Casual Male XL and Rochester net income shows huge growth

By Adam Lyons in : News // May 24 2010

CANTON — Casual Male Retail Group said its first-quarter net income climbed more than tenfold.

The owner of Casual Male XL and Rochester stores had net income of $4.2 million, or 9 cents per share, for the three months ended May 4. That’s up from last year’s net income of $336,000, or a penny per share.

Revenue slipped nearly 3 percent, to $95 million.

Analysts surveyed by Thomson Reuters expected the retailer to earn 6 cents per share, with revenue of $94.2 million.

Revenue from locations open at least a year slipped 0.7 percent. That’s a key measure for retailers because it tracks sales in established locations instead of newly opened ones.

Chief executive David Levin said the results were driven in part by better sales in established locations and cost controls.

The retailer boosted its full-year profit outlook, saying it expected to earn between 26 and 29 cents per share, up from its previous estimate of between 23 and 26 cents.

Its shares climbed 7 cents, or 2 percent, to close at $3.61.

SOURCE: http://www.boston.com/business/articles/2010/05/21/casual_males_income_grows_tenfold/