Casual Male Q4 profit up 49.9%, adding 10 to 14 DXL superstores
Canton, Mass. -- Casual Male Retail Group reported net income of $5.3 million for its fourth quarter, up from $3.6 million in the year ago period. The retailer also said it will expand its superstore format, Destination XL, with 10 to 14 new stores due to open this year.
Sales for the quarter ended Jan. 29 were up 0.7% to $111.5 million, from $110.7 million a year ago. Same-store sales rose 2.9%.
In a statement, David Levin, president and CEO, said the company was pursuing expansion of its superstore format based on “the strong initial performance of the DXL test stores in 2010, and overwhelming positive customer feedback.”
For the full year, Casual Male’s net income more than doubled to $15.4 million from $6.1 million last year.