US: Casual Male Q4 profits soar 22%
- Q4 net income increased 22% to $5.3m
- Sales grow 0.7% to $111.5m
- Same-store sales up 1.5%
Big and tall men's wear retailer Casual Male has reported strong profit growth for the fourth quarter, saying customer visits had recovered since the downturn.
The US company said that for the full-year period its comparable sales increased 1.5% and total sales decreased 0.4% to $393.6m.
Full-year net income increased to $15.4m, or $0.32 per diluted share, from net income of $6.1m, or $0.14 per diluted share, the year before.
David Levin, president and CEO of Casual Male, said: "With essentially a flat sales base, we were able to double our operating income to $16.2m from $8.0m last year and significantly grow earnings per share to $0.32. In 2011, we are expecting continued improvement to earnings per share in the range of $0.40-$0.45.
"We anticipate our customer visits will slowly recover from the economic downturn and produce comparable sales growth of 4.0%-4.5%, gross profit margins will remain strong and improve slightly, and SG&A will increase only modestly."
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Higher sales and better merchandise margins have helped Casual Male Retail Group Inc to a 17.2% jump in second quarter profit....
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