Business
Destination XL Group, Inc. Holiday Sales Results and Guidance
CANTON, Mass., Jan. 11, 2021 (GLOBE NEWSWIRE) -- Destination XL Group, Inc. (OTCQX:DXLG), the largest omni-channel specialty retailer of big and tall men's
About this update from Destination Xl Group, Inc.
[{"type":"text","content":"CANTON, Mass., Jan. 11, 2021 (GLOBE NEWSWIRE) -- Destination XL Group, Inc. (OTCQX:DXLG), the largest omni-channel specialty retailer of big and tall men's apparel, today announced the following results for the 9-week holiday sales period ended January 2, 2021 (unaudited): Total sales decreased 23.9% to $78.4 million compared to $103.1 million for the 9-week holiday sales period ended January 4, 2020.Comparable sales in our omni-channel retail business for the same period decreased 24.0%, primarily due to a decrease in comparable store sales of 38.1% which was partially offset by an increase in comparable sales from our direct business of 12.7%. Direct sales are defined as sales that originate online, whether through our website, at the store level or through a third party marketplace.The comparable increase in the direct business is driven by an increase in sales from our DXL.com website of 28.4%.Included in total sales are sales from our wholesale business of $4.0 million for the 9-week holiday sales period compared to $3.4 million for the same period last year. Based on the holiday sales results and expectations for the remainder of the fourth quarter, the Company expects total sales for fiscal 2020 of $317.0 million to $319.0 million, with comparable sales in our omni-channel retail business for the full year to be down 32.6% to 32.9%. The Company also expects adjusted EBITDA of $(26.0) million to $(27.0) million and free cash flow for the full year of approximately $(4.0) million to $(6.0) million. Adjusted EBITDA and free cash flow are non-GAAP financial measures, see “Non-GAAP Measures” below. “As we near the end of fiscal 2020, we look forward to the greater opportunities now ahead in fiscal 2021, having successfully accelerated our digital transformation and substantially increased our operating leverage during the pandemic. We believe that demand for apparel will gradually improve in fiscal 2021 and we look forward to serving our customer wherever and whenever he is ready to shop with us,” said Harvey Kanter, President and CEO. “Our plans for fiscal 2021 include expected sales of approximately $385.0 million to $402.0 million, adjusted EBITDA of approximately $11.0 to $18.0 million and positive free cash flow. We expect to achieve these results through continued penetration of our direct business, a modest recovery in ...