Casual Male Retail Group Lowers 2011 EPS Guidance

Casual Male Retail Group, Inc.

, the largest retailer of big & tall men's apparel and accessories, today announced 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. 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.