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Casual Male Retail 2008 sales decline by 4.3%
20 Mar '09
3 min read
Dennis Hernreich, EVP and COO/CFO, added, "In spite of the drop in sales of 4.3% for fiscal 2008 and 9.3% during the holiday season, the Company's inventory levels were reduced by 16%, and free cash flow improved by over $20 million from 2007. The Company's debt levels were reduced by $7 million during the year and the liquidity under our bank lines remains in excess of $30 million.
In 2009, the Company expects to generate between $10-15 million of free cash flow, despite a planned significant drop in sales, by appreciably improving merchandise margins as a result of carefully managing inventory levels, reducing SG&A by 9%, and further reducing capital expenditure levels to approximately $5 million."
In 2009, the Company expects to generate between $10-15 million of free cash flow, despite a planned significant drop in sales, by appreciably improving merchandise margins as a result of carefully managing inventory levels, reducing SG&A by 9%, and further reducing capital expenditure levels to approximately $5 million."
Casual Male Retail Group Inc
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