Casual Male net income slides; to speed rollout of DestinationXL
Canton, Mass. -- Casual Male Retail Group said Friday that second-quarter profit dropped to $1.2 million, from $6.6 million in the year-ago period. Total sales were flat at $100.5 million, and same-store sales edged up 2%.
However, continuing strength from the DestinationXL stores vs. the Casual Male XL locations is prompting the company to focus on growing the former.
“We are accelerating our roll-out strategy and more aggressively opening DXL stores and closing our traditional Casual Male XL locations," said president and CEO David Levin. "We now plan to complete our roll out of 225 to 250 DXL stores by the end of fiscal 2015. To support the transition to DXL, we are undergoing a paradigm shift in our approach to improve awareness of DXL and fully capitalize on the concept.”
In 2012 so far, Casual Male has open 13 new DXL stores and said it is on track to have 51 DXL stores operating by year end.