Men's Wearhouse Shares Fall More Than 20% After Outlook Slashed

Men's Wearhouse Inc. shares dropped in the extended session Thursday after the menswear retailer slashed its outlook for the third quarter and the year. Men's Wearhouse shares fell 21% to $31.80 after the company blamed sales weakness at Jos. A. Bank, which it acquired last year. The company now forecasts adjusted third-quarter earnings between 46 cents and 51 cents a share, down from its previous forecast of 87 cents a share. For the year, Men's Wearhouse expects adjusted earnings of $1.75 to $2 a share, down from its previous outlook of $2.70 to $2.90 a share. Analysts surveyed by FactSet had estimated 99 cents a share for the third quarter, and $2.78 a share for the year.