Casual Male Retail Group lowers 2008 outlook
The Canton-based retailer of apparel for large-size men added that comparable sales for the 13-week period that ended Aug. 2 increased 0.3 percent when compared to the same period of the prior year.
Total sales for the second quarter of fiscal 2008 were flat at $113.5 million when compared with the second quarter of fiscal 2007, the company added, and second-quarter 2008 net income was $1.9 million, or 5 cents per diluted share, compared with net income of $2.5 million, or 6 cents per diluted share, for the comparable quarter last year, the company said.
"Despite the continued weakness in the economy and in the men's apparel business, we saw an improvement in our sales performance trends this past quarter," Casual Male president and chief executive David Levin said in a statement. "Although overall store traffic continues to be down, our conversion rates and average sales transactions are up, which indicates to us we are executing well in this difficult retail environment."
(At right, an image from the company's website shows a model sporting items from the Casual Male catalogue.)
Meanwhile, the company said it expects full-year profit to range from 22 cents to 27 cents per share, a drop from prior guidance of 25 cents to 30 cents per share. Sales are now expected to range from $470 million to $475 million, narrowed from $470 million to $480 million.
Analysts polled by Thomson Financial expect a profit of 23 cents per share on sales of $471.4 million.
Shares of Casual Male Retail Group closed at $3.89 yesterday on the Nasdaq Stock Market.
(Globe staff and AP)