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Destination XL Q3 FY'13 sales marginally down
23
Nov '13
Destination XL Group, Inc., the largest multi-channel specialty retailer of big & tall men's apparel and accessories, reported operating results for the third quarter of fiscal 2013.
 
Third-Quarter Fiscal 2013 Highlights
 
-Sales were $88.2 million compared with $88.7 million in the third quarter of fiscal 2012.
-The Company operated a total of 74 DXL stores as of November 2, 2013 with a combined comparable sales increase of 17.7% and an 11.3% comparable sales increase for the 36 DXL stores open longer than one year.
-DXL dollars per transaction increased 17.4% from the prior year's third quarter.
-E-commerce sales increased 7.9% compared with the third quarter of 2012.
-Opened 9 DXL stores and closed 22 Casual Male XL stores.
 
Third-Quarter Fiscal 2013 Results
 
Sales
 
For the third quarter of fiscal 2013, total sales were $88.2 million compared with $88.7 million in the third quarter of fiscal 2012.  The decrease of $0.5 million in total sales was principally due to a loss of sales of $3.5 million from closed Casual Male stores related to lease termination or stores unassociated with a new DXL store and a decrease of $0.4 million due to the shift in comparable weeks. The decrease in sales was partially offset by a comparable sales increase of 4.4%, or $3.7 million, compared with the third quarter of fiscal 2012.
 
The increase in retail business of $4.4 million was driven by the 74 DXL stores that had a comparable store sales increase of $3.4 million, or 17.7%.  This increase was primarily due to the strength of the average dollars per transaction for DXL stores, which increased 17.4% during the quarter.
 
The remaining retail stores had a comparable sales increase of $1.0 million, or 2.0%. The decrease in the direct business was primarily driven by a decline in catalog sales of $1.5 million for the third quarter of fiscal 2013 compared with the prior year's third quarter, which was partially offset by a $0.8 million increase in e-commerce sales.
 
The Company eliminated its catalogs completely in the second quarter of fiscal 2013 as part of its shift towards its more profitable e-commerce business.  Total circulation for the third quarter, which includes mailers, decreased 89.4% over the prior year.
 
Click here to view full results.
 
 

Destination XL

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