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Cost cuts help Casual Male to profit

Associated Press / March 19, 2010

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CANTON — Men’s clothing seller Casual Male Retail Group yesterday reported earning a profit in the fourth quarter as it cut costs to compensate for sales being weak.

Casual Male’s profit for the three months ended Jan. 30 was $3.6 million, or 8 cents per share.

A year earlier, it recorded a loss of $108 million, or $2.61 per share. Excluding impairment and other charges, the fourth-quarter loss a year ago was 14 cents per share.

Revenue fell 10 percent to $110.7 million from $123.1 million a year ago.

Analysts polled by Thomson Reuters expected a profit of 5 cents per share on revenue of $110.7 million, on average.

For the year, Casual Male earned $6.1 million, or 14 cents per share, compared with a loss of $109.3 million, or $2.64 per share, in fiscal 2008.

But its revenue fell 11 percent to $395.2 million from $444.2 million in fiscal 2008.

In the current fiscal year, Canton-based Casual Male expects to earn 23 cents to 26 cents per share on revenue of $385 million to $395 million.

Analysts expect earnings of 23 cents per share on revenue of $389.7 million.