Casual Male Retail Group Inc., a Canton-based chain of apparel stores for big and tall men, said it is revising its guidance after a sluggish economy and warm-winter weather slowed traffic to its stores.
In a press release, the company said it expects earnings per share for fiscal 2011 to be $0.28 to $0.29 per diluted share compared with previous guidance of $0.35 to $0.38 per diluted share.
The company plans to report its fourth quarter and fiscal 2011 financial results on March 15.
In a statement, Casual Male president and chief executive David A. Levin said: “We experienced a negative traffic trend during the fourth quarter as a result of the sluggish economy and the unseasonable winter weather. In an effort to maintain appropriate inventory levels and improve customer traffic, we increased our promotional activity and reduced pricing on our seasonal inventory during the fourth quarter, which had a negative impact on our expected gross margin rate for fiscal 2011.”
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