Casual Male Retail Group (CMRG) Cuts FY11 EPS Outlook
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Casual Male Retail Group, Inc. (Nasdaq: CMRG), has revised earnings guidance for the fiscal year ending January 28, 2012. The Company expects earnings per share for fiscal 2011 to be $0.28 to $0.29 per diluted share compared to previous guidance of $0.35 to $0.38 per diluted share. The Street sees EPS of 35 cents.
For the fourth quarter and fiscal year 2011, the Company expects that comparable sales for the Company increased 0.8% and 2.1%, respectively, as compared to the comparable prior year period. As a result, sales for fiscal 2011 will approximate $397.7 million, as compared to the Company's previously reported sales range of $397.5 to $402.5 million. The Company expects the gross margin rate for fiscal 2011 to range from 46.1% to 46.2%, a decrease from its previous guidance of 46.9% to 47.3%. Operating expenses (SG&A) for fiscal 2011, which were previously expected to increase by approximately 3%, are expected to be slightly more favorable partly due to there being no management incentive bonuses since performance is below profitability targets.
For the fourth quarter of fiscal 2011, comparable sales from the Company's 16 DestinationXL® ("DXL®") stores increased 9.0% as compared to the prior year's fourth quarter. For fiscal 2012, the Company plans to open 35-40 additional DXL stores, resulting in approximately 51-56 DXL stores operating at the end of fiscal 2012, with at least one store located in most of the major metropolitan cities across the United States. At the same time, the Company expects to close approximately 60 existing stores, most of which are in connection with opening these DXL stores, resulting in an estimated store count of approximately 425 stores at the end of fiscal 2012.
For the fourth quarter and fiscal year 2011, the Company expects that comparable sales for the Company increased 0.8% and 2.1%, respectively, as compared to the comparable prior year period. As a result, sales for fiscal 2011 will approximate $397.7 million, as compared to the Company's previously reported sales range of $397.5 to $402.5 million. The Company expects the gross margin rate for fiscal 2011 to range from 46.1% to 46.2%, a decrease from its previous guidance of 46.9% to 47.3%. Operating expenses (SG&A) for fiscal 2011, which were previously expected to increase by approximately 3%, are expected to be slightly more favorable partly due to there being no management incentive bonuses since performance is below profitability targets.
For the fourth quarter of fiscal 2011, comparable sales from the Company's 16 DestinationXL® ("DXL®") stores increased 9.0% as compared to the prior year's fourth quarter. For fiscal 2012, the Company plans to open 35-40 additional DXL stores, resulting in approximately 51-56 DXL stores operating at the end of fiscal 2012, with at least one store located in most of the major metropolitan cities across the United States. At the same time, the Company expects to close approximately 60 existing stores, most of which are in connection with opening these DXL stores, resulting in an estimated store count of approximately 425 stores at the end of fiscal 2012.
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