Casual Male Retail Group Inc, retail brand operator of Casual Male XL and Rochester Big & Tall, announced its operating results for the second quarter and first six months of fiscal 2006.
For the second quarter of fiscal 2006, net income was $3.4 million, or $0.09 per diluted share, compared to net income of $2.0 million, or $0.06 per diluted share, for the second quarter of fiscal 2005. Last year's net income would have been $0.04 per diluted share after adjusting for income taxes at a normalized tax rate.
For the first six months of fiscal 2006, net income was $4.8 million, or $0.13 per diluted share, compared to net income of $139,000, or $0.00 per diluted share, for the first six months of fiscal 2005. Results for the first six months of fiscal 2006 include a gain of $0.02 per diluted share from the sale of the company's loss prevention subsidiary, LP Innovations Inc in April 2006.
Dennis Hernreich, Executive VP, COO and CFO, said, "The company's operating income during the first six months of 2006 has more than doubled to $9.3 million from $4.2 million a year ago and the overall results are exceeding management's expectations for 2006. The company's strong comparable sales performance and gross margin improvement are consistent with Casual Male's strategic initiatives to drive operating margin performance."
Casual Male Retail Group Inc, the largest retailer of big and tall men's apparel with retail operations throughout the United States, Canada and London, England, operates 484 Casual Male XL stores, the Casual Male e-commerce site, Casual Male catalog business, 12 Casual Male at Sears-Canada stores and 24 Rochester Big & Tall stores and a direct to consumer business.
Casual Male Retail Group Inc
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