The Casual Male Retail Group, America's largest retailer of big & tall men's apparel and accessories, reported operating results for the third quarter saw net income increased to $0.3 million from a net loss of $1.4m. Comparable sales increased 3.0% and totalsales increased 1.4% to $89.9 million.
David Levin, President and CEO, stated, "CMRG's business has strengthened throughout the year with a comparable sales increase of 3% this quarter. This performance has resulted in our raising earnings expectations by almost 40% from the beginning of the year. Furthermore, we continue to be pleased with our customers' response to the DXL stores opened over the past two quarters. We are currently planning for improved business trends in 2011, including opening between 8-12 more DXL stores in locations throughout the US."
The sales improvement in the third quarter of fiscal 2010 is largely attributable to improved traffic trends. While traffic was still down 2.7% for the third quarter, it was a substantial improvement from the -6.3% to -12.7% realized in the four previous quarters. In addition, during the third quarter and first nine months of fiscal 2010, the Company's other store metrics, such as customer conversion rate and average transactions, have continually strengthened, contributing to the comparable sales increase this quarter.
Operating over 460 Casual Male XL specialty and outlet stores throughout the United States, Casual Male XL is the leading specialty retailer in the big and tall market. With the acquisition of Rochester Big & Tall Clothing stores and direct-to-consumer business, Casual Male XL has established itself as the premier operator of mid-priced and high-end apparel for the big and tall market. Our leading market position gives us considerable purchasing power, allowing us to offer our customer the finest in quality along with the widest variety of sizes and styles.
Image: Casual Male Fleece