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Q3FY16 net loss down at Destination XL Group
Nov '16
For the three months ended October 29, 2016, net loss at Destination XL Group was down to $4.5 million, or $0.09 per diluted share, compared with a net loss of $5.5 million, or $0.11 per diluted share in the fiscal ago quarter. Assuming a normalised tax rate of 40 per cent, non GAAP adjusted net loss stood at $0.05 in the third quarter of fiscal 2016.

Total sales grew 2.3 per cent year on year to $101.9 million in the third quarter of fiscal 2016, with the increase primarily driven by a comparable sales increase of $1.1 million, or 2.3 per cent from its DXL stores.

In the reporting quarter, gross margin as a percentage of total sales and inclusive of occupancy costs was lower at 44.4 per cent vis-à-vis gross margin of 45.0 per cent in the third quarter of fiscal 2015, a result of a 30 basis point decline in both, merchandise margin and rise in occupancy costs.

Fibre2Fashion News Desk – India

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