UPDATE: Wedbush Color on Men's Warehouse PT Increase

Wedbush, which raised its PT on shares of Men's Warehouse MW, is providing some color on the stock. “MW reported Q1 OpEPS of $0.53 (excluding ~$0.7M in one-time costs) vs. $0.26 LY, above our $0.50 estimate and management's $0.47-0.50 raised guidance driven by strong replenishment demand and strategic promotions,” Wedbush writes. “Total sales rose +22.6% to $580.4M with already reported TMW comps +10.8% vs. +2.4% LY, K&G +9.3% vs. (4.9)% LY, and +6% vs. 0.2% in Canada with tuxedo rentals +3.9% and total corporate apparel sales of $59.7M. Gross margin was flat at 42.5% as occupancy leverage was offset by lower retail clothing margins and mix of corporate apparel while SG&A improved (310) bp to 34.9%.” Men's Warehouse closed Wednesday at $30.11.