Destination XL reports Q2 EPS 4c vs 18c last year

Reports Q2 revenue $124.8M vs $140M last year. “Our second quarter results reflect a challenging retail apparel market punctuated by a lack of foot traffic to our stores and lower conversion rates in our direct business,” said Harvey Kanter, President and CEO. “During the quarter, our customers continued to feel the impact of inflationary pressures and macro-economic uncertainty on their discretionary spending. Customers gravitated towards promotions and lower price point goods, signaling a consumer who is carefully choosing where and how he spends his money. Despite a disappointing sales performance, we maintained a flat merchandise margin, with meaningfully less inventory and a strong balance sheet.”