Casual Male Q1 sales decline by 2.7%

23 May '08

2 min read

Casual Male Retail Group Inc retail brand operator of Casual Male XL, Rochester Clothing, B&T Factory Direct, LivingXL and ShoesXL, announced its sales and operating results for the first quarter of fiscal 2008.

Sales for the first quarter of fiscal 2008 decreased 2.7% to $107.6 million from $110.6 million for the first quarter of fiscal 2007.

Comparable sales for the thirteen week period ended May 3, 2008 decreased 2.0% when compared to the same thirteen week period of the prior year.

For the first quarter of fiscal 2008, net income was $96,000, or $0.00 per diluted share, compared to net income for the first quarter of fiscal 2007 of $1.1 million, or $0.03 per diluted share.

Results for the first quarter of fiscal 2007 include a loss from the Jared M discontinued operations of $0.4 million, or $(0.01) per diluted share.

"As we anticipated, our first quarter sales were impacted by the difficult economy and overall weakness in the men's apparel business, but we were able to maintain our merchandise margin rates and control our expenses," said David Levin, President and CEO of Casual Male.

"We are also encouraged that while store traffic was down, our conversion rate and average sales transaction at Casual Male XL improved significantly in the first quarter."

2008 Guidance and Highlights:
The Company continues to expect earnings per share for fiscal 2008 of approximately $0.25 to $0.30 per diluted share, based on an estimated total sales level of $470 to $480 million.

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