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Destination XL Group, Inc. (DXLG) is the leading specialty retailer of men’s Big + Tall apparel in the United States. The company operates over 350 stores nationwide under the brands DXL, Casual Male XL, and Rochester Clothing, and also boasts a robust online presence through DXL.COM and a mobile app. Headquartered in Canton, Massachusetts, DXLG is dedicated to providing an unparalleled shopping experience for its customers, emphasizing comfort, style, and a wide selection of clothing and shoes tailored to larger sizes.
DXLG's core business revolves around offering a variety of branded and private-label apparel, from casual wear to business attire. The company’s commitment to quality and customer service is reflected in its significant market share in the Big + Tall segment. Recent achievements include collaborations with renowned brands like UNTUCKit, Faherty, and Hugo Boss, which have broadened their already extensive product assortment.
Financially, the company reported total sales of $521.8 million for fiscal 2023, with a net income of $27.9 million, or $0.43 per diluted share. Despite economic challenges, DXLG has managed to maintain a strong balance sheet with no debt and $60 million in cash and investments. The company's strategic initiatives focus on store expansion, digital platform upgrades, marketing campaigns, and exclusive merchandise collaborations aimed at capturing a larger share of the $23 billion Big + Tall apparel market.
DXLG's future growth strategy is ambitious, targeting the opening of new stores and conversions of existing Casual Male XL locations to DXL stores. The company is also investing in a new eCommerce platform to enhance the online shopping experience, and increasing marketing efforts to raise brand awareness. A notable recent development is the strategic collaboration with Nordstrom, which will see DXL’s offerings available on Nordstrom’s digital marketplace, further extending their reach.
Operational efficiency remains a priority, with DXLG consistently managing inventory levels and optimizing costs. The company’s current projects include upgrading their website for better performance and customer experience, as well as launching targeted marketing campaigns to drive sales and brand loyalty.
Destination XL Group, Inc. (NASDAQ: DXLG) announced an extension of Harvey S. Kanter's contract as President and CEO for another three years. Kanter has been pivotal in shaping the company since April 2019, especially in navigating challenges during the pandemic. Chairman Lionel Conacher praised Kanter's leadership, emphasizing his focus on creating shareholder value and enhancing digital capabilities. Kanter aims to leverage the company's growth in digital transformation to increase market share in the big & tall men's apparel sector.
Destination XL Group, Inc. (DXLG) reported record fiscal 2021 results with total sales of $505 million, a significant increase from $318.9 million in 2020. The company achieved a net income of $56.7 million and an earnings per share (EPS) of $0.83. For Q4 alone, sales reached $133.5 million, marking a 33.3% year-over-year increase. The company generated $76.9 million in adjusted EBITDA. A $15 million stock repurchase program was also announced. For fiscal 2022, DXLG expects sales between $510 million and $530 million with an EBITDA margin exceeding 10%.
Destination XL Group, Inc. (NASDAQ: DXLG) will release its fourth quarter and fiscal 2021 financial results on March 17, 2022, before the market opens. A conference call will follow at 9:00 a.m. ET, hosted by President and CEO Harvey Kanter and CFO Peter Stratton. Investors can access the live webcast in the 'Investor Relations' section of the company's website or by dialing (866) 680-2311 with conference ID 8988169. The archived version will also be available online.
Destination XL Group, Inc. (Nasdaq:DXLG) announced results for the 9-week holiday sales period ended January 1, 2022, with total sales of $106.6 million, a significant increase from $78.4 million a year earlier. Comparable sales grew 11.4%, driven by a 32.0% rise in direct business sales. The company updated its fiscal 2021 guidance, expecting total sales between $500.0 million and $505.0 million, net income per diluted share of $0.80 to $0.85, and Adjusted EBITDA of $74.0 to $78.0 million. Despite sales softening due to COVID-19 concerns, the company remains optimistic about its structural changes.
Destination XL Group, Inc. (NASDAQ: DXLG) appointed Carmen R. Bauza to its Board of Directors on December 17, 2021. With over 30 years of retail experience, Bauza's background includes leadership roles at Walmart, HSN, and Fanatics. Her expertise is expected to drive growth opportunities for the company, which focuses on big and tall men’s clothing through its DXL retail and e-commerce platforms. Bauza will serve until the next annual stockholder meeting, aiming to enhance the shopping experience for customers across multiple channels.
Destination XL Group, Inc. (DXLG) reported a successful third quarter for fiscal 2021, achieving total sales of $121.5 million, up 42.6% from the prior year. Notably, net income reached $13.7 million, or $0.20 per diluted share, a significant turnaround from a loss of $(7.0) million in Q3 2020. The company raised its fiscal 2021 guidance, anticipating sales of $500-$510 million and EPS of $0.72-$0.80. Strong direct sales growth of 66.8% contributed to a 22.9% comparable sales increase over Q3 2019, despite ongoing supply chain challenges.
Destination XL Group, Inc. (NASDAQ: DXLG) will release its third quarter 2021 financial results on November 19, 2021, before market open. CEO Harvey Kanter and CFO Peter Stratton will host a conference call at 9:00 a.m. ET to discuss the results. Interested parties can listen live via the company's website or by calling (866) 680-2311 with conference ID: 3394658. The company specializes in Big + Tall men's clothing and operates DXL retail stores, Casual Male XL stores, and an e-commerce platform.
Destination XL Group (NASDAQ: DXLG) announced a public offering of 5,733,076 shares of common stock at $6.10 per share, led by Red Mountain Partners, L.P. The company will not receive any proceeds from this offering but will incur certain costs. The offering is set to close on September 14, 2021, pending customary conditions. D.A. Davidson & Co. and Craig-Hallum Capital Group LLC are the joint managers. The offering is backed by a shelf registration statement effective since June 21, 2021, filed with the SEC.
Destination XL Group, Inc. (NASDAQ: DXLG) announced a public offering of its common stock initiated by Red Mountain Partners, L.P. Notably, the company will not receive any proceeds from this offering; instead, the selling stockholder will receive all net proceeds. The company is responsible for certain costs associated with the sale, excluding underwriting discounts. The offering's completion is uncertain due to market conditions. D.A. Davidson & Co. and Craig-Hallum Capital Group LLC serve as joint book-running managers. Investors are encouraged to review the registration statement and prospectus for complete details.
Destination XL Group (DXLG) announced its relisting on the Nasdaq Global Market effective September 8, 2021, after previously trading on OTCQX. The company has successfully repaid its entire FILO loan facility totaling $18.6 million, which included $17.5 million in principal. This repayment was made possible by cash on hand and resulted in the elimination of long-term debt. DXLG's return to Nasdaq follows improved operating results and a positive stock price increase during the first half of fiscal 2021.
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