US specialty retailer Destination XL sales accelerate 81% in Q2

Destination XL Group, a US-based omni-channel specialty retailer of big and tall men’s clothing, has posted 81.3 per cent sales jump to $138.6 million in the second quarter (Q2) of FY21 ended on July 31, 2021, compared to the sales of $76.4 million in the same period of previous fiscal. Net income for the quarter surged to $24.4 million (Q2 FY20: loss $10.7 million).

 

Destination XL Group, a US-based omni-channel specialty retailer of big and tall men's clothing, has posted 81.3 per cent sales jump to $138.6 million in the second quarter (Q2) of FY21 ended on July 31, 2021, compared to the sales of $76.4 million in the same period of previous fiscal. Net income for the period surged to $24.4 million (loss $10.7 million).#

Based on Q2 sales performance and trends, the company has raised its guidance for fiscal 2021 and expects sales to be in between $490.0 million to $505.0 million, up from their previous guidance of approximately $415.0 million to $435.0 million.

 

Destination XL Group, a US-based omni-channel specialty retailer of big and tall men's clothing, has posted 81.3 per cent sales jump to $138.6 million in the second quarter (Q2) of FY21 ended on July 31, 2021, compared to the sales of $76.4 million in the same period of previous fiscal. Net income for the period surged to $24.4 million (loss $10.7 million).#

“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,” Harvey Kanter, president and chief executive officer at Destination XL Group, said in a press release.

 

Destination XL Group, a US-based omni-channel specialty retailer of big and tall men's clothing, has posted 81.3 per cent sales jump to $138.6 million in the second quarter (Q2) of FY21 ended on July 31, 2021, compared to the sales of $76.4 million in the same period of previous fiscal. Net income for the period surged to $24.4 million (loss $10.7 million).#

“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,” Kanter added.

 

Destination XL Group, a US-based omni-channel specialty retailer of big and tall men's clothing, has posted 81.3 per cent sales jump to $138.6 million in the second quarter (Q2) of FY21 ended on July 31, 2021, compared to the sales of $76.4 million in the same period of previous fiscal. Net income for the period surged to $24.4 million (loss $10.7 million).#

Gross profit for the second quarter expanded to $71.6 million ($21.5 million), while total expenses stood at $45.8 million ($31.1 million). Moreover, the American retailer’s operating income during the three-month period improved to $25.8 million compared to operating loss of $9.6 million in the Q2 of 2020 ended on August 1, 2020.

 

Destination XL Group, a US-based omni-channel specialty retailer of big and tall men's clothing, has posted 81.3 per cent sales jump to $138.6 million in the second quarter (Q2) of FY21 ended on July 31, 2021, compared to the sales of $76.4 million in the same period of previous fiscal. Net income for the period surged to $24.4 million (loss $10.7 million).#

“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,” Kanter further said in the release.