Destination XL Group Inc. or DXL, the leading retailer of men’s big and tall apparels, with operations throughout the United States, Canada and in London, England, reported revenue of US $ 107.9 million in the first quarter of the year, up 3.3 per cent from US $ 104.4 million in the same period last year.
In the period under review, DXL’s net income stood at US $ 214,000 compared with a net loss of US $ 0.6 million in the same quarter last year. Its total same-store sales surged 2 per cent. Sales per square foot for the DXL stores were US $ 179 in the reporting quarter compared with US $ 168 last year. “Our DXL retail stores delivered a sales comp of 5.8 per cent on top of 8.7 per cent in the first quarter last year. These results prove, once again, that the DXL operating model delivers stable and consistent increases in both sales and profitability,” said David Levin, President and CEO of the company.
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In the full year 2016, the company plans to open approximately 28 DXL stores and 3 DXL outlet stores, and close down around 26 Casual Male XL stores and three Casual Male XL outlet stores.
“Our first-quarter results demonstrate the continued strength of the DXL concept, which drove solid growth in sales and profitability even as persistent cooler weather affected much of the retail apparel industry. We are confident in our merchandise assortments, and we expect sales growth to improve in the second quarter with the arrival of a consistent, warmer weather pattern, which will drive traffic to both our stores and website,” Levin averred.
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