Shares of discount menswear retailer S&K Famous Brands
Richmond, Va.-based S&K, which can count such companies as Burlington Coat Factory
Still, S&K has to be glad it was able to get net income growing again, even if only slightly. A glance at the company's latest 10-K, filed at the end of fiscal 2003, illustrates the point: Net income has steadily fallen since fiscal 1999, while revenue has shown little correlation with store count. Gross profits and SG&A expenses, meanwhile, have fluctuated over that period.
In the end, 2003 represented an improvement over 2002 in most income statement departments. And over on the balance sheet, long-term debt is less than half what it was a year ago. Looking to more recent periods, S&K turned in impressive same-store sales growth of nearly 20% for February.
But all that is perhaps moot for S&K investors, who know their company historically relies on the fourth quarter to deliver the bulk of its profits and cash flow. News of markdowns and negative same-store sales this time around -- Men's Wearhouse reported similar problems this holiday season -- may leave a sour taste for months to come.
What's going on in men's retail? Is casual back? Talk it over on the What to Wear? discussion board.
Motley Fool contributor Dave Marino-Nachison doesn't own any of the companies in this story.