Tailored Brands +17% after closing on asset sale, updating guidance [Seeking Alpha]
TAILORED BRANDS INC (TLRD)
Last tailored brands inc earnings: 3/18 04:15 pm
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ir.tailoredbrands.com
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Source: Seeking Alpha
Tailored Brands (NYSE: TLRD ) announced that it has closed on the $62M sale of its corporate apparel business to a group led by the existing corporate apparel U.K. executive team. The deal terms call for $6M of the purchase price to be deferred to Q1 of FY20. "The consummation of this transaction supports our previously stated strategy to focus on our core retail business in the U.S. and Canada while reducing debt," says Tailored Brands CEO Dinesh Lathi. The company will use cash proceeds from the transaction to reinvest in its business in accordance with the provisions of its term loan. Tailored Brands also updates on Q2 results. The company expects to report sales of $787M to $789M vs. $789M consensus and adjusted diluted EPS in the range of $0.78 to $0.80 vs. $0.65 to $0.70 prior guidance and $0.70 consensus. TLRD premarket to $5.90. Source: Press Release See all stocks on the move » Now read: DryShips takes buyout deal » Subscribe for fu
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