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Destination XL Group total sales $88.2 million

Destination XL GroupDestination XL Group reported operating results for the third quarter of fiscal 2013. Total sales were $88.2 million compared with $88.7 million in the third quarter of fiscal 2012.

The decrease of $0.5 million in total sales was principally due to a loss of sales of $3.5 million from closed Casual Male stores related to lease termination or stores unassociated with a new DXL store and a decrease of $0.4 million due to the shift in comparable weeks. The decrease in sales was partially offset by a comparable sales increase of 4.4%, or $3.7 million, compared with the third quarter of fiscal 2012.

The increase in retail business of $4.4 million was driven by the 74 DXL stores that had a comparable store sales increase of $3.4 million, or 17.7%. This increase was primarily due to the strength of the average dollars per transaction for DXL stores, which increased 17.4% during the quarter.

The remaining retail stores had a comparable sales increase of $1.0 million, or 2.0%. The decrease in the direct business was primarily driven by a decline in catalog sales of $1.5 million for the third quarter of fiscal 2013 compared with the prior year's third quarter, which was partially offset by a $0.8 million increase in e-commerce sales.

The Company eliminated its catalogs completely in the second quarter of fiscal 2013 as part of its shift towards its more profitable e-commerce business. Total circulation for the third quarter, which includes mailers, decreased 89.4% over the prior year.

For the third quarter of fiscal 2013, gross margin, inclusive of occupancy costs, was 44.5% compared with gross margin of 44% for the third quarter of fiscal 2012. The increase of 50 basis points for the third quarter of fiscal 2013 was the result of an improvement in merchandise margins of 90 basis points partially offset by an increase in occupancy costs of 40 basis points.


 
 

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