Casual Male Q4 profit up on charge; plans growth of DXL concept
Canton, Mass. -- Casual Male Retail Group reported Thursday that net income for the quarter ended Jan. 28 surged to $33.5 million, from $5.3 million in the year-ago period. Without a $23 million trademark impairment charge, net income was $5 million in the quarter.
The retailer of big & tall men's apparel and accessories also reported flat fourth quarter sales of $111.5 million and a slight same-store sales increase of 0.8%.
The company said it is focused on the expansion of its streamlined DXL concept, with plans to open 35 new stores in 2012. It will close approximately 70 Casual MaleXL and two Rochester Clothing stores during the year.
After a successful test in 2011 of the smaller store format, Casual Male announced that it expects to have 150-175 DXL store locations by the end of fiscal 2015 and said it sees the potential for DXL to ultimately reach up to 250 stores, an increase of 150 stores. With the expansion of DXL will be a trimming of the larger Casual MaleXL stores. Casual Male said it expects to have 150 Casual MaleXL stores and six Rochester Clothing stores by the end of 2015.