Men's Wearhouse Stock Tumbles Toward 6 1/2-year Low After Dismal Jos. A. Bank Performance

Men's Wearhouse Inc.'s stock plunged 19% in premarket trade toward a 6 1/2-year low, following the dismal performance and outlook for the apparel retailer's Jos. A Bank business. The company said late Wednesday that same-store sales at its Jos. A. Bank stores dropped 14.6% during the quarter ended Oct. 31, and had tumbled 35.1% quarter-to-date through the first week of December, while its other brands' average same-store sales were up 5.5%. Analyst Richard Jaffe at Stifel Nicolaus downgraded the stock to hold from buy, saying "the turnaround [at Jos. A. Bank] will likely be prolonged." The stock was trading at $14.82 ahead of the open, the lowest price seen during regular trading hours since May 13, 2009. Since June 18, 2014, when Men's Wearhouse had completed the acquisition of Jos. A. Bank, the stock has tumbled 67%, while the S&P 500 has gained 4.6%.