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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. (DXLG) reported strong second quarter results for fiscal 2021, with total sales reaching $138.6 million, an 81.3% increase from the previous year. Net income was $24.5 million, or $0.36 per diluted share, compared to a net loss of $(10.7) million last year. The company raised its fiscal 2021 guidance to anticipated sales between $490-$505 million and EPS of $0.64-$0.76. Improved gross margin at 51.7% and adjusted EBITDA of $29.8 million highlight operational strength, despite caution over supply chain issues and COVID-19 variants.
Destination XL Group, Inc. (OTCQX: DXLG) will release its second quarter 2021 financial results on August 31, 2021, before market opens. CEO Harvey Kanter and CFO Peter Stratton will host a conference call at 9:00 a.m. ET to discuss the results. Investors can listen to the live webcast via the company's website or by calling (866) 680-2311 and using conference ID: 8531188. Destination XL is the premier omni-channel retailer of Big + Tall men's clothing and operates multiple stores across the U.S. and Canada.
Destination XL Group, Inc. (DXLG) reported first-quarter fiscal 2021 results, showing total sales of $111.5 million, up 94.8% from fiscal 2020 and 3.7% from fiscal 2019. Net income reached $8.7 million or $0.14 per diluted share, reversing losses from prior years. Adjusted EBITDA was $13.7 million, compared to $(18.9) million in 2020. The company raised its fiscal 2021 sales guidance to $415-435 million amid improving business performance, despite potential COVID-19 impacts. Cash flow from operations was $7.8 million, signifying significant improvement.
Destination XL Group, Inc. (DXLG) will release its first quarter 2021 financial results on May 27, 2021, before market opening. Following this, a conference call hosted by CEO Harvey Kanter and CFO Peter Stratton is scheduled for 9:00 a.m. ET to discuss the results. Investors can access the live webcast on the company’s website or by calling (866) 680-2311 with conference ID 8648163. Destination XL Group is a specialty retailer focused on Big + Tall men's clothing, with a significant omni-channel presence.
Destination XL Group has appointed Elaine Rubin to its Board of Directors, increasing the board to seven members. Rubin, a digital commerce expert and the founder of Digital Prophets Network, brings over 25 years of e-commerce experience. She has previously held leadership roles at 1800flowers.com, iVillage.com, and amazon.com. Her expertise is expected to significantly aid DXL's ongoing digital transformation strategy, enhancing the company’s growth opportunities in the retail sector.
Pathlight Capital has announced it will act as the FILO Agent for a $17.5 million term loan facility for Destination XL Group, Inc. (DXLG), the leading omni-channel retailer of big and tall men's apparel. The FILO loan, maturing on March 16, 2026, aims to refinance existing debts and enhance liquidity for operational needs. CFO Peter Stratton highlighted the company's strategic realignment post-pandemic, emphasizing improved cost structure and operational leverage. Pathlight Capital expresses confidence in DXL's unique market position and loyal customer base.
Destination XL Group, Inc. (DXLG) reported challenging financial results for fiscal year 2020, with total sales of $318.9 million, down 32.7% from $474.0 million in 2019. The fourth quarter saw sales of $100.1 million, a 23.7% decline year-over-year. Net losses reached $(64.5) million for the year, compared to $(7.8) million in the prior year. Despite these setbacks, DXL.com grew sales by 38.6%. The company raised $5.0 million in a direct offering, aiming for liquidity and digital growth in 2021 while reaffirming expectations to be free cash flow positive.
Destination XL Group (DXLG) announced the promotion of Stacey Jones to Chief Human Resources Officer (CHRO), effective February 21, 2021. Jones has been with the company since 2001, holding various roles, and has significantly contributed to talent management, diversity, and associate engagement. Her leadership during the COVID-19 Pandemic was noted as critical for maintaining company culture and employee well-being. President and CEO Harvey Kanter highlighted her expertise in retail operations as vital for the company’s future.
Destination XL Group, Inc. (OTCQX: DXLG) will release its fourth quarter and fiscal 2020 financial results on March 18, 2021, prior to market opening. CEO Harvey Kanter and CFO Peter Stratton will host a conference call at 9:00 a.m. ET to discuss these results. Investors can access the live webcast via the company's Investor Relations page, or by calling (866) 680-2311 (conference ID: 7675808). The company's operations include DXL Big + Tall stores and e-commerce offerings at DXL.com, making it the largest omni-channel specialty retailer for big and tall men's clothing.
Destination XL Group, Inc. (DXLG) has announced a stock purchase agreement with an institutional investor for 11,111,111 shares at $0.45 each, generating gross proceeds of approximately $5 million. The sale is set to close around February 9, 2021, pending customary conditions. The funds will be utilized for working capital and corporate purposes. The offering is conducted under an effective shelf registration statement with the SEC, with D.A. Davidson & Co. serving as the placement agent.
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