What happened

Shares of Tailored Brands (NYSE:TLRD) were heading lower today after the menswear retailer slashed its fourth-quarter guidance ahead of the ICR conference this week. The company said performance at Jos. A. Bank was weaker than expected, and cut its earnings guidance for the quarter. As a result, the stock was trading down 13.4% as of 11:43 a.m. EST.

So what 

The retailer, which also owns Men's Wearhouse and other brands, said comparable sales at Jos. A. Bank were strong through November and early December, but slowed during the third and fourth quarters of the key shopping month. Consequently, the company said it now expected comparable sales at that banner to be flat for the quarter, down from a previous forecast of low-single-digit growth. Management also cut its bottom-line guidance for the quarter to an adjusted loss per share of $0.34 to $0.29, down from a previous range of $0.29 to $0.24.

A man adjusting the sleeve on a suit.

Image source: Getty Images.

Separately, Tailored Brands said it continued to expect Men's Wearhouse comps to fall by the low single digits, while Moore's comps were set to rise by low single digits, and K&G's to be up by flat-to-low single digits.

Now what

Given the cut in comparable sales and earnings guidance, it's not surprising to see the stock sliding today. Unlike with most apparel retailers, the fourth quarter is a seasonally weak one for Tailored Brands, as the company specializes in men's suits and dress clothes, so the guidance cut is perhaps less concerning than it would be during a strong quarter. Tailored also cut its full-year earnings-per-share guidance by $0.05 to between $2.25 and $2.30, but that gives the stock a P/E under 6 after today's slide, making it look exceptionally cheap for a retailer that has found some stability and is consistently profitable. Considering that low price and a dividend yield of 5.7%, today's sell-off may be a buying opportunity.

Jeremy Bowman has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.