NEW YORK — Casual Male Retail Group Inc. on Thursday posted second quarter results that reflected continued weakness in the economy.
For the three months ended Aug. 2, income fell by 23.7 percent to $1.9 million, or 5 cents a diluted share, from $2.5 million, or 6 cents, a year ago. Sales were essentially flat at $113.5 million for the current quarter and for the year-ago figure. Comparable store sales increased .3 percent.
For the six months, income dropped by 44.9 percent to $2 million, of 5 cents a diluted share, from $3.6 million, or 8 cents, in the same year-ago period. Sales dipped by 1.4 percent to $221.1 million.
“Despite the continued weakness in the economy and in the men’s apparel business, we saw an improvement in our sales performance trends this past quarter. Although overall store traffic continues to be down, our conversion rates and average sales transactions are up, which indicate to us we are executing well in this difficult retail environment,” said David Levin, president and CEO.
In a conference call, Levin noted that the company is “starting to see significant improvement” in the Rochester division with strength in men’s contemporary collections such John Varvatos, Michael Kors, and Robert Graham. “ Additionally, the stores have reintroduced Cutter & Buck after a hiatus and fall receipts “seeing solid Results,” he said.
At the Casual Male XL division, Levin singled Reebok Golf apparel, a new category for the company, as well as shorts and screen Ts as strong sellers. Core basics “continued to struggle as newness continues to perform quite well,” he said.
Levin also believes the prospects are bright for its newly launched social networking site, BoldXL, that debuted last week.
“We continue to connect with our customers through focus groups and surveys, and what we find is that the younger, specifically 18-to-30-year-old, big and tall guys are still reticent to shop where their father shops. Our surveys conveyed that 84 percent of our customers are currently engaged in social networking on the Internet and over 50 percent responded that they would be interested in a social networking venue like BoldXL. The site we have created is a combination of a social environment where big and tall man can engage in blogging about issues, such as what seats on which airlines have the most legroom, and at the same time, a retail environment that is more conducive to the buying habits of a younger customer.”
Long-term, Levin said BoldXL may “one day lead to a store concept, but there are currently no plans in that regard at this time.”
The company said it has revised its earnings guidance for fiscal 2008 to $0.22 to $0.27 per diluted share, a decrease of $0.03 per diluted share from prior guidance, based on an estimated total sales level of $470 to $475 million.
@tradesy is turning the concept of a showroom upside down with its new space in Santa Monica. Here, the company plans to hold events, art exhibits and a showcase rare fashion pieces like this Louis Vuitton boxing set. Get all the details on Tradesy’s first showroom on WWD.com. #wwdnews
Spotted last night at the @erdem x @hm launch event: Kate Bosworth, Rashida Jones, Kirsten Dunst and Selma Blair. The party, which took place in LA, also marked the opening of their pop-up shop. “I was interested in creating a collection that wasn’t in any way disposable. It was about pieces you’d create and keep forever, things that have a permanence to it,” designer Erdem Moralioglu said. #wwdeye (📷: Katie Jones)
Renee Zellweger in yellow in 2001 and again in 2017. Chosen as one of the 12 @pantone Leading Spring Colors (and dubbed “Meadowlark”), it only makes sense that the bright hue stands the test of time and is making a resurgence this season, seen already on stars like @blakelively and @gigihadid. (📷: Donato Sardello & @rexfeatures) #wwdfashion #tbt
Dior’s 70th anniversary celebration continues with a new exhibition at the Royal Ontario Museum in Toronto. “Christian Dior,” which is scheduled to run through March 18, takes a look at the founders tenure from 1947 to 1057 and feature 40 designs. Pictured here is an evening gown from the Ailée, fall 1948-49 haute couture collection. #wwdfashion (📷: Brian Boyle)
As one of the most recognizable models in the world, Christy Turlington Burns has an insider’s view of the fashion industry and the allegations of sexual harassment swirling around it. “I can say that harassment and mistreatment have always been widely known and tolerated in the industry. The industry is surrounded by predators who thrive on the constant rejection and loneliness so many of us have experiences at some point in our careers,” Turlington told WWD, along with her suggestions for how the modeling world should protect younger women and men. Read more on WWD.com. Link in bio. (📷: Tony Palmieri) #wwdnews
@asics America has tapped a new brand ambassador: famed DJ/record producer @steveaoki. This initiative is intended to set the tone for the new brand identity and philosophy and will include partnerships with influencers and in-store and off-line activations that will continue into next year. This is Asics’ most significant marketing effort in two decades, and is expected to attract younger consumers to the brand. #wwdfashion
24-year-old Jean Prounis is redefining the rules of jewelry. Formerly a studio assistant to Jemima Kirke and a design apprentice at Ghuran, she focuses on handcrafted subtleties and ancient goldsmithing techniques. “There was a really sterile feel in the environment and I wanted to have jewelry with character that shapes how you wear it everyday,” Prounis said. Each piece is hand made in New York, either by Prounis or three other jewelers in the district. #wwdfashion
“These collections continue to build on that vision, empowering differently abled adults to express themselves through fashion,” said @tommyhilfiger of his line of adaptive apparel, which launches today. The line consists of 37 men’s and 34 women’s styles based upon the pieces from the spring Tommy Hilfiger sportswear collection. #wwdnews