34.6 |
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$ |
1,141.4 |
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Men’s Wearhouse |
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5.2 |
% |
$ |
39.3 |
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$ |
801.0 |
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4.1 |
% |
10.8 |
% |
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K&G |
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(3.1 |
)% |
$ |
(6.2 |
) |
$ |
193.1 |
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(3.7 |
)% |
7.5 |
% |
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Moores |
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0.2 |
% |
$ |
0.3 |
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$ |
133.8 |
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4.4 |
% |
5.0 |
% |
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MW Cleaners |
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9.8 |
% |
$ |
1.2 |
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$ |
13.5 |
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Corporate Apparel Segment |
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(16.8 |
)% |
$ |
(21.7 |
) |
$ |
107.5 |
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Total Company |
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1.0 |
% |
$ |
13.0 |
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$ |
1,248.9 |
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2012 FINANCIAL GUIDANCE
For the fiscal year, the Company expects GAAP diluted earnings per share in a range of $2.74 to $2.80, an increase of 15% to 18% over the prior year adjusted diluted earnings per share. Fiscal 2012 is a 53-week year with an extra week included in the fourth quarter. Diluted earnings per share from the extra week are estimated at $0.02.
For the third quarter, GAAP diluted earnings per share is expected to be in a range of $0.95 to $0.98, a 20% to 24% increase over the prior year adjusted diluted earnings per share. For the fourth quarter, GAAP diluted earnings per share is expected to be in a range of $0.12 to $0.15, a significant increase over the prior year adjusted loss per share of $0.05.
The following is a summary of guidance information. All comparable store sales growth is based on a 52-week comparable time period. Comparisons to prior year are to adjusted numbers which exclude acquisition related integration costs and a non-cash asset impairment charge.
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Guidance |
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Guidance |
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Guidance |
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FY 2012 |
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3Q FY 2012 |
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4Q FY 2012 |
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GAAP Diluted EPS |
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$2.74 to $2.80 |
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$0.95 to $0.98 |
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$0.12 to $0.15 |
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Sales |
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Total Sales Increase |
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4.8% to 5.6% |
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8.8% to 9.3% |
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11.3% to 11.8% |
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Comparable Store Sales Growth |
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MW: 63% of FY12 Total Sales |
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+4% to +5% |
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+8% to +9% |
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+3% to +4% |
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· MW Tuxedo Rental Revenues |
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+6% to +7% |
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+10% to +11% |
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+1% to +2% |
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K&G: 15% of FY12 Total Sales |
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-1% to -2% |
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-1.0% to flat |
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+1% to +2% |
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Moores: 11% of FY12 Total Sales |
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+4% to +5% |
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+7 to +8% |
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+3 to +4% |
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Corporate Apparel: 9% of FY12 Total Sales |
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-2% to -3% |
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+11% to +12% |
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+11% to +12% |
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Gross Margin |
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Change in Gross Margin as Percent of Sales |
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+0.65% to +0.75% |
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+0.15% to +0.25% |
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+0.85% to +0.95% |
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SG&A |
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Increase in SG&A |
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+4.70% to +5.45% |
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+4.35% to +5.10% |
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+5.85% to +6.60% |
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Other |
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Effective Tax Rate |
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34.4% |
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34.4% |
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30.8% |
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Weighted Average Shares (millions) |
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50.960 |
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50.810 |
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50.880 |
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Average Foreign Exchange Conversion Rates |
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· US Dollar to the Pound |
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1.568 |
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1.558 |
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1.558 |
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· US Dollar to the Canadian Dollar |
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0.998 |
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1.002 |
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1.000 |
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Dilutive Effect of Participating Securities |
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$0.03 |
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$0.01 |
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$0.00 |
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CONFERENCE CALL AND WEBCAST INFORMATION
At 9:00am Eastern time on Thursday, September 6, 2012, Company management will host a conference call and real time webcast to review fiscal second quarter 2012 results and its outlook for the fiscal third quarter, fourth quarter and full year 2012.
To access the conference call, dial 480-629-9645. 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 September 13, 2012 by calling 303-590-3030 and entering the access code of 4561672#, or a webcast archive will be available free on the website for approximately 90 days.
STORE INFORMATION
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July 28, 2012 |
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July 30, 2011 |
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January 28, 2012 |
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Number of |
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Sq. Ft. |
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Number of |
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Sq. Ft. |
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Number of |
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Sq. Ft. |
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Men’s Wearhouse |
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613 |
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3,506.3 |
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591 |
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3,364.3 |
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607 |
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3,462.7 |
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Men’s Wearhouse and Tux |
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325 |
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449.0 |
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370 |
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514.3 |
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343 |
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474.6 |
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Moores, Clothing for Men |
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117 |
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741.8 |
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117 |
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738.9 |
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117 |
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741.7 |
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K&G (a) |
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98 |
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2,326.6 |
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100 |
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2,369.9 |
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99 |
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2,351.2 |
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Total |
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1,153 |
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7,023.7 |
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1,178 |
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6,987.4 |
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1,166 |
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7,030.2 |
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(a) 92, 90 and 91 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 1,153 stores. The Men’s Wearhouse, Moores and K&G stores carry a full selection of men’s designer, brand name and private label suits, sport coats, furnishings and accessories and Men’s Wearhouse and Tux stores carry a limited selection. Most K&G stores carry a full selection of women’s apparel. 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 Twin Hill in the United States and Dimensions, Alexandra and Yaffy in the UK.
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 28, 2012 and Forms 10-Q.
For additional information on Men’s Wearhouse, please visit the Company’s websites at www.menswearhouse.com, www.kgstores.com, www.mooresclothing.com, www.twinhill.com, www.dimensions.co.uk and www.alexandra.co.uk.
THE MEN’S WEARHOUSE, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS
(Unaudited)
FOR THE THREE MONTHS ENDED
July 28, 2012 AND July 30, 2011
(In thousands, except per share data)
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Three Months Ended |
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Variance |
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% of |
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% of |
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Basis |
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2012 |
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Sales |
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2011 |
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Sales |
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Dollar |
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% |
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Points |
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Net sales: |
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Retail clothing product |
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$ |
413,024 |
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62.36 |
% |
$ |
401,789 |
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61.29 |
% |
$ |
11,235 |
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2.80 |
% |
1.07 |
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Tuxedo rental services |
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154,124 |
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23.27 |
% |
148,267 |
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22.62 |
% |
5,857 |
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3.95 |
% |
0.65 |
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Alteration and other services |
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37,540 |
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5.67 |
% |
35,978 |
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5.49 |
% |
1,562 |
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4.34 |
% |
0.18 |
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Total retail sales |
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604,688 |
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91.30 |
% |
586,034 |
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89.40 |
% |
18,654 |
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3.18 |
% |
1.90 |
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Corporate apparel clothing product sales |
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57,614 |
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8.70 |
% |
69,495 |
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10.60 |
% |
(11,881 |
) |
(17.10 |
)% |
(1.90 |
) | |||
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Total net sales |
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662,302 |
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100.00 |
% |
655,529 |
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100.00 |
% |
6,773 |
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1.03 |
% |
0.00 |
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Total cost of sales |
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342,045 |
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51.64 |
% |
346,284 |
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52.83 |
% |
(4,239 |
) |
(1.22 |
)% |
(1.18 |
) | |||
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Gross margin (a): |
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Retail clothing product |
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228,986 |
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55.44 |
% |
222,893 |
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55.48 |
% |
6,093 |
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2.73 |
% |
(0.03 |
) | |||
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Tuxedo rental services |
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132,889 |
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86.22 |
% |
128,105 |
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86.40 |
% |
4,784 |
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3.73 |
% |
(0.18 |
) | |||
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Alteration and other services |
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9,395 |
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25.03 |
% |
8,596 |
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23.89 |
% |
799 |
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9.30 |
% |
1.13 |
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Occupancy costs |
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(69,367 |
) |
(11.47 |
)% |
(68,410 |
) |
(11.67 |
)% |
(957 |
) |
(1.40 |
)% |
0.20 |
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Total retail gross margin |
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301,903 |
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49.93 |
% |
291,184 |
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49.69 |
% |
10,719 |
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3.68 |
% |
0.24 |
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Corporate apparel clothing product margin |
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18,354 |
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31.86 |
% |
18,061 |
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25.99 |
% |
293 |
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1.62 |
% |
5.87 |
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Total gross margin |
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320,257 |
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48.36 |
% |
309,245 |
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47.17 |
% |
11,012 |
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3.56 |
% |
1.18 |
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Selling, general and administrative expenses |
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228,667 |
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34.53 |
% |
220,227 |
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33.60 |
% |
8,440 |
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3.83 |
% |
0.93 |
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Operating income |
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91, 590 |
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13.83 |
% |
89,018 |
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13.58 |
% |
2,572 |
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2.89 |
% |
0.25 |
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Net interest |
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(365 |
) |
(0.06 |
)% |
(229 |
) |
(0.03 |
)% |
(136 |
) |
59.39 |
% |
(0.02 |
) | |||
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Earnings before income taxes |
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91,225 |
|
13.77 |
% |
88,789 |
|
13.54 |
% |
2,436 |
|
2.74 |
% |
0.23 |
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Provision for income taxes |
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31,655 |
|
4.78 |
% |
31,519 |
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4.81 |
% |
136 |
|
0.43 |
% |
(0.03 |
) | |||
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Net earnings including noncontrolling interest |
|
59,570 |
|
8.99 |
% |
57,270 |
|
8.74 |
% |
2,300 |
|
4.02 |
% |
0.26 |
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Net earnings attributable to noncontrolling interest |
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(177 |
) |
(0.03 |
)% |
(192 |
) |
(0.03 |
)% |
15 |
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(7.81 |
)% |
0.00 |
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Net earnings attributable to common shareholders |
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$ |
59,393 |
|
8.97 |
% |
$ |
57,078 |
|
8.71 |
% |
$ |
2,315 |
|
4.06 |
% |
0.26 |
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Net earnings per diluted common share attributable to common shareholders |
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$ |
1.15 |
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$ |
1.09 |
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Weighted average diluted common shares outstanding: |
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50,932 |
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51,792 |
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(a) Gross margin percent of sales is calculated as a percentage of related sales.
THE MEN’S WEARHOUSE, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS
(Unaudited)
FOR THE SIX MONTHS ENDED
July 28, 2012 AND July 30, 2011
(In thousands, except per share data)
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Six Months Ended |
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Variance |
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% of |
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% of |
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Basis |
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2012 |
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Sales |
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2011 |
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Sales |
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Dollar |
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% |
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Points |
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|
|
|
|
|
|
|
|
|
|
|
|
| |||
|
Net sales: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
|
Retail clothing product |
|
$ |
833,493 |
|
66.74 |
% |
$ |
812,050 |
|
65.70 |
% |
$ |
21,443 |
|
2.64 |
% |
1.03 |
|
|
Tuxedo rental services |
|
232,613 |
|
18.63 |
% |
221,408 |
|
17.91 |
% |
11,205 |
|
5.06 |
% |
0.71 |
| |||
|
Alteration and other services |
|
75,274 |
|
6.03 |
% |
73,287 |
|
5.93 |
% |
1,987 |
|
2.71 |
% |
0.10 |
| |||
|
Total retail sales |
|
1,141,380 |
|
91.39 |
% |
1,106,745 |
|
89.55 |
% |
34,635 |
|
3.13 |
% |
1.84 |
| |||
|
Corporate apparel clothing product sales |
|
107,496 |
|
8.61 |
% |
129,168 |
|
10.45 |
% |
(21,672 |
) |
(16.78 |
)% |
(1.84 |
) | |||
|
Total net sales |
|
1,248,876 |
|
100.00 |
% |
1,235,913 |
|
100.00 |
% |
12,963 |
|
1.05 |
% |
0.00 |
| |||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
|
Total cost of sales |
|
674,570 |
|
54.01 |
% |
680,035 |
|
55.02 |
% |
(5,465 |
) |
(0.80 |
)% |
(1.01 |
) | |||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
|
Gross margin (a): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
|
Retail clothing product |
|
460,849 |
|
55.29 |
% |
445,781 |
|
54.90 |
% |
15,068 |
|
3.38 |
% |
0.40 |
| |||
|
Tuxedo rental services |
|
200,365 |
|
86.14 |
% |
191,439 |
|
86.46 |
% |
8,926 |
|
4.66 |
% |
(0.33 |
) | |||
|
Alteration and other services |
|
19,571 |
|
26.00 |
% |
19,604 |
|
26.75 |
% |
(33 |
) |
(0.17 |
)% |
(0.75 |
) | |||
|
Occupancy costs |
|
(138,065 |
) |
(12.10 |
)% |
(135,581 |
) |
(12.25 |
)% |
(2,484 |
) |
(1.83 |
)% |
0.15 |
| |||
|
Total retail gross margin |
|
542,720 |
|
47.55 |
% |
521,243 |
|
47.10 |
% |
21,477 |
|
4.12 |
% |
0.45 |
| |||
|
Corporate apparel clothing product margin |
|
31,586 |
|
29.38 |
% |
34,635 |
|
26.81 |
% |
(3,049 |
) |
(8.80 |
)% |
2.57 |
| |||
|
Total gross margin |
|
574,306 |
|
45.99 |
% |
555,878 |
|
44.98 |
% |
18,428 |
|
3.32 |
% |
1.01 |
| |||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
|
Selling, general and administrative expenses |
|
441,769 |
|
35.37 |
% |
423,223 |
|
34.24 |
% |
18,546 |
|
4.38 |
% |
1.13 |
| |||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
|
Operating income |
|
132,537 |
|
10.61 |
% |
132,655 |
|
10.73 |
% |
(118 |
) |
(0.09 |
)% |
(0.12 |
) | |||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
|
Net interest |
|
(670 |
) |
(0.05 |
)% |
(497 |
) |
(0.04 |
)% |
(173 |
) |
34.81 |
% |
(0.01 |
) | |||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
|
Earnings before income taxes |
|
131,867 |
|
10.56 |
% |
132,158 |
|
10.69 |
% |
(291 |
) |
(0.22 |
)% |
(0.13 |
) | |||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
|
Provision for income taxes |
|
45,717 |
|
3.66 |
% |
47,696 |
|
3.86 |
% |
(1,979 |
) |
(4.15 |
)% |
(0.20 |
) | |||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
|
Net earnings including noncontrolling interest |
|
86,150 |
|
6.90 |
% |
84,462 |
|
6.83 |
% |
1,688 |
|
2.00 |
% |
0.06 |
| |||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
|
Net loss attributable to noncontrolling interest |
|
127 |
|
0.01 |
% |
41 |
|
0.00 |
% |
86 |
|
(209.76 |
)% |
0.01 |
| |||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
|
Net earnings attributable to common shareholders |
|
$ |
86,277 |
|
6.91 |
% |
$ |
84,503 |
|
6.84 |
% |
$ |
1,774 |
|
2.10 |
% |
0.07 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
|
Net earnings per diluted common share attributable to common shareholders |
|
$ |
1.67 |
|
|
|
$ |
1.61 |
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
|
Weighted average diluted common shares outstanding: |
|
51,084 |
|
|
|
51,994 |
|
|
|
|
|
|
|
|
| |||
(a) Gross margin percent of sales is calculated as a percentage of related sales.
THE MEN’S WEARHOUSE, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
(Unaudited)
|
|
|
July 28, |
|
July 30, |
| ||
|
|
|
2012 |
|
2011 |
| ||
|
|
|
|
|
|
| ||
|
ASSETS |
|
|
|
|
| ||
|
|
|
|
|
|
| ||
|
Current assets: |
|
|
|
|
| ||
|
Cash and cash equivalents |
|
$ |
106,399 |
|
$ |
162,301 |
|
|
Accounts receivable, net |
|
69,622 |
|
65,289 |
| ||
|
Inventories |
|
577,078 |
|
547,899 |
| ||
|
Other current assets |
|
70,786 |
|
66,087 |
| ||
|
|
|
|
|
|
| ||
|
Total current assets |
|
823,885 |
|
841,576 |
| ||
|
Property and equipment, net |
|
383,015 |
|
337,517 |
| ||
|
Tuxedo rental product, net |
|
116,586 |
|
88,786 |
| ||
|
Goodwill |
|
87,672 |
|
90,251 |
| ||
|
Intangible assets, net |
|
32,093 |
|
36,839 |
| ||
|
Other assets |
|
4,748 |
|
10,424 |
| ||
|
|
|
|
|
|
| ||
|
Total assets |
|
$ |
1,447,999 |
|
$ |
1,405,393 |
|
|
|
|
|
|
|
| ||
|
LIABILITIES AND EQUITY |
|
|
|
|
| ||
|
|
|
|
|
|
| ||
|
Current liabilities: |
|
|
|
|
| ||
|
Accounts payable |
|
$ |
119,433 |
|
$ |
130,068 |
|
|
Accrued expenses and other current liabilities |
|
161,850 |
|
151,754 |
| ||
|
Income taxes payable |
|
728 |
|
23,994 |
| ||
|
|
|
|
|
|
| ||
|
Total current liabilities |
|
282,011 |
|
305,816 |
| ||
|
|
|
|
|
|
| ||
|
Deferred taxes and other liabilities |
|
98,401 |
|
71,864 |
| ||
|
|
|
|
|
|
| ||
|
Total liabilities |
|
380,412 |
|
377,680 |
| ||
|
|
|
|
|
|
| ||
|
Equity: |
|
|
|
|
| ||
|
Preferred stock |
|
— |
|
— |
| ||
|
Common stock |
|
722 |
|
715 |
| ||
|
Capital in excess of par |
|
372,601 |
|
351,181 |
| ||
|
Retained earnings |
|
1,163,324 |
|
1,074,942 |
| ||
|
Accumulated other comprehensive income |
|
36,302 |
|
49,327 |
| ||
|
Treasury stock, at cost |
|
(517,894 |
) |
(461,760 |
) | ||
|
|
|
|
|
|
| ||
|
Total equity attributable to common shareholders |
|
1,055,055 |
|
1,014,405 |
| ||
|
|
|
|
|
|
| ||
|
Noncontrolling interest |
|
12,532 |
|
13,308 |
| ||
|
|
|
|
|
|
| ||
|
Total equity |
|
1,067,587 |
|
1,027,713 |
| ||
|
|
|
|
|
|
| ||
|
Total liabilities and equity |
|
$ |
1,447,999 |
|
$ |
1,405,393 |
|
THE MEN’S WEARHOUSE, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
FOR THE SIX MONTHS ENDED
July 28, 2012 AND July 30, 2011
(In thousands)
|
|
|
Six Months Ended |
| ||||
|
|
|
2012 |
|
2011 |
| ||
|
|
|
|
|
|
| ||
|
CASH FLOWS FROM OPERATING ACTIVITIES: |
|
|
|
|
| ||
|
|
|
|
|
|
| ||
|
Net earnings including noncontrolling interest |
|
$ |
86,150 |
|
$ |
84,462 |
|
|
Non-cash adjustments to net earnings: |
|
|
|
|
| ||
|
Depreciation and amortization |
|
41,775 |
|
37,805 |
| ||
|
Tuxedo rental product amortization |
|
17,956 |
|
17,076 |
| ||
|
Other |
|
12,790 |
|
9,751 |
| ||
|
Changes in operating assets and liabilities |
|
(50,239 |
) |
(27,078 |
) | ||
|
|
|
|
|
|
| ||
|
Net cash provided by operating activities |
|
108,432 |
|
122,016 |
| ||
|
|
|
|
|
|
| ||
|
CASH FLOWS FROM INVESTING ACTIVITIES: |
|
|
|
|
| ||
|
Capital expenditures |
|
(68,846 |
) |
(38,258 |
) | ||
|
Proceeds from sales of property and equipment |
|
14 |
|
51 |
| ||
|
|
|
|
|
|
| ||
|
Net cash used in investing activities |
|
(68,832 |
) |
(38,207 |
) | ||
|
|
|
|
|
|
| ||
|
CASH FLOWS FROM FINANCING ACTIVITIES: |
|
|
|
|
| ||
|
Proceeds from issuance of common stock |
|
3,939 |
|
4,552 |
| ||
|
Cash dividends paid |
|
(18,613 |
) |
(12,671 |
) | ||
|
Tax payments related to vested deferred stock units |
|
(4,421 |
) |
(2,955 |
) | ||
|
Excess tax benefits from share-based plans |
|
2,039 |
|
1,386 |
| ||
|
Repurchases of common stock |
|
(41,296 |
) |
(48,999 |
) | ||
|
|
|
|
|
|
| ||
|
Net cash used in financing activities |
|
(58,352 |
) |
(58,687 |
) | ||
|
|
|
|
|
|
| ||
|
Effect of exchange rate changes |
|
(155 |
) |
808 |
| ||
|
|
|
|
|
|
| ||
|
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS |
|
(18,907 |
) |
25,930 |
| ||
|
|
|
|
|
|
| ||
|
Balance at beginning of period |
|
125,306 |
|
136,371 |
| ||
|
Balance at end of period |
|
$ |
106,399 |
|
$ |
162,301 |
|