Home / Knowledge / News / Apparel/Garments / Casual Male plans to maximize DestinationXL biz
Casual Male plans to maximize DestinationXL biz
19
Mar '12
Casual Male Retail Group Inc, the largest retailer of big & tall men's apparel and accessories, reported operating results for the fourth quarter and fiscal year ended January 28, 2012 ("fiscal 2011").

Fourth Quarter Highlights (4QFY11 vs. 4QFY10)

• Comparable sales increased 0.8% and total sales of $111.5 million were flat to last year.
• Gross margin decreased 70 basis points to 44.7%.
• Net income increased to $33.5 million, or $0.70 per diluted share, from net income of $5.3 million, or $0.11 per diluted share. Included in net income are two one-time, non-cash transactions:
- The Company reversed a significant portion of its valuation allowance, which resulted in a non-recurring income tax benefit of $42.5 million, or $0.88 per diluted share.
- The Company recorded a partial, non-cash impairment charge of $23.1 million, or $0.29 per diluted share, after tax, against the "Casual Male" trademark.
• Adjusted Net Income for the fourth quarter of fiscal 2011, excluding the impact of the non-recurring tax valuation allowance and the impairment charge, was $5.0 million, or $0.10 per diluted share, compared to net income of $5.3 million, or $0.11 per diluted share, in fiscal 2010.

Fiscal 2011 Highlights (FY11 vs. FY10)

• Comparable sales increased 2.1% and total sales increased 1.0% to $397.7 million.
• Gross margin improved 40 basis points to 46.2%.
• Net income increased to $42.7 million, or $0.89 per diluted share, from $15.4 million, or $0.32 per diluted share last year.
- Includes a non-recurring income tax benefit of $42.5 million, or $0.88 per diluted share, as discussed above.
- Includes an impairment charge on the "Casual Male" trademark of $23.1 million, or $0.29 per diluted share, after tax, as discussed above.
• Adjusted Net Income for fiscal 2011, excluding the impairment charge and the non-recurring reversal of the tax valuation allowance, was $14.2 million, or $0.30 per diluted share, compared to net income of $15.4 million, or $0.32 per diluted share in fiscal 2010.
• Debt-free and cash positive at January 28, 2012, the Company has full availability of $65.8 million under its credit facility and cash on hand of $10.4 million. Cash on hand increased $6.2 million versus fiscal 2010.

Fiscal 2012 Outlook

For the fiscal year ending February 2, 2013, the Company is projecting, inclusive of the opening of an estimated 35 DestinationXL stores, earnings per share of $0.22 to $0.27, based on the following:

• Comparable sales increase of 4.7%-6.6%, primarily driven by DXL openings, and total sales of $416.5 - $423.9 million.
• Gross profit margin of 46.8% to 47.2%.
• SG&A expenses to increase by approximately 2.0-3.0% to an approximate range of $158.5 to $159.5 million on a comparable 52 week basis. As a percentage of sales, total SG&A expenses are expected to improve 30 to 70 basis points.
• Operating margin is expected to improve by between 20-110 basis points after including depreciation and amortization charges of approximately $15.4 million which includes amortization expense of approximately $1.8 million on the "Casual Male" trademark, which has a remaining estimated useful life of 7 years.


Must ReadView All

Textiles | On 26th Jul 2017

Vietnam’s textile & garment exports cross $13bn in H1

Vietnam earned $13.... billion from textile and garment exports in...

Textiles | On 26th Jul 2017

BCI releases 2016 BCI annual report

The Better Cotton Initiative (BCI), a not-for-profit organisation...

Apparel/Garments | On 25th Jul 2017

VF Corp posts $2.4 billion revenue for Q2 2017

VF Corporation has recorded revenue of $2.4 billion, up 2 per cent,...

Interviews View All

Siddharth Biyani
Mangalam Industries Pvt Ltd

‘The manufacturing sector is improving day-by-day, becoming better in...

Anavila Misra
Anavila Collection

Fashion shows are also encouraging and highlighting sustainable fashion

Awen Delaval
Samatoa

'Natural fibres are appreciated for traditional authenticity'

Silke Brand-Kirsch
Schlegel und Partner

Silke Brand-Kirsch, executive partner of Schlegel und Partner, a leading...

Paolo Ocleppo
Sandvik Hyperion

Paolo Ocleppo, Rotary Cutting Segment manager, Sandvik Hyperion discusses...

Iago Castro Asensio
RCfil Distribuciones S.L.

Iago Castro Asensio, International Business Manager of RCfil...

Bani Batra

Bani Batra’s couture wedding collection is inspired by traditional Indian...

Karan Arora
Karan Arora

Bridal couture created with rich Indian heritage, exquisite craftsmanship...

Silvia Venturini Fendi
Fendi s.r.l

"Yes, my confidence and positive attitude are my strengths and should be...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

July 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

news category


Related Categories:

Planning to Take the Leap towards
Sustainability?

Do you see sustainability as a route to business growth?

Yes No

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes No

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes No

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes No

Thanks for your valuable feedback. Claim your free latest sustainability e-book.


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search



X