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  • Casual Male Retail Group, Inc. Reports Sales and Operating Results for the Third Quarter and First Nine Months of Fiscal 2008

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Casual Male Retail Group, Inc. Reports Sales and Operating Results for the Third Quarter and First Nine Months of Fiscal 2008 15.6 KB


Casual Male Retail Group, Inc. Reports Sales and Operating Results for the Third Quarter and First Nine Months of Fiscal 2008

November 20, 2008 at 12:00 AM EST
Casual Male Retail Group, Inc. Reports Sales and Operating Results for the Third Quarter and First Nine Months of Fiscal 2008

Casual Male Retail Group, Inc. Reports Sales and Operating Results for the Third Quarter and First Nine Months of Fiscal 2008

CANTON, Mass., Nov. 20 /PRNewswire-FirstCall/ -- Casual Male Retail Group, Inc. (Nasdaq: CMRG), retail brand operator of Casual Male XL, Rochester Clothing, B&T Factory Direct, LivingXL and ShoesXL, announced today its sales and operating results for the third quarter and first nine months of fiscal 2008.

Comparable sales decreased 5.3% and 2.2% for the thirteen week and thirty- nine week periods ended November 1, 2008, respectively, when compared to the same periods of the prior year. For the third quarter of fiscal 2008, total sales decreased by 5.7% to $100.0 million as compared to $106.1 million for the third quarter of fiscal 2007. For the first nine months of fiscal 2008, total sales decreased 2.8% to $321.1 million as compared to $330.3 million for the same period in the prior year.

For the third quarter of fiscal 2008, the Company had a net loss of $3.2 million, or $0.08 per diluted share, compared to net loss for the third quarter of fiscal 2007 of $3.8 million, or $0.09 per diluted share. For the first nine months of fiscal 2008, the net loss was $1.2 million, or $0.03 per diluted share, as compared to a net loss of $0.2 million, or $0.01 per diluted share for the first nine months of fiscal 2007. Results for the three and nine months ended November 3, 2007 include a loss from discontinued operations of $2.0 million, or $0.05 per diluted share, and $2.8 million, or $0.07 per diluted share, respectively.

"The Company is keenly focused on managing its cash flow and maintaining a strong and liquid balance sheet. At the end of the third quarter, the Company's inventory levels are close to 7% lower than last year and its capital expenditures have dropped by more than 40% from last year. In addition, the Company has reduced its debt by $12 million from last year and is maintaining strong liquidity, which currently approximates $47 million, under our credit facility maturing in 2011. In addition, we expect significant debt reductions in the fourth quarter as well as in 2009, further strengthening our liquidity position," stated Dennis Hernreich, Executive Vice President, Chief Operating Officer and Chief Financial Officer.

2008 Guidance and Highlights

Through the second quarter of fiscal 2008, the Company provided earnings guidance for fiscal 2008. However, due to the current economic conditions and overall volatility of the markets, the Company finds it difficult to predict our traffic and sales trends with a reasonable degree of certainty to provide a revised earnings guidance, and therefore will not provide revised earnings guidance for the fourth quarter and fiscal year 2008.

Investors are invited to listen to a broadcast of the Company's conference call to discuss its third quarter and first nine months of fiscal 2008 earnings results. The conference call will broadcast live today, Thursday, November 20, 2008 at 9:00 a.m. Eastern Time at www.casualmalexl.com and then click on the investor relations icon. The call will be archived online within one hour after its completion. Participating in the call will be David Levin, President and Chief Executive Officer, and Dennis Hernreich, Executive Vice President, Chief Operating Officer and Chief Financial Officer.

During the conference call, the Company may discuss and answer questions concerning business and financial developments and trends. The Company's responses to questions, as well as other matters discussed during the conference call, may contain or constitute information that has not been disclosed previously.

Casual Male Retail Group, Inc., the largest retailer of big and tall men's apparel with operations throughout the United States, Canada and London, England, operates 473 Casual Male XL retail and outlet stores, 27 Rochester Clothing stores, and direct to consumer businesses which include several catalogs and e-commerce sites. The Company is headquartered in Canton, Massachusetts, and its common stock is listed on the NASDAQ Global Market under the symbol "CMRG."

Certain information contained in this press release constitutes forward- looking statements under the federal securities laws. The discussion of forward-looking information requires management of the Company to make certain estimates and assumptions regarding the overall retail environment and the Company's strategic plans and the effect of such plans on the Company's financial results. The Company's actual results and the implementation of its plans and operations may differ materially from forward-looking statements made by the Company. The Company encourages readers of forward-looking information concerning the Company to refer to its prior filings with the Securities and Exchange Commission, including without limitation, its Annual Report on Form 10-K filed on March 26, 2008, that set forth certain risks and uncertainties that may have an impact on future results and direction of the Company.

Forward-looking statements contained in this press release speak only as of the date of this release. Subsequent events or circumstances occurring after such date may render these statements incomplete or out of date. The Company undertakes no obligation and expressly disclaims any duty to update such statements.

                              [tables to follow]



                          CASUAL MALE RETAIL GROUP, INC.
                       CONSOLIDATED STATEMENTS OF OPERATIONS
                      (In thousands, except per share data)


                                For the three months     For the nine months
                                       ended                   ended
                               November 1, November 3, November 1, November 3,
                                  2008       2007         2008       2007


    Sales                        $100,009  $106,097    $321,126    $330,257
    Cost of goods sold
     including occupancy costs     57,796    59,567     179,236     180,273
    Gross profit                   42,213    46,530     141,890     149,984


    Expenses:
       Selling, general and
        administrative             42,742    44,002     129,547     130,219
       Depreciation and
        amortization                4,144     4,470      12,419      12,688
    Total expenses                 46,886    48,472     141,966     142,907

    Operating income (loss)        (4,673)   (1,942)        (76)      7,077

    Other income, net                 134        99         396         374
    Interest expense, net            (798)   (1,254)     (2,352)     (3,130)

    Income (loss) from
     continuing operations
     before income taxes           (5,337)   (3,097)     (2,032)      4,321
                                                              -           -
    Provision (benefit)
     for income taxes              (2,135)   (1,239)       (813)      1,726
                                                              -           -
    Income (loss) from continuing
     operations                    (3,202)   (1,858)     (1,219)      2,595
    Loss from discontinued
     operations, net of taxes         -      (1,963)        -        (2,818)

    Net income (loss)             $(3,202)  $(3,821)    $(1,219)      $(223)


    Net income (loss)
     per share - basic
      Income (loss) from
       continuing operations       ($0.08)   ($0.04)     ($0.03)      $0.06
      Loss from discontinued
       operations                   $0.00    ($0.05)      $0.00      ($0.07)
      Net income (loss)
       per share - basic           ($0.08)   ($0.09)     ($0.03)     ($0.01)

    Net income (loss)
     per share - diluted
      Income (loss) from
       continuing operations       ($0.08)   ($0.04)     ($0.03)      $0.06
      Loss from discontinued
       operations                   $0.00    ($0.05)      $0.00      ($0.07)
      Net income (loss)
       per share - diluted         ($0.08)   ($0.09)     ($0.03)     ($0.01)

    Weighted-average number
     of common shares
     outstanding:
         Basic                     41,414    41,672      41,403      41,823
         Diluted                   41,414    41,672      41,403      41,823



                         CASUAL MALE RETAIL GROUP, INC.
                            CONDENSED BALANCE SHEETS
                      November 1, 2008 and February 2, 2008
                                 (In thousands)

                                          November 1, 2008    February 2, 2008
    ASSETS

    Cash and investments                            $5,848              $5,293
    Inventories                                    130,327             117,787
    Other current assets                            14,217              14,316
    Deferred income taxes                           28,904              28,617
    Property and equipment, net                     59,436              62,156
    Goodwill and other intangibles                  99,047              95,851
    Other assets                                     1,149               1,341
      Total assets                                $338,928            $325,361

    LIABILITIES AND STOCKHOLDERS' EQUITY

    Accounts payable, accrued expenses and other
     liabilities                                   $66,980             $65,080
    Notes payable                                   57,873              40,978
    Long-term debt, net of current portion           8,794              12,450
    Deferred gain, net of current portion           23,813              24,912
    Stockholders' equity                           181,468             181,941
      Total liabilities and stockholders' equity  $338,928            $325,361

SOURCE Casual Male Retail Group, Inc.

CONTACT:
Jeff Unger, Vice President of Investor Relations of Casual Male Retail Group, Inc.
+1-561-482-9715
or
Andrew Bard of Weber Shandwick
+1-212-445-8368

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