Destination XL posts comparable sales increase of 7.5 percent

For the nine week holiday period, Destination XL Group, Inc. reported total sales of 111.7 million dollars compared to 106.6 million dollars for the same period last year.

Comparable sales for the period increased 7.5 percent, with a comparable sales increase of 8.9 percent from stores and 4.9 percent from the direct business.

Based on the holiday sales and expectations for the remainder of the fourth quarter, the company is updating its guidance toward the upper half of its sales range for fiscal 2022.

The company said, total sales for fiscal 2022 are expected to be 540 million dollars to 545 million dollars or the upper half of its previous guidance of 535 million dollars to 545 million dollars.

The company expects adjusted EBITDA margin of 12.5 percent to 13.5 percent, unchanged from previous guidance.

“Both our stores and our direct business performed well this holiday season and we were able to drive our sales at regular price, only deploying promotions to address customer file and inventory opportunities. Today we are updating our sales guidance toward the upper half of the range for fiscal 2022,” said Harvey Kanter, the company’s president and CEO in a statement.

“I am also pleased to announce that DXL will be launching two new national merchandise brands that will be exclusive to DXL in Big + Tall sizes. Life is Good and Original Penguin Golf will be available both on our website and in selected stores starting in the spring 2023 season,” Kanter added.

The company plans to report its actual fourth-quarter and fiscal 2022 financial results on March 16, 2023.