Tailored Brands Inc. shares turned lower late Wednesday after the company, the parent of men's apparel retailer Jos. A. Banks, Men's Wearhouse, and others, reported fiscal first-quarter per-share earnings well above Wall Street expectations but missed revenue forecasts. Tailored Brands said it earned $1.8 million, or 4 cents a share, in the quarter, compared with $1.6 million, or 3 cents a share, for the same quarter last year. Adjusted for one-time items, the company earned $13.1 million, or 27 cents a share, compared with $13.9 million, or 29 cents a share, a year ago. Sales reached $782.9 million, down 5% from a year ago. Analysts polled by FactSet had expected the company to report adjusted earnings of 19 cents a share on sales of $793 million. The agreement with Macy's Inc. to wind down a tuxedo rental partnership "eliminates the risk of extended future operating losses and enables us to focus on our rental business at Men's Wearhouse, Jos. A. Bank and Moores," the company said in a statement. The company reaffirmed the EPS outlook for fiscal 2017 it had provided last month, forecasting earnings between $1.37 and $1.67 a share for the year. As previously announced, all 170 tuxedo shops at Macy's will be closed in the second quarter, the company said. The shares ended the regular session up 5.8%.
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