Destination XL comparable sales increase 6.1 percent

Destination XL Group, Inc. total sales for the second quarter were 144.6 million dollars, up 4.4 percent, while comparable sales increased 6.1 percent as compared to the second quarter of fiscal 2021.

Net income was 56.9 million dollars or 85 cents per diluted share compared to net income of 24.5 million dollars or 36 cents per diluted share, in the second quarter of fiscal 2021.

“We are off to another solid start in Q3 with an August month-to-date comp increase in the mid-single digits,” said Harvey Kanter, the company’s president and CEO in a statement, adding “Today we are raising our guidance to a range of 520 to 540 million dollars, which is an increase from our original guidance of 510 to 530 million dollars”

Adjusted EBITDA was 25.9 million dollars compared to 29.8 million dollars in the second quarter of fiscal 2021, or an adjusted EBITDA margin of 17.9 percent compared to 21.5 percent in the second quarter of fiscal 2021.

Based on the strength of our year-to-date fiscal 2022 results, the company is raising sales guidance for fiscal 2022 to a range of 520 million dollars to 540 million dollars and reaffirming the adjusted EBITDA margin for fiscal 2022 to be greater than 10 percent.