US: Casual Male swings into Q3 profit
Casual Male Retail Group, a retailer of big & tall men's apparel and accessories, has announced its net income increased to $0.3m in the third quarter, from a net loss of $1.4m last year.
Its same-store sales increased 3.0% and total sales increased 1.4% to $89.9m. Gross margin increased 300 basis points to 45.7%, Casual Male said.
David Levin, president and CEO of Casual Male, said: "CMRG's business has strengthened throughout the year with a comparable sales increase of 3% this quarter. This performance has resulted in our raising earnings expectations by almost 40% from the beginning of the year.
"Furthermore, we continue to be pleased with our customers' response to the DXL stores opened over the past two quarters. We are currently planning for improved business trends in 2011, including opening between 8-12 more DXL stores in locations throughout the US."
Click here to view the company's full financial statement.
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....
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