Mar 18, 2010
Casual Male fourth quarter profit beats market view
Mar 18, 2010
March 18 (Reuters) - Casual Male Retail Group Inc (CMRG.O) swung to a fourth-quarter profit that beat market expectations, as the men's apparel retailer tightly managed costs and inventories to offset declining sales.
For fiscal 2010, the retailer, which operates the Casual Male XL and Rochester Big and Tall Stores, forecast a profit of 23 cents to 26 cents a share, on sales in the range of $385 million to $395 million.
Analysts on average were expecting a profit of 23 cents a share on revenue of $389.7 million, according to Thomson Reuters I/B/E/S.
Casual Male posted a fourth-quarter net profit of $3.6 million, or 8 cents a share, compared with a net loss of $108.0 million, or $2.61 a share, a year earlier.
Revenue at the company, which makes clothing for bigger and taller men, slipped 10 percent to $110.7 million.
Analysts were expecting the company to earn 5 cents a share on revenue of $110.7 million.
As a result of stringent cost and inventory controls, merchandise margin improved by 890 basis points.
Shares of the Canton, Massachusetts-based company closed at $3.91 Wednesday 17 March on Nasdaq.
For the alerts, double-click (Reporting by Viraj Nair in Bangalore; Editing by Don Sebastian) (([email protected]; within U.S. +1 646 223 8780; outside U.S. +91 80 4135 5800; Reuters Messaging: [email protected]))
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