The shares of Tailored Brands, Inc. (TLRD) jumped in the after-hours session on Wednesday as the company gave a business update for the first quarter.

What Happened

The men's fashion retailer said net sales fell 60.4% year-on-year to $286.7 million in the quarter ending on May 2, due to the impact of the novel coronavirus.

This is 28.2% lower than the average consensus of $399.4 million of analysts polled by FactSet, CNBC reported.

Tailored Brands posted an adjusted profit of $29.7 million.

The company noted that it began reopening its retail outlets in the United States and Canada on May 7, after shuttering them in March due to coronavirus-related lockdowns.

At press time, 44% of its stores had reopened in the two countries, it said.

According to Tailored Brands, it had $201.3 million in cash and cash equivalents, excluding $93.5 million of restricted cash, as of June 5.

The apparel company said it had asked the U.S. Securities and Exchange Commission for a 45-day extension for filing complete Q1 results.

The earnings report comes days after Bloomberg reported that Tailored Brands is considering filing for bankruptcy.

Price Action

Tailored Brands shares jumped nearly 22% higher in the after-hours session on Wednesday at $1.51. The shares had closed the regular session 12.1% lower at $1.24.