Tailored Brands Remains Sharply Lower After Initial Sell-Off

(RTTNews) - Shares of Tailored Brands Inc. (TLRD) continue to see substantial weakness in afternoon trading on Thursday after gapping open sharply lower. After hitting its lowest intraday level in over a year, Tailored Brands is currently down by 29.7 percent.

The sell-off by Tailored Brands comes after the parent of apparel chains Jos. A. Bank and Men's Wearhouse reported fiscal third quarter earnings that beat estimates but weaker than expected revenues and lowered its full-year guidance.

Tailored Brands reported third quarter adjusted earnings of $1.01 per share compared to analysts estimates for $0.94 per share, although its revenues of $812.7 million came in below expectations for $820 million.

The company also reduced its full year adjusted earnings forecast to between $2.30 and $2.35 per share from prior expectations of $2.35 to $2.50 per share.