Destination XL Group Inc., the largest omni-channel specialty retailer of big and tall men’s apparel, has unveiled financial results for the third quarter of the current fiscal. The company’s net sales rose 2.3 per cent to US $ 101.9 million compared to last year’s US $ 99.6 million, primarily driven by a comparable sales increase of 2.3 per cent from the company’s DXL stores.
In the reporting period, net loss for the company stood at US $ 4.5 million compared to the net loss of US $ 5.5 million in the corresponding period last year.
“The DXL transformation remains on track, as we opened 13 new stores in the third quarter. We have decided not to spend advertising dollars on television in the fourth quarter. Our marketing campaign in the fourth quarter will consist of radio, digital and social media, and we will continue to evaluate the use of television in the future,” said David Levin, President and CEO, DXL.
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As per the financial outlook for the fiscal 2016, the apparel retailer expects its total sales to reach US $ 451.0 to US $ 457.0 million with a total comparable sales increase in the range of 1.0 to 2.0 per cent. It will open approximately 25 DXL retail stores and 4 DXL outlet stores, and close approximately 29 Casual Male XL retail stores and 4 Casual Male XL outlet stores.
