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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
______________________________
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): May 6, 2004
0-15898
(Commission File Number)
______________________________
CASUAL MALE RETAIL GROUP, INC.
(Exact name of registrant as specified in its charter)
Delaware 04-2623104
(State of Incorporation) (IRS Employer
Identification Number)
555 Turnpike Street, Canton, Massachusetts 02021
(Address of registrant's principal executive office)
(781) 828-9300
(Registrant's telephone number)
______________________________
ITEM 7. Financial Statements, Pro Forma Financial Information and Exhibits.
(c) Exhibits
Exhibit No. Description
----------- ------------
99.1 Press Release announcing Casual Male Retail Group,
Inc.'s First Quarter Fiscal 2004 Sales.
ITEM 12. Results of Operations and Financial Condition.
On May 6, 2004, Casual Male Retail Group, Inc. (the "Company") issued
a press release announcing sales results for the first quarter of fiscal
2004, which ended on May 1, 2004. In addition, the Company announced that
it boosted its marketing spend in the first quarter by over $3.5 million
in institutional television advertising, to help establish its George Foreman
men's apparel brand. As a result, the Company disclosed that its earnings per
share for the first quarter of fiscal 2004, which will be announced on May 20,
2004, is expected to be less than the corresponding period of the prior year.
A copy of the press release is attached hereto as Exhibit 99.1 and is
incorporated by reference herein.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
CASUAL MALE RETAIL GROUP, INC.
By: /s/ Dennis R. Hernreich
---------------------------
Name: Dennis R. Hernreich
Title: Executive Vice President
and Chief Financial Officer
Date: May 11, 2004
For Information, Contact:
Company Contact:
Jeff Unger, Investor Relations
(561) 514-0115
Andrew Bard, Weber Shandwick
212-445-8368
Casual Male Announces Increase of 9.2% in Comparable Store
Sales for First Quarter Fiscal 2004
CANTON, Mass., May 6, 2004 -- Casual Male Retail Group, Inc.
(NASDAQ/NMS: "CMRG" -), retail brand operator of Casual Male Big &
Tall, the exclusive retailer of the Comfort Zone by George Foreman(R),
GF Sport by George Foreman(R), and Signature Collection by
George Foreman(R), today announced its sales results for the
first quarter ended May 1, 2004.
Casual Male Big & Tall sales for the first quarter of fiscal 2004 were
approximately $78.2 million compared to the prior year's first quarter
of $72.8 million. Comparable store sales for the first quarter of
fiscal 2004 increased 9.2%. CMRG's sales for its Other Branded Apparel
Businesses, including its Levi's(R)/Dockers(R) Outlet stores and Ecko
Unltd.(R) outlet and retail stores for the first quarter of fiscal 2004
were approximately $25.7 million compared to the prior year of $19.5
million. These results exclude sales of $0.8 million for the first
quarter fiscal 2004, from 3 stores which closed during first quarter
of fiscal 2004. Similarly,first quarter results for fiscal 2003,
exclude sales of approximately $7.7 million for the 27 stores that
have closed since the beginning of fiscal 2003. Operating results
for closed stores are treated as discontinued operations and
therefore excluded from continuing operations.
"Casual Male's strong sales performance in the first quarter was a
direct result of the national launch of the Comfort Zone by George
Foreman(R) line of clothing. We are proud to report that the line has
been selling extremely well, representing approximately 12% of Casual
Male sales in the first quarter, significantly outselling its
predecessor private label versions by as much as 50%. Although tested
in only 60 stores this spring, our premium line, the Signature
Collection by George Foreman(R) is performing well beyond our
expectations and we therefore, plan to expand the number of stores
offering this assortment to 150 stores in the Fall. We are
aggressively expanding all three George Foreman lines of clothing for
Fall 04," stated David A. Levin, President and Chief Executive Officer
of CMRG, "Most importantly we saw improvement in sales across all areas
of our business due to the many new merchandising initiatives we rolled
out. Key improvements in areas such as the addition of suit separates
in all stores, size extensions and key item purchases, have all helped
to have positive impact on improving our total sales overall. We had a
terrific quarter, and look forward to continued positive performance
throughout the remainder of '04."
Dennis R. Hernreich, Executive Vice President and COO/CFO of CMRG,
added, "To support the national launch of the George Foreman line of
clothing, Casual Male boosted its marketing spend in the first quarter
by over $3.5 million in institutional television advertising. This
advertising investment in the first quarter was necessary to help
establish the George Foreman men's apparel brand and is expected to
generate significant increases in Casual Male's sales and market share
over the long term, but with little benefit in the first quarter.
Therefore, while Casual Male's gross margin rates are within our
planned expectations, earnings per share in the first quarter will be
less than last year".
CMRG will conduct a conference call to discuss its first quarter
earnings results on Thursday, May 20, 2004 at 11:00 a.m. Eastern Time
at www.casualmale.com/investor. The call will be archived online within
one hour after its completion. Participating in the call will be
Seymour Holtzman, Chairman; David Levin, President and Chief Executive
Officer and Dennis Hernreich, Executive Vice President, Chief Operating
Officer and Chief Financial Officer.
CMRG, the largest retailer of big and tall men's apparel, operates 487
Casual Male Big & Tall stores, the Casual Male e-commerce site, Casual
Male catalog business, 55 Levi's(R) Outlet by Designs and Dockers(R) Outlet
by Designs stores and 25 Ecko Unltd(R) outlet and retail stores located
throughout the United States and Puerto Rico. The Company is
headquartered in Canton, Massachusetts and its common stock is listed
on the Nasdaq National Market under the symbol "CMRG."
The discussion of forward-looking information requires management of
the Company to make certain estimates and assumptions regarding the
Company's strategic direction 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 that
set forth certain risks and uncertainties that may have an impact on
future results and direction of the Company. The Company does not
report on its progress during a quarter until after the quarter has
been completed and its results have been appropriately disclosed.
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