Destination XL grows same store sales

Destination XL Group's reinvention seems to be appeaing to more customers as the retailer reported a boost in same store sales in the first quarter.

Sales grew 8% to $104.4 million from $96.66 million, buoyed by 6.6% same-store sales growth.DXLG is currently in the process of transitioning from Casual Male XL to focus primarily on the Destination XL concept. The Company expects to complete the process by the end of 2015, when it expects to have over 225 stores nationwide.Destination XL is experiencing higher store traffic, as well as improved conversion of store traffic to top-line sales, both of which contributed to an overall increase in transactions.

The sales momentum that began in 2014 has continued into the first quarter of 2015,” said president and CEO David Levin. “We opened 13 new DXL stores in the first quarter of the year, and I’m very pleased to report that we outperformed our first-quarter sales plan despite the severe winter weather and difficult economic climate.”

The company also shrunk its net loss to $574,000 in the first quarter of fiscal 2015, compared to $3.5 million the same quarter a year earlier. A shift to operating income from operating loss helped reduce total net loss.

During the current fiscal year, Destination XL intends to open approximately 32 DXL retail and eight DXL outlet stores. It also plans to close approximately 42 Casual Male XL and three Rochester Clothing stores.



Looking ahead, Destination XL affirmed previously issued guidance for fiscal 2015 of sales in the range of $438 to $443 million and a total same-store sales increase of approximately 5.6%.