Casual Male posts earnings, talks up Destination XL
Casual Male Retail Group Inc., a Canton-based haberdasher that specializes in clothing for big and tall men, said its fourth-quarter net income increased to $3.6 million from a net loss of $108.0 million a year ago even as total sales decreased by 10.1 percent.
Company president and chief executive David Levin said in a statement, "Despite lower sales volumes related to the challenging macro environment, we dramatically improved our profitability and cash flow by aggressively managing inventory and expenses."
A company press release also expressed high hopes for a new Destination XL store concept. The company had been experimenting with a hybrid that combined elements of the store formats for its Casual Male XL and Rochester Clothing brands.
Based on that success, Casual Male said it now plans to build on that test with Destination XL, which it describes as a "superstore" that will initially open in locations with about 11,000-square-feet of space. The company said it is planning to open five Destination XL prototype stores during fiscal 2010.
Full-year net income increased to $6.1 million from a net loss of $109.3 million, and total sales dropped 11 percent to $395.2 million. For fiscal 2010, the company is projecting total sales of between $385 million and $395 million.
The image that appears with this post was taken from the company's website.