Casual Male Retail shares tumble to multiyear low

Shares of Casual Male Retail Group Inc. tumbled to a low Friday as broader markets sold off in afternoon trading.

The stock declined 44 cents, or 11 percent, to $3.40, rebounding from an intrasession low of $3.31. The stock has not traded at that level since March 2003.

Casual Male, which operates apparel stores primarily in North America, has seen its stock lose a quarter of its value in the year to date. Specialty retailers have been pressured as consumer scale back their discretionary spending in the face of record high oil prices.

The Canton, Mass., company reported lower first-quarter earnings in May due to weak sales, but it affirmed its 2008 guidance.