Destination XL adds global strategy exec as sales grow
Destination XL says it is on pace to open its 175th store next year as the big and tall retailer also posted a jump in same-store sales and filled a newly created position with a veteran from Genesco.
For the third quarter ended Oct. 31, same store sales at the company increased 4.3%. Destination XL also narrowed its loss to $5.47 million, or 11 cents a share. In the previous year period, the company reported a loss of $6.28 million, or 13 cents a share.
"Our third-quarter financial results prove, once again, that our DXL transition strategy is working," said President and CEO David Levin. "Our DXL retail stores delivered a strong comp sales increase of +9.2%, on top of +12.8% from the third quarter last year. Our increasing brand awareness enabled us to not only drive sales performance, but also allowed us to further improve gross margins. EBITDA for the quarter increased 372% from the third quarter of 2014."
Destination Xl also named Nancy Youssef to the newly created position of senior vice president, international business development. Youssef, formerly VP, international business development for Genesco Inc., will be responsible for the international expansion of the Destination XL franchise.
"Nancy’s successful experience in international retail franchising makes her the ideal choice to lead our global expansion strategy,” said Levin. “Based on our success with the DXL concept domestically, we now see an opportunity to embark on an international strategy. Nancy will begin to build the framework for our international franchise model strategy, with a plan to launch initial stores in 2017.”
Prior to joining Destination XL, Youssef was VP, international business development since 2009 for NYSE-listed Genesco, Inc. where she was responsible for growing the footwear and apparel retailer’s portfolio of brands outside the U.S. In this role she successfully directed the entry of the Fortune 1000 company into more than two dozen countries around the world.