US specialty retailer Destination XL posts Q4 FY20 sales of $100 mn

Destination XL Group, a US-based omni-channel specialty retailer of big and tall men’s clothing, reported 23.7 per cent sales decline to $100.1 million in its fourth quarter (Q4) FY20 ended on January 30, 2021, compared to $131.2 million in the same period previous fiscal. The company’s net loss for Q4 FY20 was $5.0 million (Q4 FY19: income $2.4 million).

 

“Fiscal 2020 presented a challenge to our business unlike any we’ve seen before, and I’d like to thank all of our associates for their steadfast vigilance and commitment to navigating through this unprecedented year. For the past 12 months, our teams have responded by repositioning our company to withstand the impact of Covid-19 to our stores, our distribution centre and our corporate office,” Harvey Kanter, president and chief executive officer at Destination XL, said in a press release.

 

The increase in company’s direct business was due to its e-commerce site sales growth of 28.7 per cent, as customers continue to shift toward online shopping, company stated in the release.

 

Gross profit during Q4 FY20 was $39.0 million ($56.4 million), while total expenses were $43.0 million ($53.0 million). Operating loss for the period was $3.9 million (operating profit: $3.3 million).

 

“While there still remains uncertainty as to the duration of Covid-19, we believe that we are well positioned for the recovery we all are expecting in fiscal 2021,” Kanter said.