US: Casual Male Q2 profits edge down
Casual Male Retail Group saw second quarter profits edge down slightly as comparable store sales held steady with a 0.3% increase.
The company recorded flat second quarter sales at US$113.5m, meaning that first-half sales as a whole fell 1.4% to $221.1m.
Comparable store sales were up 0.3% on the quarter, but down 0.8% on the half. Second quarter net income fell to $1.9m from $2.5m last year.
First half net income was $2m, nearly half last year's $3.6m total.
"Despite the continued weakness in the economy and in the men's apparel business, we saw an improvement in our sales performance trends this quarter," said David Levin, president and CEO of Casual Male.
"Although overall store traffic continues to be down, our conversion rates and average sales transactions are up, which indicate to us that we are executing well in this difficult retail environment."
However, the company has revised its fiscal 2008 earnings guidance down to $0.22-0.27 per diluted share, down $0.03 on its previous guidance, and based on annual sales of $470-475m.
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