Casual Male Retail Group, a specialty retailer of men's apparel, has reported a net loss of $1.4 million, or $0.03 per diluted share, for the third quarter ended October 31, 2009, compared to a net loss of $3.2 million, or $0.08 per diluted share, for the third quarter of fiscal 2008.
For the third quarter of fiscal 2009, sales decreased by 11.3% to $88.7 million from $100 million for the third quarter of fiscal 2008.
For the first nine months of fiscal 2009, sales decreased by 11.4% to $284.5 million from $321.1 million for the corresponding period of fiscal 2008. Net income was $2.6 million, or $0.06 per diluted share, compared to a net loss of $1.2 million, or $0.03 per diluted share, for the same period of fiscal 2008.
Dennis Hernreich, executive vice president, COO and CFO of Casual Male Retail Group, said: "The company has reacted well to the economic decline and the resulting 11.3% drop in top-line sales. Our profitability year to date has improved as a result of reducing our selling, general and administrative expenses by 17% and improving upon our merchandise margins.
"From a balance sheet perspective, we have improved our free cash flow by over $15 million, reduced our inventories by 17% and reduced our total debt by over 50%, to approximately $35 million. Our outlook for the balance of 2009 remains cautious and we are positioned to generate free cash flow for the year of $15 to $20 million, resulting in a further reduction of our total debt to under $20 million at year end."