Destination XL's Q4 sales increase by 33.3 percent

Destination XL Group, Inc. reported fourth quarter sales of 133.5 million dollars, up 33.3 percent from fiscal 2020 and up 1.7 percent from fiscal 2019. Comparable sales increased 41.5 percent compared to fiscal 2020 and 9.4 percent as compared to fiscal 2019.

“This has been a historic year for DXL as we exceeded 500 million dollars in sales for the first time in our company’s history. Furthermore, we delivered 76.9 million dollars in adjusted EBITDA that was made possible through improvements in gross margin, a restructured lease portfolio and lower operating expenses. Our adjusted EBITDA margin was in excess of 15 percent, and we reported earnings of 83 cents per diluted share, which benefited from our substantial net operating loss carryforwards,” said Harvey S. Kanter, the company’s president and chief executive officer.

Destination XL posts profit in Q4

Net income for the quarter was 9.9 million dollars or 14 cents per diluted share compared to a net loss of 5.1 million dollars or 10 cents loss per diluted share, for fiscal 2020 and net income of 2.4 million dollars or 5 cents per diluted share for fiscal 2019.

Adjusted EBITDA was 14.3 million dollars compared to 0.7 million dollars for fiscal 2020 and 9.9 million dollars for fiscal 2019.

Destination XL fiscal 2021 comparable sales increase 68.5 percent

Total sales for fiscal 2021 were 505 million dollars compared to total sales of 318.9 million dollars for fiscal 2020 and 474 million dollars for fiscal 2019. Comparable sales increased 68.5 percent compared to fiscal 2020 and 14.2 percent compared to fiscal 2019.

Net income was 56.7 million dollars or 83 cents per diluted share compared to a net loss of 64.5 million dollars or 1.26 dollars per diluted share in fiscal 2020 and a net loss of 7.8 million dollars or 16 cents per diluted share, in fiscal 2019.

Adjusted EBITDA was 76.9 million dollars as compared to negative 24.2 million dollars for fiscal 2020 and 23.5 million dollars for fiscal 2019.

“In light of the uncertainty and given the record-setting year we just finished and non-comparable year-over-year elements, we are taking a thoughtful and pragmatic approach to our financial projections and are guiding to sales from 510 million dollars to 530 million dollars and an EBITDA margin greater than 10 percent,” added Kanter.