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Men's Wearhouse Kicks Off Suit Drive

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  • Description

    Men's Wearhouse CEO Doug Ewert weighs in on the state of the retail industry.

  • Duration 3:56
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To -- and we always say thank you lady all right job prospects don't look good.

For the month of June with twelve point seven million Americans unemployed -- warehouses kick out -- fifth annual national sit drive.

And it helping unemployed men's suit up and put their best foot forward in the job interviews they're gonna hopefully get -- -- -- -- the CEO -- warehousing.

-- has been on that I don't a couple of the -- at first about the hiring situation you've got 900 stores across the country right now.

Look clear forward guidance for the next couple of quarters -- look at -- growth are you yourself.

Going to be hiring more Americans.

Yes -- we we hire every year particularly going into the summer months to to fund and two.

To help our tuxedo business where the largest -- zero operator in North America and we were we're heading into the wedding season right now so this is a big higher fees for us.

OK so you're getting -- thing that's good for a let's talk about that's good for shareholders but what is good for for men right now that are unemployed that may be need.

To kind of suit up what is this program that you're doing and why -- -- running around in their boxers in eleven cities across America aren't.

Well -- starting tomorrow we're kicking off our fifth annual -- drive in fact I'm gonna start with the suit I'm wearing today.

-- and actually all through the month of July we invite men to come -- to anyone of -- 900 stores throughout -- the United States.

And donated gently used -- will give them up 50% off discount to replace that garment.

And we work with.

200 nonprofit partners throughout the United States.

So that when you donate a storm one of our stores you can be assured that it's gonna get back into the community that you -- that you live in.

And with these partners we we help men that are trying to work the -- back into the job market look their best.

Our and other Tyler -- been working with you Don Lara cats and reactors that for the -- earnings and things that you.

Was about these commercials that George -- the founder of Men's Wearhouse is famous for being -- that you are famous for -- in the commercials now.

That he was for -- the company back in the day.

-- a lot of money on this campaign frankly are you reaping the rewards when it comes to sales.

I believe we are Cheryl you know -- over the years are come are -- businesses tracked fairly closely to jobs but last year.

We enjoyed record -- sales we sold over three million suits throughout North America and rented over three million tuxedos.

Our outlook for this year shows a growth of roughly 17%.

-- on earnings and it's being driven by an intense value proposition.

And this modern fit.

Fashion cycle that we're in there's a fundamental silhouettes changes in men's apparel that's.

That stimulating -- to update their wardrobes it's a slimming of the suit that's a slimming of the shirts and the ties.

And this television campaign I think does a great job.

In establishing Men's Wearhouse is a great place for men who want to update their wardrobes -- I know I mean he -- seen George -- all these other men and there you know there there aviators look at all hot that's great but you know that the stock itself is -- about 13% over the last year cut surprising.

Considering again the money they're spending on marketing advertising.

And and and the fact that the consumer probably would be going for -- so what's going on here.

Well Cheryl.

We we're disappointed in our share price right now we do not think that there's been any fundamental change in our business outlook.

-- our year to date business indicates that that we fully support our our earnings projection growth of of roughly 17% this year on top of a 70% earnings growth.

In the previous year there were some timing shifts in art and some of our businesses in the first quarter that caused us to miss our first quarter earnings by about a penny.

But we think that this is fundamentally an over reaction.

All right Doug he -- it was great to talk to love -- -- -- -- the earnings come mount.

CE OMS warehouse I thank you very much.

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