Casual Male 4Q earnings jump

Casual Male Retail Group Inc., which sells big and tall men's apparel, said today that its fourth-quarter profit rose sharply.

The company said it booked a big tax benefit, grew market share and raised its operating margins.

Earnings for the 14-week period ended Feb.3 jumped to $38.7 million, or $83 per share, versus $13.5 million, or 33 cents per share in the 13-week quarter ended Jan. 14, 2006.

The results included a tax benefit of $29.9 million. Excluding the special item, Casual Male said it earned 20 cents per share in the quarter.

Analysts polled by Thomson Financial forecast a profit of 20 cents per share. Thomson estimates usually exclude special items.

Revenue grew 13 percent to $146 million from $129.7 million. Analysts expected revenue of $145.7 million.

Same-store sales, or sale at stores open at least one year, grew 7.5 percent in the quarter and 9 percent for the year.

Casual Male Chief Executive David Levin said the retailer grew market share and raised its operating margins through direct sourcing initiatives, merchandising improvements and inventory management.

Annual earnings nearly tripled to $42.6 million, or 98 cents per share, from $10.8 million, or 30 cents per share during the same period a year earlier. Revenue advanced 11 percent to $467.5 million from $421.4 million. (AP)