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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 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.
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.
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