Destination XL ( (DXLG) ) has released its Q4 earnings. Here is a breakdown of the information Destination XL presented to its investors.
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Destination XL Group, Inc., a leading retailer in the Big + Tall men’s apparel sector, provides a wide range of clothing and footwear options through its retail stores and e-commerce platform. The company recently released its financial results for the fourth quarter and fiscal year 2024, highlighting a challenging year with decreased sales and net income.
In the fiscal year 2024, Destination XL reported total sales of $467.0 million, a decline from $521.8 million in the previous year. The company faced a net income decrease to $3.1 million, or $0.05 per diluted share, from $27.9 million, or $0.43 per diluted share, in fiscal 2023. Adjusted EBITDA also saw a significant drop to $19.9 million from $55.9 million the prior year.
Key financial metrics for the fourth quarter of 2024 included total sales of $119.2 million, down from $137.1 million in the same period of 2023, and a net loss of $1.3 million compared to a net income of $5.2 million in the previous year. The company attributed these declines to lower traffic levels and conversion rates, as well as the impact of an additional sales week in fiscal 2023.
Looking ahead, Destination XL’s management remains focused on executing its strategic plan, prioritizing operational efficiency and free cash flow. The company plans to open new stores and enhance its digital platform to improve customer experience, aiming for a recovery in consumer sentiment and stronger financial performance in the future.