Casual Male Retail Group Inc, the chain of apparel stores for big and tall men, has lowered its full-year earnings outlook after third quarter sales came in “below expectations” and pushed it to a loss.
The company said store traffic was down by around 6% in the quarter, which was the main reason for lower sales. The rise in same-store sales was due to higher prices in certain merchandise categories.
Although merchandise margins fell by around 20 basis points, the retailer said it continues to benefit from strong initial margins and reduced markdowns. Gross margin fell to 45% from 45.7%.
It cut its full-year earnings forecast to $0.35 to $0.38 per share, down from earlier guidance of $0.40 to $0.45 per share. Total sales are seen between $397.5 million to $402.5 million, below previous forecasts for $405-$410 million.
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