Casual Male Retail Group Inc retail brand operator of Causal Male XL, Rochester Big & Tall, B&T Factory Direct, LivingXL and Jared M., announced its sales and operating results for the first quarter of fiscal 2007.
Sales for the first quarter of fiscal 2007 increased 8.2% to $111.3 million from $102.9 million for the first quarter of fiscal 2006. Comparable sales for the thirteen week period ended May 5, 2007 increased 6.2% as compared to the comparable thirteen week period of the prior year.
For the first quarter of fiscal 2007, net income was $1.1 million, or $0.03 per diluted share, compared to the first quarter of fiscal 2006 which, including a non-recurring gain of $0.02 per share, had net income of $1.4 million, or $0.04 per diluted share. Prior year results included a gain of $0.02 per diluted share from the sale of the Company's loss prevention subsidiary, LP Innovations, Inc.
During the first quarter of fiscal 2007, the Company repurchased 3.1 million shares of its common stock at an aggregate cost of $38.3 million under its $75.0 million stock repurchase program. Subsequent to the end of the first quarter, the Company has repurchased an additional 0.7 million shares for an aggregate cost of $7.6 million. Over the past twelve months, the Company has repurchased a total of 5.3 million shares of its common stock at an aggregate cost of $61.1 million. The Company has $27.0 million remaining under its 2007 stock repurchase program. The stock repurchase program has been primarily funded by borrowings from the Company's Credit Facility.