Casual Male profit falls
David Levin, Chief Executive Officer of Casual Male, speaks at the Reuters Consumer and Retail Summit in New York, June 20, 2006. Casual Male Retail Group Inc, which sells apparel for big and tall men, reported a 26 percent fall in second-quarter net income.
Credit: Reuters/Meredith Davenport
(Reuters) - Casual Male Retail Group Inc (CMRG.O), which sells apparel for big and tall men, reported a 26 percent fall in second-quarter net income but forecast a rise in earnings for fiscal 2007.
The operator of retail brands like Casual Male XL, Rochester Big & Tall, B&T Factory Direct, LivingXL, ShoesXL and Jared M. said it expects earnings of 45 cents to 50 cents a share for fiscal 2007, versus the 33 cents a share it posted last year.
Analysts expect the company to earn 49 cents a share, excluding items, for the year.
The Canton, Massachusetts-based company reported earnings of $2.5 million, or 6 cents a share, for the quarter, compared with $3.4 million, or 9 cents a share, in the year-ago period. The quarter's results reflected 1 cent a share of legal costs.
Sales rose 2.2 percent to $114.2 million, while same-store sales for the thirteen week period ended August 4 increased 3.9 percent.
Analysts on average were expecting the company to earn 10 cents a share, excluding items, on revenue of $119.3 million, for the quarter, according to Reuters Estimates.
(Reporting by Esha Dey in Bangalore)
