usual & poor’s on Friday downgraded men’s Wearhouse Inc.’s MW, -three.01% corporate credit rating by means of a single notch to B from B-plus, after the company mentioned sharply weaker-than-expected sales at its Jos. A. bank model. Jos. A. financial institution, which males’s Wearhouse acquired in 2014, suffered a 14.6% decline in related-store sales in its newest quarter, the company said this week. “The score action displays vital underperformance at Jos. A. financial institution and our view that a turnaround of the emblem is not going in the close to-time period and will be a gradual course of,” S&P said in a remark. The unit comprises about 25% of the workforce’s revenue base and has now started to move faraway from the heavy reductions for which it used to be recognized, a technique that’s not but resonating with customers. Shares had been down 3.7% in afternoon exchange, and have fallen 66% within the yr up to now, whereas the S&P 500 has misplaced 2%.
This entry handed through the Full-textual content RSS service – if this is your content material and you’re reading it on someone else’s website, please read the FAQ at fivefilters.org/content material-simplest/faq.php#publishers.