Men's Wearhouse Q2 profit rises on tux rentals, beats Street
Men's Wearhouse reported late Wednesday that profit for the quarter ended July 31 rose 7% to $42.5 million, compared with $39.5 million in the year-ago period. The clothing chain cited a double-digit jump in tuxedo rental revenue for the improvement in earnings. Revenue increased 2% to $537 million, from $526 million a year ago. Analysts expected revenue of $536 million.Tuxedo rental revenue rose 10% and accounted for more than 26% of the company's quarterly total, said Men’s Wearhouse.