Destination XL Group, Inc. Announces Holiday Sales Results; Announces Launch of Wholesale Division
January 14 2019 - 6:45AM
Destination XL Group, Inc. (NASDAQ:DXLG), the largest
omni-channel specialty retailer of big and tall men's apparel,
today announced that total sales for the 9-weeks ended January 5,
2019 increased 1.4% to $102.7 million as compared to $101.3 million
for the 9-weeks ended December 30, 2017. Comparable sales
increased 3.6% for the 9-weeks ended January 5, 2019 compared to
the 9-weeks ended January 6, 2018. The increase in comparable
sales was partially offset by a decrease of $1.6
million from the shift in calendar weeks due to the
53rd week in fiscal 2017. Based on the holiday sales results
and expectations for the remainder of the fourth quarter, the
Company is reiterating its full-year guidance as previously
disclosed.
David Levin, Acting CEO, commented, “We are pleased to report
that our sales results for the critical holiday selling season were
in line with our expectations. We experienced strong sales
increases in both our store and direct channels as our customers
continue to respond favorably to our merchandise assortment and
marketing programs.”
As part of its strategic growth plan, today the Company is also
announcing that it has launched a wholesale business unit focused
on product development and distribution relationships with key
retailers. As a result of this new model, the Company intends to
develop and distribute both private label and co-branded men’s big
and tall apparel lines.
“DXL Men’s Apparel is the industry leader in the men’s big and
tall apparel and accessories market. We believe there is an
opportunity to bring our big and tall expertise in comfort, fit and
style to leading apparel retailers who recognize the growth
potential of this dynamic market niche. This model will allow DXL
to leverage its extensive big and tall experience and industry
knowledge with its current product development infrastructure,
affording a broader market reach, including new distribution
channels and increased brand awareness beyond the current DXL
footprint,” Levin concluded.
As part of this initiative, the Company is pleased to announce
that it has been selected as the provider of men’s big and tall
sizes for the Amazon Private Brand, Amazon Essentials, which is now
available for customers on Amazon.com/AmazonEssentials/BigandTall.
In particular, the Company will provide a range of styles in sizes
2XL and above with branding that communicates “Amazon Essentials
Fit by DXL.”
The Company plans to report its actual fourth-quarter and fiscal
2018 financial results on March 22, 2019, when management also will
conduct its quarterly conference call to discuss its results for
fiscal 2018, as well as its fiscal 2019 outlook.
As previously announced, Destination XL Group, Inc. will
participate in the 2019 ICR Conference to be held at the JW
Marriott Orlando Grande Lakes in Orlando, Florida on January 14-16,
2019. Management is scheduled to present on Tuesday, January
15, 2019 at 11:00 a.m. Eastern Time. The presentation will be
hosted by David Levin, Acting Chief Executive Officer, and Peter
Stratton, Executive Vice President, Chief Financial Officer, and
Treasurer. The presentation will be available to interested parties
via a live audio webcast at http://wsw.com/webcast/icr5/dxlg/.
The presentation will be webcast live and available for replay
in the Investor Relations section of Destination XL's website
at investor.destinationxl.com.
About Destination XL Group, Inc.
Destination XL Group, Inc. is the largest retailer of men’s
apparel in sizes XL and up, with operations throughout the United
States as well as in London, England and Toronto, Canada.
Subsidiaries of Destination XL Group, Inc. operate DXL Men’s
Apparel retail and outlet stores, Rochester Clothing stores, Casual
Male XL retail and outlet stores, and an e-commerce site at
dxl.com. dxl.com offers a multi-channel solution similar to the DXL
store experience with the most extensive selection of online
products available anywhere for the XL guy. The Company is
headquartered in Canton, Massachusetts. For more information,
please visit the Company's investor relations website:
http://investor.destinationxl.com.
Forward-Looking Statements
Certain statements and information contained in this press
release constitute forward-looking statements under the federal
securities laws, including statements regarding the Company’s
expectations with respect to the impact of its new wholesale
business on market reach, including new distribution channels and
increased brand recognition, and financial results for fiscal 2018.
The discussion of forward-looking information requires management
of the Company to make certain estimates and assumptions regarding
the Company's strategic direction and the effect of such plans on
the Company's financial results. The Company's actual results may
differ materially from forward-looking statements made by the
Company. The Company encourages readers of forward-looking
information concerning the Company to refer to its filings with the
Securities and Exchange Commission, including without limitation,
its Annual Report on Form 10-K filed on March 23, 2018, that set
forth certain risks and uncertainties that may have an impact on
future results and direction of the Company, including the risks
relating to the Company’s execution of its DXL strategy and ability
to grow its market share, predict customer tastes and fashion
trends, forecast sales growth trends and compete successfully in
the United States men’s big and tall apparel market.
Forward-looking statements contained in this press release speak
only as of the date of this release. Subsequent events or
circumstances occurring after such date may render these statements
incomplete or out of date. The Company undertakes no obligation and
expressly disclaims any duty to update such statements.
Investor Contact: ICR, Inc. Tom Filandro 646-277-1200
Source: Destination XL Group, Inc.
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