CMRG's Rochester division significantly impacted by recession

24 Mar '10

2 min read

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 30, 2010.

Fourth Quarter Highlights (4QFY09 vs. 4QFY08)

• Comparable store sales decreased 8.2% and total sales decreased 10.1% to $110.7 million
• Gross margin improved 760 basis points to 46.4%
• Net income increased to $3.6 million, or $0.08 per diluted share, from a net loss of $108.0 million, or $(2.61) per diluted share. Excluding non-cash charges, primarily related to impairment charges, the non-GAAP adjusted net loss was $6.0 million, or $(0.14) per diluted share, in the fourth quarter of fiscal 2008

Fiscal 2009 Highlights (FY09 vs. FY08)

• Comparable store sales decreased 10.8% and total sales decreased 11.0% to $395.2 million
• Gross margin improved 150 basis points to 44.2%
• Net income increased to $6.1 million, or $0.14 per diluted share, from a net loss of $109.3 million, or $(2.64) per diluted share. Excluding non-cash charges, the non-GAAP adjusted net loss was $7.3 million, or $(0.18) per diluted share, in fiscal 2008
• Free cash flow, a non-GAAP measure, increased to $26.2 million from $7.6 million and total debt declined to $11.1 million from $51.2 million

David Levin, President and CEO, stated, "We are pleased with our fourth quarter and fiscal 2009 results. Despite lower sales volumes related to the challenging macro environment, we dramatically improved our profitability and cash flow by aggressively managing inventory and expenses. As a result, we improved our merchandise margin by 890 basis points in the fourth quarter, reduced our bank debt 78% to $11 million and generated $26 million in free cash flow in fiscal 2009. Looking ahead, we believe we are well positioned to continue expanding profitability through leveraging improving sales trends and the development of our new Destination XL store concept."

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Casual Male Retail Group Inc

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