Men’s Wearhouse said yesterday that first-quarter profit more than doubled as it reaped better margins on sales of men’s suits.
The Houston-based men’s apparel retailer said it expects second-quarter earnings of 75 cents to 78 cents a share, compared to 75 cents last year — with comparable-store sales up by a low-single-digit percentage.
Sales rose 2 percent in the first quarter ended May 1 to $473.5 million, ahead of Wall Street’s expectations.
Yesterday, The Post reported that Men’s Wearhouse is preparing a new leg of strategic growth that includes an expansion into women’s apparel. The company is also planning a chain of outlets to compete with lower-priced rival Jos. A. Bank, sources said.
On a conference call yesterday, CEO George Zimmer said “most” of the report wasn’t accurate.
“We are not opening up a chain of women’s wear stores,” Zimmer said, declining to comment further.