Destination XL Group reports FY19 sales of $474 mn

20 Mar '20

2 min read

Pic: Destination XL

Destination XL Group, US-based omni-channel specialty retailer of tall men’s clothing, reported minor 0.1 per cent sales growth to $474.0 million in fiscal 2019 ended on February 1, 2020 compared to prior year. Sales in fourth quarter (Q4) FY19 rose 1.1 per cent to $131.2 million compared to same period prior year. Net income in Q4 was $2.4 million.

The net loss for fiscal 2019 was $7.8 million compared with a net loss of $13.5 million prior year. Gross profit in FY19 were $204.2 million (FY18: $211.2 million). For FY19 selling, general & administrative expenses (SG&A) expenses were 38.1 per cent of sales ($180.6 million) compared to 38.8 per cent ($183.8 million) prior year.

For fiscal 2019, the company rebranded 12 casual male retail stores and 2 casual male outlet stores to 11 DXL retail stores and 3 DXL outlet stores. The company also reported that it opened two new DXL stores and closed the corresponding casual male retail stores.

Company reported that it’s direct sales increased to 27.4 per cent of retail segment sales in Q4 FY19 compared to 24.8 per cent in same period prior year. For fiscal 2019, company’s direct sales increased to 23.1 per cent of retail segment sales as compared to 21.6 per cent prior year.

“At the top of everyone’s mind right now is the situation driven by the Covid-19 global pandemic. Like all retailers, the virus is having an unprecedented impact on top-line revenue and we elected to close our stores temporarily through at least March 28. The online experience at DXL.com is still in operation and we are both receiving and fulfilling online orders while our stores are closed,” Harvey Kanter, president and chief executive officer of Destination XL Group, said in a press release.

Fibre2Fashion News Desk (JL)

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