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Marginal rise in 2012 sales at Destination XL
28
Feb '13
Destination XL Group, Inc., the largest retailer of big & tall men's apparel and accessories, announced preliminary operating results for the fourth quarter of 2012.

Highlights

Comparable fourth-quarter sales increased approximately 0.5% – the Company's 11th consecutive quarter of positive comparable sales – and total sales increased to approximately $114.9 million compared with $111.1 million in the fourth quarter of fiscal 2011. Full year comparable sales increased approximately 1.5% and 2012 total sales were approximately $399.6 million compared with $395.9 million in 2011.

Comparable fourth quarter sales for Destination XL (DXL) stores were up approximately 15.0%, while comparable fourth quarter sales for Casual Male XL retail and outlet stores decreased approximately 2.3%.  In the quarter, the DXL stores represented approximately 18% of the Company's comparable retail business. Comparable fourth quarter sales from the e-commerce platform increased approximately 13%.

Income from continuing operations, on a diluted basis, for the fourth quarter is expected to be approximately $0.08 per share, flat with adjusted income from continuing operations for the fourth quarter of 2011. Without adjusting for the reversal of the Company's valuation allowance and trademark impairment, income from continuing operations was $0.71 per share for the fourth quarter of fiscal 2011.

For the full year, income from continuing operations, on a diluted basis, is expected to be approximately $0.16 per share compared with adjusted income from continuing operations of $0.22 per share in 2011. Without adjusting for the reversal of the Company's valuation allowance and trademark impairment, income from continuing operations was $0.93 per share for fiscal 2011

For the full year, loss from discontinued operations, associated with the Company's exiting of its International direct business in the second quarter of fiscal 2012, is expected to be $0.04 per share for both fiscal 2012 and fiscal 2011. 

The Company opened 14 DXL stores and closed 34 Casual Male XL stores during the fourth quarter of 2012.  For the year, the Company opened 32 DXL stores, and closed 68 Casual Male XL retail and outlet stores and 2 Rochester Clothing stores.

"Our financial results for the quarter were essentially in line with our expectations," said President and CEO David Levin. "Sales and net income growth would have been stronger but for mild winter weather that affected sales of seasonal apparel and some delays in DXL store openings. 

“We continue to be encouraged by the success of our new DXL stores, for which we expect to report very positive comparable sales of approximately 15.6% for the full year.  In addition, while our direct business decreased year-over-year due to lower catalog sales, our web sales are growing at an accelerated rate as we shift marketing dollars from catalog to digital."

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