Casual Male Retail Group Inc, retail brand operator of Casual Male Big & Tall, Casual Male XL and Rochester Big & Tall, has announced its operating results for the fourth quarter and fiscal year ended January 28th 2006 ('fiscal 2005').
For the fourth quarter of fiscal 2005, net income was $13.5 million compared to net income of $7.9 million for the fourth quarter of fiscal 2004. Results for the fourth quarter of fiscal 2005 include a net tax benefit of $2.8 million primarily related to the reversal of a portion of the company's deferred tax valuation allowance.
For fiscal 2005, the company reported net income of $10.8 million compared to a net income of $1.5 million in fiscal 2004. Assuming a normalized tax rate of 37.5 percent and without regard to the special items noted above, earnings per share for the fiscal year 2005 was $0.16 per diluted share compared to $0.03 per diluted share for fiscal year 2004.
Dennis Hernreich, Executive VP, COO and CFO, stated, "The fourth quarter of fiscal 2005 was our most successful quarter since the acquisition of Casual Male in 2002. We believe our comparable sales increase of 7.9 percent for the fourth quarter resulted from the culmination of a number of key initiatives that we started over two years ago."
Hernreich added, "As a result of our growing profitability, the company's earnings for fiscal 2005 benefited from approximately $0.08 per diluted share as we were able to recognize a portion of thecompany's previously reserved tax assets, which had been previously written off due to prior year losses."
Casual Male Retail Group Inc, the largest retailer of big and tall men's apparel with retail operations throughout the US, Canada and London, England, operates 484 Casual Male Big & Tall and Casual Male XL stores, the Casual Male e-commerce site, Casual Male catalog business, 13 Casual Male at Sears-Canada stores, 23 Rochester Big & Tall stores and a direct to consumer business.
Casual Male Retail Group Inc
marketing@alchempro.com
