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Casual Male hurt by tax hike

Casual Male Retail Group Inc.’s first-quarter net income dropped 45 percent, hurt by a higher tax rate. The men’s clothing and accessories company said Friday it earned $2.3 million, or 5 cents per share. That’s down from $4.2 million, or 9 cents per share, a year ago. Analysts epected 6 cents. Casual Male’s tax rate jumped to 40.4 percent from 10.1 percent due to the reversal of a valuation allowance in fiscal 2011. Revenue edged up slightly to $95.9 million.

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