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Casual Male Retail Group, Inc. Reports First Quarter 2012 Results

CANTON, Mass. May 18, 2012 Casual Male Retail Group, Inc.

First Quarter Highlights (1QFY12 vs. 1QFY11)

  • $0.1 million $95.9 million
  • Gross margin increased 80 basis points (90 basis points in merchandise margin offset by an increase of 10 basis points in occupancy expense) to 47.7% as compared to 46.9% for the prior year.
  • Effective tax rate of 40.4% as compared to 10.1% for the first quarter of fiscal 2011 as a result of the reversal of the Company’s valuation allowance in fiscal 2011.
  • $2.3 million $0.05 $4.2 million $0.09 $0.06 $0.05

DestinationXL

the United States

Similar to the DXL stores, the Company sees significant opportunities in the growth of its direct business by combining all of its existing e-commerce sites into one enhanced website, with state-of-the-art features and best practices.  The Company recognizes the importance of "name recognition" in growing an effective DXL business, both in retail stores and direct. One of the Company’s key objectives for fiscal 2012 is to increase traffic in both stores and direct.  We expect to accomplish this objective by creating more awareness of the DestinationXL brand through the development of effective outreach programs and targeted marketing initiatives using local media as well as digital marketing.  In the first quarter, we retained a professional advertising agency to develop a DestinationXL brand strategy and a campaign for a more effective and comprehensive approach to expanding our market share.

First Quarter Results

Sales

$95.9 million $0.1 million $95.8 million

The increase in the retail business of 3.8% was the result of positive sales among all store formats, specifically the Company’s DXL stores and Casual Male XL retail stores.  While store traffic for the first quarter of fiscal 2012 was down approximately 1.6% as compared to the first quarter of fiscal 2011, it was an improvement over the fourth quarter of fiscal 2011 which was down 3.7%.  Increases in "dollars per customers" and "average unit retail" contributed to the increase in comparable sales for the quarter.

March 2012 $1.5 million

April 2012 April 2012

Gross Profit Margin

For the first quarter of fiscal 2012, gross margin rate, inclusive of occupancy costs, was 47.7% as compared to a gross margin rate of 46.9% for the first quarter of fiscal 2011.  The increase of 80 basis points was the result of increased merchandise margins for the first quarter of fiscal 2012 of 90 basis points offset by an increase of 10 basis points in occupancy costs. On a dollar basis, occupancy costs for the first quarter of fiscal 2012 increased less than 1% when compared to the first quarter of fiscal 2011.

SG&A

$1.0 million $0.8 million

Depreciation and Amortization

$0.6 million $3.1 million $3.7 million $0.5 million

Income Taxes

As a result of the Company’s valuation allowance being substantially reversed in the fourth quarter of fiscal 2011, the Company has returned to a normal tax provision for fiscal 2012.  Accordingly, for the first quarter of fiscal 2012, the effective tax rate was 40.4% compared to 10.1% for the first quarter of fiscal 2011.  The effective tax rate for the first three months of fiscal 2011 was reduced from the statutory rate due to the utilization of fully reserved NOL carryforwards.

Cash Flow

$2.0 million $3.1 million $1.1 million $5.7 million $1.2 million $(4.5) million

Balance Sheet & Liquidity

April 28, 2012 $5.9 million $71.2 million April 28, 2012

April 28, 2012 $112.2 million $104.2 million $97.6 million

Fiscal 2012 Outlook

February 2, 2013

  • $416.5 million to $423.9 million
  • Gross profit margin of 46.8% to 47.2%.
  • $6.0 million to $7.4 million $3.5 million to $5.0 million
  • Tax provision to return to a normal tax rate of approximately 40%, compared to an effective income tax rate of 10% in fiscal 2011 due to the reversal of substantially all of the Company’s valuation allowance in fiscal 2011.
  • $0.22-$0.27 $0.89 $0.19
  • $10.0 million $45.0 million $35.0 million

Non-GAAP Measures

In addition to financial measures prepared in accordance with generally accepted accounting principles (GAAP), the above discussion refers to non-GAAP adjusted diluted earnings per share ("non-GAAP" or "adjusted").  These measures should not be considered superior to or as a substitute for diluted earnings per share derived in accordance with GAAP.  The Company believes that this non-GAAP measure is useful as an additional means for investors to evaluate the Company’s operating results, when reviewed in conjunction with the Company’s GAAP financial statements. The Company believes the inclusion of this non-GAAP measure enhances an investor’s understanding of the underlying trends in the Company’s business and provide for better comparability between different periods in different years.

The above discussion also refers to free cash flow, which also is a non-GAAP measure.  The presentation of non-GAAP free cash flow is not a measure determined by GAAP and should not be considered superior to or as a substitute for net income or cash flows from operating activities or any other measure of performance derived in accordance with GAAP. In addition, all companies do not calculate non-GAAP financial measures in the same manner and, accordingly, "free cash flows" presented in this release may not be comparable to similar measures used by other companies. The Company calculates free cash flows as cash flow from operating activities less capital expenditures and less discretionary store asset acquisitions, if applicable. 

Below are tables showing the reconciliation of all GAAP measures to non-GAAP measures.


Friday, May 18, 2012 9:00 a.m. Eastern Daylight Time http://investor.casualmale.com David Levin Dennis Hernreich

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.

the United States Canada Europe www.destinationxl.com Canton, Massachusetts

March 16, 2012

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 months ended

April 28, 2012

April 30, 2011

Sales

$                       95,913

$                      95,798

Cost of goods sold including occupancy

50,176

50,832

Gross profit

45,737

44,966

Expenses:

   Selling, general and administrative

38,070

37,110

   Depreciation and amortization 

3,694

3,056

Total expenses

41,764

40,166

Operating income 

3,973

4,800

Interest expense, net

(165)

(121)

Income before income taxes

3,808

4,679

Provision for income taxes 

1,539

471

Net income 

$                         2,269

$                        4,208

Net income per share – basic and diluted

$                           0.05

$                          0.09

$                           0.05

$                          0.09

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