Casual Male Retail Group Inc. (CMRG) Friday said its profit for the first quarter declined, due mainly to higher expenses and tax provisions.
The Canton, Massachusetts-based company reported a first-quarter net profit of $2.27 million or $0.05 per share, compared to $4.21 million or $0.09 per share last year. On average, three analysts polled by Thomson Reuters expected the company to earn $0.05 per share for the quarter. Analysts' estimates typically exclude special items.
Total revenues for the quarter edged up to $95.91 million from $95.80 million in the prior-year quarter. Three analysts had a consensus revenue estimate of $99.62 million for the quarter.
For the quarter, comparable stores sales increased 2 percent compared to last year.
For the quarter, total expenses increased to $41.76 million from $40.17 million in the year-ago quarter. Provisions for income tax increased to $1.54 million from $471 thousand last year.
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