Destination XL FY17 net loss widens, CEO David Levin to retire this year

Total sales at Destination XL Group for the 14-week fourth quarter of 135.5 million dollars were up 12.9 million dollars or 10.5 percent; while total sales for the 53-week year were 468 million dollars, up 3.9 percent from 450.3 million dollars for the prior year's 52-weeks. Total comparable sales increased 4.3 percent for the quarter and 0.9 percent for the year. Net loss for the quarter was 3.3 million dollars compared to prior-year quarter's net income of 1.8 million dollars; while net loss for the year was 18.8 million dollars compared to 2.3 million dollars in the prior year. The company also announced that David Levin, President and CEO has decided to retire by end of 2018.

"We ended the quarter with a very strong comp of 4.3 percent and we are off to a good start in fiscal 2018," said Levin in a media release, adding, "However, earnings were down for the quarter, reflecting increased marketing expense."

Highlights of Destination XL’s Q4 and full year results

The increase of 12.9 million dollars in total sales in the fourth quarter was driven by sales from the 53rd week of 6.9 million dollars and a comparable sales increase of 5.3 million dollars or 4.3%. For the fourth quarter, direct business increased to 23.1 percent of the total sales as compared to 22.7 percent for the fourth quarter of fiscal 2016.

The increase in sales of 17.7 million dollars in the full year was primarily due to sales from the 53rd week of 6.9 million dollars and an increase in non-comparable stores sales, net of closed stores, of 6.9 million dollars. Comparable sales, on a 53-week basis, increased 3.7 million dollars or 0.9 percent for fiscal 2017, while direct business increased to 21 percent of the total sales as compared to 19.9 percent for fiscal 2016.

For the fourth quarter of fiscal 2017, gross margin, inclusive of occupancy costs, was 45 percent compared with 44.9 percent for the fourth quarter of fiscal 2016, 10 basis points increase. For the fiscal year, gross margin, inclusive of occupancy costs, was 45 percent compared to 45.5 percent for fiscal 2016, a decrease of 50 basis points.

On a non-GAAP basis, before impairment charges and assuming a normalized tax rate of 26 percent, adjusted net loss for the fourth quarter of fiscal 2017 was 0.05 dollar per diluted share compared with a net income of 0.03 dollar per diluted share in fiscal 2016. On a non-GAAP basis, before impairment charges and assuming a normal tax rate of 26 percent, the adjusted net loss was 0.26 dollar per diluted shares as compared to 0.03 dollar per diluted share for fiscal 2016.

Adjusted EBITDA for the quarter were 5 million dollars compared to 10.8 million dollars for the fourth quarter of fiscal 2016. For the year, adjusted EBITDA was 17.1 million dollars compared to 31.6 million dollars for fiscal 2016.

"We are also announcing today the appointment of Jim Davey to the position of Chief Marketing Officer. Jim has over 25 years of experience building lifestyle brands in categories from toys to entertainment to footwear and apparel. Most recently, Jim was VP of Global Marketing for the Timberland brand where he oversaw all wholesale, retail, and global marketing for Timberland's footwear and apparel businesses," Levin added.

Destination XL expects comparable sales rise between 1 to 3 percent

The company expects to open three new DXL stores in fiscal 2018 and plan to remodel two Casual Male XL stores, which will be re-branded as DXL in fiscal 2018.

For fiscal 2018, based on a 52-week year and without consideration of additional costs that may be incurred in connection with Levin's retirement and the engagement of a successor CEO, the company expects: sales to range from 462 million dollars to 472 million dollars, with a total company comparable sales increase of approximately 1 percent to 3 percent, gross margin rate of approximately 45 percent and net loss, on a GAAP basis, of 8.3 to 14.3 million dollars, or 0.17 dollar to 0.29 dollar per diluted share, EBITDA of 18 to 24 million dollars and adjusted net loss is expected to range between 0.12 dollar to 0.22 dollar per diluted share.

Picture:Facebook/DXL Men's Apparel

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