EPS 3rd Quarter $(0.03) versus $(0.08) last year EPS Year to Date $0.06 versus $(0.03) last year
Remote Dimmer LD-DI-12-WLCANTON, Mass., Nov. 19 /PRNewswire-FirstCall/ -- Casual Male Retail Group, Inc. , retail brand operator of Casual Male XL, Rochester Clothing, B&T Factory Direct, Living XL and Shoes XL, announced today its sales and operating results for the third quarter and first nine months of fiscal 2009.
For the third quarter of fiscal 2009, the Company reported a net loss of $1.4 million, or $(0.03) per diluted share, compared to a net loss for the third quarter of fiscal 2008 of $3.2 million, or $(0.08) per diluted share. Sales for the third quarter of fiscal 2009 decreased in total by 11.3%, and by 10.6% on a comparable basis, to $88.7 million from $100.0 million for the third quarter of fiscal 2008.
For the first nine months of fiscal 2009, net income was $2.6 million, or $0.06 per diluted share, as compared to a net loss of $1.2 million, or $(0.03) per diluted share for the first nine months of fiscal 2008. Sales for the first nine months of fiscal 2009 decreased in total by 11.4%, and by 11.8% on a comparable basis, to $284.5 million from $321.1 million for the first nine months of fiscal 2008.
Dennis Hernreich, EVP and COO/CFO, stated, "The Company has reacted well to the economic decline and the resulting 11.3% drop in top-line sales. Our profitability year to date has improved as a result of reducing our SG&A expenses by 17% and improving upon our merchandise margins. From a balance sheet perspective, we have improved our free cash flow by over $15 million, reduced our inventories by 17% and reduced our total debt by over 50%, to approximately $35 million. Our outlook for the balance of 2009 remains cautious and we are positioned to generate free cash flow for the year of $15.0 to $20.0 million, resulting in a further reduction of our total debt to under $20 million at year end."
Sales
Both our retail and direct channels experienced similar decreases during the third quarter and first nine months of fiscal 2009, contributing to our overall comparable sales decreases of 10.6% and 11.8%, respectively.
For the year-to-date period, our Casual Male business had a comparable sales decrease of 8.9%, while our Rochester business experienced a 24.6% comparable sales decrease. Similar to other luxury retailers, our Rochester division has been significantly impacted by the recession.
Gross Margin
Our third quarter gross margin rate improved by 50 basis points over the prior year third quarter. The increase was the result of a 240 basis point improvement in merchandise margin offset by a 190 basis point deleveraging of fixed occupancy costs.
For the first nine months of fiscal 2009, our gross margin rate decreased by 90 basis points compared to the first nine months of fiscal 2008, due to a 215 basis point deleveraging in fixed occupancy costs, partially offset by a 125 basis point improvement in merchandise margins. Our year-to-date merchandise margin for fiscal 2009 was negatively impacted during the first quarter by residual fourth quarter 2008 clearance merchandise.
SG&A
New Jewellery Products For the third quarter of fiscal 2009, our SG&A costs decreased $7.5 million, or 17.4% over last year and for the first nine months of fiscal 2009, SG&A costs decreased $21.6 million, or 16.7% over last year. This decrease is a result of our cost-reduction initiatives and is in line with our expectatio
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