Casual Male Reports Quarterly Loss
Canton, Mass. Casual Male Retail Group said Thursday that the company had a net loss of $3.2 million for the third quarter ended Nov. 1, compared to a net loss of $3.8 million for the third quarter of 2007.
For the fiscal third quarter, Casual Male’s total sales decreased by 5.7% to $100.0 million, compared to $106.1 million for the same time frame last year. This includes a loss of $2.0 million from discontinued operations
Same-store sales decreased 5.3% for the 13-week period.
“Casual Male is focused on managing its cash flow and maintaining a strong and liquid balance sheet. At the end of the third quarter, our inventory levels are approximately 7% lower than last year and capital expenditures have dropped by more than 40% from last year,” said Dennis Hernreich, executive VP, COO and CFO.