US specialty retailer Destination XL Q1 FY21 sales grow 95% to $111 mn

Destination XL Group, a US-based omni-channel specialty retailer of big and tall men’s clothing, has reported 94.8 per cent sales growth to $111.5 million in its first quarter (Q1) FY21 ended on May 1, 2021, compared to sales of $57.2 million in the same period of previous fiscal. The company’s net income rose to $8.7 million (Q1 FY20: loss $41.7 million).

 

Destination XL Group, a US-based omni-channel specialty retailer of big and tall men's clothing, has reported 94.8 per cent sales growth to $111.5 million in its first quarter (Q1) FY21 ended on May 1, 2021, compared to sales of $57.2 million in the same period of previous fiscal. The company's net income rose to $8.7 million (Q1 FY20: loss $41.7 million).#

“We are both fortunate and grateful that we can report to you today that we have seen an acceleration in our business and financial results for the first quarter, which exceeded our expectations,” Harvey Kanter, president and chief executive officer at Destination XL Group, said in a press release. “The surge in sales, combined with the significant operating leverage created through the cost reductions we implemented during the pandemic, create the possibility for DXL’s return to profitability in fiscal 2021.”

 

Destination XL Group, a US-based omni-channel specialty retailer of big and tall men's clothing, has reported 94.8 per cent sales growth to $111.5 million in its first quarter (Q1) FY21 ended on May 1, 2021, compared to sales of $57.2 million in the same period of previous fiscal. The company's net income rose to $8.7 million (Q1 FY20: loss $41.7 million).#

Gross profit during Q1 FY21 was $50.8 million ($13.2 million), while total expenses were $40.9 million ($54.1 million). Operating income for the quarter was $8.7 million (operating loss: $41.7 million).

 

Destination XL Group, a US-based omni-channel specialty retailer of big and tall men's clothing, has reported 94.8 per cent sales growth to $111.5 million in its first quarter (Q1) FY21 ended on May 1, 2021, compared to sales of $57.2 million in the same period of previous fiscal. The company's net income rose to $8.7 million (Q1 FY20: loss $41.7 million).#

According to the company, the increase in the direct business was principally due to its e-commerce site, which had a sales increase of 55.8 per cent as compared to the Q1 FY19.

 

Destination XL Group, a US-based omni-channel specialty retailer of big and tall men's clothing, has reported 94.8 per cent sales growth to $111.5 million in its first quarter (Q1) FY21 ended on May 1, 2021, compared to sales of $57.2 million in the same period of previous fiscal. The company's net income rose to $8.7 million (Q1 FY20: loss $41.7 million).#

“I’m also pleased to report that, as a result of the sales trends we are experiencing, we are raising our guidance for 2021. Our revised forecast remains cautiously optimistic as sales could be negatively impacted by the spread of Covid variants, prolonged restrictions and potential store closures, but we are excited to see our existing customers return and new customers experience DXL for the first time,” Kanter said.