Tailored Brands Q1 sales decline by 60.4 percent

Tailored Brands, Inc. reported total retail comparable sales up 2.4 percent and all brands positive in February, however, the company said, in response to the Covid-19 pandemic, on March 17, Tailored Brands closed all stores and on March 20 it closed all e-commerce fulfilment centres in the U.S. and Canada. The company’s e-commerce fulfilment centres reopened March 31 and total first quarter e-commerce sales, including rental services, were down 31.9 percent versus the first quarter of last year. The company added that given that store sales represent the vast majority of total net sales, this represented a significant drag on total first quarter net sales, which were down 60.4 percent versus the first quarter of last year.