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GOP's Chambliss jumps to early lead in Ga. Senate- Republican Sen. Saxby Chambliss jumped out to an early lead Tuesday over Democrat Jim Martin in Georgia's U.S. Senate runoff that attracted light voter turnout despite the contest's high stakes on the balance of power in Washington.
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Giants suspend Burress for rest of regular season- Super Bowl hero Plaxico Burress is done for the year. The New York Giants fined and suspended Burress on Tuesday for four games - the rest of the regular season - after he accidentally shot himself in the right thigh over the weekend at a Manhattan nightclub. The team also placed him on the reserve non-football injury list, which means the wide receiver couldn't come back for playoffs, either.
Casual Male Retail Group, Inc. Reports Sales and Operating Results for the Second Quarter and First Six Months of Fiscal 2008
CANTON, Mass.
(Map)
-
Comparable sales for the thirteen week period ended
For the second quarter of fiscal 2008, net income was
"Despite the continued weakness in the economy and in the men's apparel business, we saw an improvement in our sales performance trends this past quarter. Although overall store traffic continues to be down, our conversion rates and average sales transactions are up, which indicate to us we are executing well in this difficult retail environment," said
2008 Guidance and Highlights
The Company has revised its earnings guidance for fiscal 2008 to
Investors are invited to listen to a broadcast of the Company's conference
call to discuss its second quarter and first six months of fiscal 2008
earnings results. The conference call will broadcast live today,
During the conference call, the Company may discuss and answer questions concerning business and financial developments and trends. The Company's responses to questions, as well as other matters discussed during the conference call, may contain or constitute information that has not been disclosed previously.
Casual Male Retail Group, Inc., the largest retailer of big and tall men's
apparel with operations throughout
Certain information contained in this press release, including the
Company's expectations regarding sales and operating results for fiscal 2008,
constitutes forward-looking statements under the federal securities laws. The
discussion of forward-looking information requires management of the Company
to make certain estimates and assumptions regarding the overall retail
environment and the Company's strategic plans and the effect of such plans on
the Company's financial results. The Company's actual results and the
implementation of its plans and operations may differ materially from forward-
looking statements made by the Company. The Company encourages readers of
forward-looking information concerning the Company to refer to its prior
filings with the Securities and Exchange Commission, including without
limitation, its Annual Report on Form 10-K filed on
Forward-looking statements contained in this press release speak only as of the date of this release. Subsequent events or circumstances occurring after such date may render these statements incomplete or out of date. The Company undertakes no obligation and expressly disclaims any duty to update such statements.
CASUAL MALE RETAIL GROUP, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share data)
For the three For the six
months ended months ended
August 2, August 4, August 2, August 4,
2008 2007 2008 2007
Sales $113,475 $113,529 $221,117 $224,160
Cost of goods sold including
occupancy 62,137 60,699 121,440 120,706
Gross profit 51,338 52,830 99,677 103,454
Expenses:
Selling, general and
administrative 43,485 42,875 86,805 86,217
Depreciation and amortization 4,107 4,194 8,275 8,218
Total expenses 47,592 47,069 95,080 94,435
Operating income 3,746 5,761 4,597 9,019
Other income, net 132 138 262 275
Interest expense, net (733) (1,070) (1,554) (1,876)
Income from continuing operations
before income taxes 3,145 4,829 3,305 7,418
Provision for income taxes 1,258 1,931 1,322 2,965
Income from continuing operations 1,887 2,898 1,983 4,453
Loss from discontinued operations,
net of taxes - (425) - (854)
Net income $1,887 $2,473 $1,983 $3,599
Net income per share - basic
Income from continuing operations $0.05 $0.07 $0.05 $0.11
Loss from discontinued operations $0.00 ($0.01) $0.00 ($0.02)
Net income per share - basic $0.05 $0.06 $0.05 $0.09
Net income per share - diluted
Income from continuing operations $0.05 $0.07 $0.05 $0.10
Loss from discontinued operations $0.00 ($0.01) $0.00 ($0.02)
Net income per share - diluted $0.05 $0.06 $0.05 $0.08
Weighted-average number of common
shares outstanding:
Basic 41,405 41,606 41,398 41,899
Diluted 41,689 43,338 41,690 43,878
CASUAL MALE RETAIL GROUP, INC.
CONSOLIDATED BALANCE SHEETS
August 2, 2008 and February 2, 2008
(In thousands)
August 2, 2008 February 2, 2008
ASSETS
Cash and investments $5,643 $5,293
Inventories 112,742 117,787
Other current assets 14,647 14,316
Deferred income taxes 27,300 28,617
Property and equipment, net 60,794 62,156
Goodwill and other intangibles 99,143 95,851
Other assets 1,255 1,341
Total assets $321,524 $325,361
LIABILITIES AND STOCKHOLDERS' EQUITY
Accounts payable, accrued expenses
and other liabilities $57,367 $65,080
Notes payable 44,896 40,978
Long-term debt, net of current portion 10,013 12,450
Deferred gain, net of current portion 24,180 24,912
Stockholders' equity 185,068 181,941
Total liabilities and stockholders' equity $321,524 $325,361
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