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CANTON, Mass. – Men's clothing seller Casual Male Retail Group Inc. on Thursday reported earning a profit in the fourth quarter as it cut costs to compensate for sales being weak.
Casual Male's profit for the three months that ended Jan. 30 was $3.6 million, or 8 cents per share. A year earlier, it recorded a loss of $108 million, or $2.61 per share. Excluding impairment and other charges, the fourth-quarter loss a year ago was 14 cents per share.
Revenue fell 10 percent to $110.7 million from $123.1 million a year ago.
Analysts polled by Thomson Reuters on average expected a profit of 5 cents per share on revenue of $110.7 million.
For the year, Casual Male earned $6.1 million, or 14 cents per share, compared with a loss of $109.3 million, or $2.64 per share in fiscal 2008. But its revenue fell 11 percent to $395.2 million from $444.2 million in fiscal 2008.
In the current fiscal year, Casual Male, based in Canton, Mass., expects to earn 23 cents to 26 cents per share on revenue of $385 million to $395 million.
Analysts expect earnings of 23 cents per share on revenue of $389.7 million.
Shares fell 28 cents, or 7.2 percent, to $3.63, during midday trading. The stock has traded between 27 cents and $4.20 over the past year.
