Destination Xl Group, Inc. (DXLG) SEC Filing 10-Q Quarterly Report for the period ending Saturday, July 31, 2021

Destination XL Group, Inc. Reports Second Quarter Financial Results

Second Quarter Comparable Sales up 21.6% to Fiscal 2019;

Second Quarter Net Income $24.5 million, EPS $0.36 per share

Raises Guidance for Fiscal 2021: Sales $490-$505 million, EPS $0.64-$0.76 per diluted share

CANTON, Mass., August 31, 2021 – 

Second Quarter Financial Highlights

Management’s Comments  

“We are very pleased to report second quarter results that far surpassed our internal expectations.  We believe that we are witnessing a material shift in how consumers are thinking about and engaging with DXL.  As a result, we are raising our full year 2021 guidance to reflect the revised outlook we have for the future of DXL, but also caution our optimism given the ongoing surges of the Covid Delta variant and ongoing risk in the supply chain,” said Harvey Kanter, President & Chief Executive Officer.

Kanter continued, “Many of our existing customers have returned to shop after months of staying close to home, and many new customers are discovering DXL for the first time.  We believe we are increasing our market share in the big + tall market. The transformative strategic changes that we have authored over the past two years around digital engagement, customer-first orientation, and repositioning the brand are coming to life and driving sales.  Our 12-month active customer file is almost back to pre-pandemic levels and our second quarter new-to-file rate increased 29%, as compared to the second quarter of 2019.