UPDATE 1-Casual Male Retail Q2 beats Wall Street; ups FY view
* Q2 EPS $0.12 vs est $0.09
* Q2 sales fall 1 pct to $97.3, beat estimates
* Sees FY EPS $0.29-$0.32 vs est $0.29
Aug 19 (Reuters) - Men's apparel retailer Casual Male Retail Group Inc's CMRG.O second-quarter profit beat Wall Street's expectations as gross margins widened, helped by tighter inventory control, and the company raised its full-year earnings outlook.
For the year, the company now expects to earn 29-32 cents a share on sales of $390-$395 million. It earlier forecast a profit of 26-29 cents a share and sales of $385-$395 million.
Analysts were expecting the company to earn 29 cents a share on sales $391 million, according to Thomson Reuters I/B/E/S.
The Canton, Massachusetts-based company also said it now expects same-store sales to range from flat to up 1 percent.
For the second quarter, the company, which makes clothing for bigger and taller men, posted earnings of $5.6 million, or 12 cents a share, compared with $3.6 million, or 9 cents, last year.
Analysts were expecting the company to earn 9 cents a share for the quarter.
Sales fell 1 percent to $97.3 million, but still outpaced analysts' expectations for sales of $95.9 million.
Same-store sales rose 0.8 percent in the quarter. Gross margins grew 180 basis points to 46.4 percent.
Amid the downturn, the company which operates the Casual Male XL, higher-end Rochester Big and Tall stores, as well as its new Destination XL format, has tightly managed costs and inventories to counter steep sales declines.
The company's shares, which have fallen 32 percent over the past three months, closed at $2.70 Wednesday on Nasdaq. (Reporting by Abhishek Takle in Bangalore; Editing by Maju Samuel)
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