George Foreman KOs Casual Male's Bottom LineCasual Male Retail Group Inc. reported a net loss yesterday of $5.1 million for the first quarter of fiscal 2004, nearly double the $2.8 million it lost for the same period last year.
The knockout blow for the Canton, MA-based company resulted mainly from the $3.4 million of marketing expenses for the national launch of its George Foreman line of clothing.
Casual Male Big & Tall sales for the first quarter reached $78.1 million compared with $72.8 million last year. Comparable-store sales increased 9.2 percent. Also in the quarter, the company recorded a loss from discontinued operations of $1 million related to the acceleration of plans to close several Levis/Dockers outlet stores.
Other companies reporting results yesterday:
· Sharper Image Corp., San Francisco, said revenue increased 34 percent to $156.4 million for the first quarter ended April 30 from last year's $116.3 million. Catalog/direct marketing sales ballooned 40 percent to $45.1 million from $32.2 million last year, while Internet sales jumped 58 percent to $26.2 million from $16.6 million. Total store sales increased 26 percent to $81.4 million from $64.8 million as comparable-store sales were up 8 percent.
· Restoration Hardware Inc., Corte Madera, CA, saw an improvement regarding its net loss of $4 million for the quarter ended May 1 compared with a net loss of $5.2 million for the same period last year. Net revenue increased 21 percent to $98.9 million from $81.8 million last year. Comparable-store sales increased 9 percent. Net revenue for the direct-to-customer division skyrocketed 94 percent to $21.9 million following a 72 percent increase during the same period in the prior year.
· Nordstrom Inc., Seattle, posted net earnings of $68.7 million in the quarter that ended May 1 compared with last year's $27.2 million. Current results include $20.8 million of interest expense related to retirement of debt in the quarter. Total sales increased 16.6 percent to $1.5 billion from $1.3 billion last year. Same-store sales increased 13.2 percent.
· PETsMART Inc., Phoenix, produced net income of $35.8 million for the quarter ended May 2 compared with $24.6 million last year. Net sales reached $796.3 million compared with $695.5 million last year. Comparable-store sales grew 8.7 percent.
· The Bombay Company Inc., Fort Worth, TX, said late Wednesday that its net loss for the quarter ended May 1 more than quadrupled, reaching $5.7 million versus a loss of $1.3 million for the same period last year. Revenue reached $123.6 million compared with $119.2 million last year. However, same-store sales fell 9 percent compared with a 25 percent increase last year. The company said its Internet business generated a first-quarter sales performance that was 58 percent over last year.