Higher traffic lifts Casual Male results
CANTON — Casual Male Retail Group said yesterday that it bounced back from last year’s third-quarter loss as higher customer traffic helped lift the clothing retailer’s sales and it recorded lower store occupancy and merchandise costs.
The company reported net income of $300,000, or a penny a share, for the three months ended Oct. 30. That compares with a loss of $1.4 million, or 3 cents a share, in the same period last year.
Revenue edged up 1.4 percent to $89.9 million.
The company’s cost of goods sold, which includes store occupancy expenses, decreased to $48.8 million from $50.8 million.
Casual Male said revenue at stores open at least a year grew 3 percent. That’s considered an important measurement of retailer health because it excludes results from stores that have opened or closed in the most recent 12 months.
Management said it is planning for improved business trends next year and intends to open between eight and 12 more of its DXL stores in the United States.
The company raised its fiscal 2011 profit forecast, saying it now expects earnings per share will range from 32 cents to 34 cents.