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Big and tall specialist Casual Male Retail Group Inc. got only bigger and taller in the eyes of investors last year.
Shares of the Canton, Mass.-based firm shot up 103 percent to $4.74 last year — towering over the S&P Retail Index’s 23.5 percent gain for the year and comfortably ahead of its publicly held men’s wear competitors. The stock has lost some ground in the New Year, but perked up 1.5 percent to $4.63 Wednesday.
Casual Male owes much of its success to its laser focus. The company rang up profits of $10 million on sales of $282.2 million for the first nine months of last year by catering to men who often have trouble finding the right fits — pants start with size 42 waists and tops begin at 1X.
The men’s big and tall market draws sales of $5.5 billion to $6 billion annually, according to Casual Male’s latest annual report. And the company thinks it can move its share of market to 12 percent and beyond from its current perch of 7.7 percent.
Part of its push comes in the form of Destination XL, a new superstore that puts the firm’s namesake, Rochester and Shoes XL concepts under one roof. Four Destination XL stores opened last year and make up the advance guard of what could be 75 to 100 doors by 2015.
If Wall Street likes anything, it’s a growth story.