Destination XL Group, Inc. Announces Holiday Sales Results
January 13 2020 - 7:00AM
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-week holiday sales
period ended January 4, 2020 (unaudited) increased 0.4% to $103.1
million as compared to $102.7 million for the 9-week holiday sales
period ended January 5, 2019. Comparable sales in our
omni-channel retail business for the same period increased
0.4%. Included in total sales are sales from our wholesale
business of $3.4 million for the 9-week holiday sales period
compared to $0.9 million for the same period last year. Sales
in our direct business comprised 27.4% of retail sales for the
holiday period compared to 24.8% of retail sales in the prior year
holiday period.
Based on the holiday sales results and expectations for the
remainder of the fourth quarter, the Company expects comparable
sales in our omni-channel retail business for the full year to be
flat and free cash flow for the full year to be approximately
break-even.
Harvey Kanter, President and CEO, commented, “Although our
comparable sales performance was not to the level we expected, we
delivered a net positive comparable sales result for the holiday
season. Management’s efforts and investment drove greater
inflection over our third quarter trends in the direct business and
meaningful growth in wholesale. However, our store business
struggled as we continued to observe a downtrend in store traffic
that resulted in a low single-digit decrease in store comparable
sales.”
The Company plans to report its actual fourth-quarter and fiscal
2019 financial results on March 19, 2020, when management also will
conduct its quarterly conference call to discuss its results.
The earnings call will be hosted by Harvey Kanter, President and
Chief Executive Officer, and Peter Stratton, Executive Vice
President, Chief Financial Officer, and Treasurer.
Comparable sales in our omni-channel retail business includes
stores that have been opened for at least 13 months and our direct
business. Sales from our wholesale business are not part of
the Company’s comparable sales calculation. Direct sales are
defined as sales that originate online, whether through our
website, at the store level or through a third party
marketplace.
About Destination XL Group, Inc.
Destination XL Group, Inc. is the largest retailer of men’s
clothing in sizes XL and up, with operations throughout the United
States as well as and Toronto, Canada. Subsidiaries of Destination
XL Group, Inc. operate DXL Men’s Big + Tall retail and outlet
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 Big + Tall men. The Company
is headquartered in Canton, Massachusetts. For more information,
please visit the Company's investor relations website:
http://investor.dxl.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 for comparable sales and free cash flow for fiscal
2019. 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 22, 2019, 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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