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Casual Male profit falls
(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)
