Latest news with #HarveyKanter
Fibre2Fashion
7 days ago
- Business
- Fibre2Fashion
US retailer DXL's gross margin drops to 45.1% amid lower sales in Q1
For the first quarter (Q1) of fiscal 2025 (FY25), Destination XL (DXL) Group, the leading integrated-commerce specialty retailer of Big + Tall men's clothing and shoes, has recorded gross margin rate, inclusive of occupancy costs, of 45.1 per cent as compared to a gross margin rate of 48.2 per cent for the first quarter of fiscal 2024. The company's gross margin rate decreased by 310 basis points, which was driven by an increase of 280 basis points in occupancy costs, as a percentage of sales, due to the deleveraging from lower sales and increased rents from new stores and lease extensions. Merchandise margin for the first quarter decreased by 30 basis points, as compared to the first quarter of fiscal 2024, primarily due to an increase in markdown activity and promotional offers associated with new marketing initiatives, including the new loyalty programme, as well as an increase in freight costs associated with the acceleration of inventory receipts. These increases were partially offset by an increase in merchandise margins as a result of a shift in product mix. Destination XL (DXL) reported a Q1 FY25 gross margin of 45.1 per cent, down from 48.2 per cent in the prior year, due to higher occupancy costs and increased markdowns. Total sales declined to $105.5 million from $115.5 million, with comparable sales falling 9.4 per cent. Merchandise margin also dipped slightly amid promotional activity and rising freight costs. 'We are currently managing our business through an economic downcycle, and our performance does not reflect the opportunity in our total addressable market or the longer-term potential for our brand. We believe the broader macroeconomic challenges within the apparel industry and consumer sentiment are pushing our customer to be more discerning in what he is buying. Our assortment is well positioned to serve those value-oriented customers who are trading down from national designer brands to our private label brands, which have lower average unit retail prices but higher margins,' said Harvey Kanter, president and chief executive officer . Total sales for the first quarter of fiscal 2025 were $105.5 million, as compared to $115.5 million in the first quarter of fiscal 2024. The decrease in total sales was primarily attributable to a decrease in comparable sales for the first quarter of 9.4 per cent, partially offset by an increase in non-comparable sales, the company said in a press release. 'We've recently implemented several initiatives to ensure the value of our assortment is clear. Today we offer our price match guarantee, fit exchange, and first responder programmes, which are helping with DXL's price perception and, together with our loyalty program, are helping to drive enhanced value and affinity for our brand. We are also extending our FiTMAP sizing technology programme which allows customers to use leading edge technology to understand their individual sizing. Our guests can now engage with our brand in a much more personalised manner using this full body scanning technology. Our net promoter score continues to shine and is touching just over 80 in stores and our conversion is up year over year. Although our sales performance was below expectations, we are seeing some improvement in sales velocity, while still maintaining a healthy merchandise margin and controlling costs,' explained Kanter. Sales trends improved month over month, with comparable sales down 13.9 per cent in February, down 8.2 per cent in March, and down 7.2 per cent in April. Overall, the first quarter decline was consistent with the sales trend in fiscal 2024, as customers are continuing to pull back on discretionary spending. The company continues to see customers shift toward private-label brand merchandise and value-driven brands. Fibre2Fashion News Desk (RR)
Malaysian Reserve
31-05-2025
- Business
- Malaysian Reserve
DXL, Now Open In Boca Raton: Clothes That Actually Fit Big + Tall Men Shouldn't Be A Crazy Idea, Right?
BOCA RATON, Fla., May 31, 2025 /PRNewswire/ — Destination XL Group, Inc. (Nasdaq: DXLG), the leading integrated-commerce retailer specializing in Big + Tall men's clothing and shoes, announces the grand opening of its latest store in Boca Raton, FL, located in Towne Plaza at 2301 Glades Road. This marks DXL's fifth new store opening of the fiscal year. After decades of designing, creating and offering high-quality clothes that truly fit Big + Tall men, DXL's dedication to an underserved market has only grown. The new Boca Raton location offers a superior shopping experience, featuring styles only found at DXL and, more importantly, sized to actually fit the Big + Tall guy perfectly. The store showcases all of the brands guests love, including Polo Ralph Lauren®, Reebok®, Nautica®, vineyard vines®, Columbia®, Tommy Bahama®, and more. The store also includes DXL's new proprietary FiTMAPSM Sizing Technology, an innovative digital scanning technology that takes each guest's unique measurements. With this information, shoppers can find custom clothing options and get accurate size recommendations across many of DXL's brands for a perfect fit every time. 'We are excited to extend our reach to the greater Boca Raton area, offering more options, convenience, and a straightforward shopping experience to our Big + Tall customers,' said Harvey Kanter, President and Chief Executive Officer of DXL. 'The Boca Raton DXL is not just a new store; it provides men with fashion that fits comfortably and looks great. Our mission is to ensure every Big + Tall guy can wear what he wants.' The Boca Raton store opened on May 31, 2025. About Destination XL GroupDestination XL Group, Inc. is the leading retailer of Men's Big + Tall apparel that provides the Big + Tall man the freedom to choose his own style. Subsidiaries of Destination XL Group, Inc. operate DXL Big + Tall retail and outlet stores and Casual Male XL retail and outlet stores throughout the United States, and an e-commerce website, and mobile app, which offer a multi-channel solution similar to the DXL store experience with the most extensive selection of online products available anywhere for Big + Tall men. The Company is headquartered in Canton, Massachusetts, and its common stock is listed on the Nasdaq Global Market under the symbol 'DXLG.' For more information, please visit the Company's investor relations website:
Yahoo
31-05-2025
- Business
- Yahoo
DXL, Now Open In Boca Raton: Clothes That Actually Fit Big + Tall Men Shouldn't Be A Crazy Idea, Right?
BOCA RATON, Fla., May 31, 2025 /PRNewswire/ -- Destination XL Group, Inc. (Nasdaq: DXLG), the leading integrated-commerce retailer specializing in Big + Tall men's clothing and shoes, announces the grand opening of its latest store in Boca Raton, FL, located in Towne Plaza at 2301 Glades Road. This marks DXL's fifth new store opening of the fiscal year. After decades of designing, creating and offering high-quality clothes that truly fit Big + Tall men, DXL's dedication to an underserved market has only grown. The new Boca Raton location offers a superior shopping experience, featuring styles only found at DXL and, more importantly, sized to actually fit the Big + Tall guy perfectly. The store showcases all of the brands guests love, including Polo Ralph Lauren®, Reebok®, Nautica®, vineyard vines®, Columbia®, Tommy Bahama®, and more. The store also includes DXL's new proprietary FiTMAPSM Sizing Technology, an innovative digital scanning technology that takes each guest's unique measurements. With this information, shoppers can find custom clothing options and get accurate size recommendations across many of DXL's brands for a perfect fit every time. "We are excited to extend our reach to the greater Boca Raton area, offering more options, convenience, and a straightforward shopping experience to our Big + Tall customers," said Harvey Kanter, President and Chief Executive Officer of DXL. "The Boca Raton DXL is not just a new store; it provides men with fashion that fits comfortably and looks great. Our mission is to ensure every Big + Tall guy can wear what he wants." The Boca Raton store opened on May 31, 2025. About Destination XL GroupDestination XL Group, Inc. is the leading retailer of Men's Big + Tall apparel that provides the Big + Tall man the freedom to choose his own style. Subsidiaries of Destination XL Group, Inc. operate DXL Big + Tall retail and outlet stores and Casual Male XL retail and outlet stores throughout the United States, and an e-commerce website, and mobile app, which offer a multi-channel solution similar to the DXL store experience with the most extensive selection of online products available anywhere for Big + Tall men. The Company is headquartered in Canton, Massachusetts, and its common stock is listed on the Nasdaq Global Market under the symbol "DXLG." For more information, please visit the Company's investor relations website: View original content to download multimedia: SOURCE Destination XL Group, Inc. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
29-05-2025
- Business
- Yahoo
Destination XL Slips Into Red as Male Customers Shift to Lower-priced Apparel
Destination XL Group slipped into the red in the first quarter in response to what its chief executive officer characterized as the 'economic downcycle' that prompted a customer shift away from designer brands to lower-priced goods. In the period ended May 3, the Canton, Mass.-based men's big and tall retailer reported a net loss of $1.9 million, or 4 cents a share, compared to net income of $3.8 million, or 6 cents a share, in the same period last year. More from WWD Tariff Impact Evident in Caleres' Q1 as Sales, Profits Slide Navigating Tariff Turbulence With Pricing Elasticity FDRA Pushes Trump For Relief as Vietnam Tariff Talks Resume in June Total sales dropped 8.6 percent to $105.5 million from $115.5 million in the first quarter of fiscal 2024. Comparable-store sales decreased 9.4 percent. The company did say that sales improved as the quarter progressed with comps down 13.9 percent in February, 8.2 percent in March and 7.2 percent in April. But for the first three weeks of May, comps are down just under 10 percent. By channel, comparable sales in the DXL stores dropped 6.6 percent but 16.2 percent online. Even so, the retailer has made some tweaks that are expected to improve its performance in the second half. 'We believe that our targeted promotions, which include our Price Match Guarantee, Fit Exchange by DXL, our Hero/First Responder discounts as well as the introduction of new value-driven brands, have had a positive impact on our store traffic,' the company said. 'The direct business, which includes our website, app and marketplaces, struggled during the first quarter of fiscal 2025 and was challenged by decreases in online traffic and average order value, while conversion was relatively flat.' The company also said that there were some 'functionalities' that likely had a negative impact on sales in the quarter, but those have been corrected. As a result, it said it expects comp sales to gradually improve the remainder of the year and is projecting a single-digit decrease in the second quarter followed by a return to positive comps in the second half. In reporting the earnings Thursday morning, Harvey Kanter, president and CEO, said: 'We are currently managing our business through an economic downcycle, and our performance does not reflect the opportunity in our total addressable market or the longer-term potential for our brand. We believe the broader macroeconomic challenges within the apparel industry and consumer sentiment are pushing our customer to be more discerning in what he is buying. Our assortment is well positioned to serve those value-oriented customers who are trading down from national designer brands to our private label brands, which have lower average unit retail prices but higher margins.' He said in the first quarter, private brands accounted for 57 percent of sales, up from 55 percent last year. But national brands continue to be a focus. Kanter pointed to last month's introduction of Dickies and Haggar, which have performed in line or above plan respectively. And the Perry Ellis brand was just introduced last week. Turning to tariffs, Kanter said the situation remains 'very fluid and we continue to monitor trade discussions and changes to policy as they develop. We are leaning into relationships with our vendors and suppliers around the world and we are working very hard to mitigate the cost of those tariffs. Our discussions with our private label vendors have been productive. On the domestic side, we are also having dialogue with our national brands as we all try to navigate this environment.' In the company's earnings call Thursday morning, Kanter said that assuming the current global tariff rate policies do not change for the balance of the year, and no new tariffs are added, he expects the impact to add less than $2 million to costs this year. Approximately 80 percent of DXL's private label imports are sourced from Vietnam, Bangladesh and India and fewer than 5 percent from China. 'At this point, we have not yet taken any price increases, but that is still possible,' he said. 'We are continuing to assess whether there is enough price elasticity of demand to take market share by keeping constant prices at lower margin versus passing on the impact of those tariffs to the end consumer to maintain our margins but risk losing share. We know there is a sensitivity to price and we are trying to be smart about how we strike the right balance.' Kanter also provided an update on the company's performance on the Nordstrom Marketplace. DXL went live on the site in June of 2024 and now offers 37 brands and more than 2,200 styles. Top performers include Polo, private brands Harbor Bay and Oak Hill, as well as Vineyard Vines, Brooks Brothers and Reebok, he said. Destination XL operates a total of 290 stores under the DXL and Casual Male nameplates. In the first quarter, the company opened two new DXL stores and converted one Casual Male XL full-price store and one Casual Male XL outlet to DXLs. The company expects to open four additional stores this year before it pauses to focus on stabilizing the business and preserving cash flow, Kanter said. The company also touted a new technology that is expected to help boost business. Called FiTMAP, it is a proprietary sizing technology for which DXL has the exclusive license for big and tall men until 2030. It is a contactless digital scanning technology that captures 242 measurements to ensure a proper fit and can be used for both ready-to-wear and custom apparel. Currently, FiTMAP provides recommended sizes for all of DXL's private brands as well as 15 national labels. To date, the retailer has scanned over 20,000 customers in the 52 DXL locations where it is currently offered. The plan is to roll out the technology to 85 stores by the end of this year and to as many as 200 stores by the end of fiscal 2027. Best of WWD China's Streetwear Whisperer: Peter Zhong Some 600 Exhibitors Expected at Pitti Uomo's 101st Edition Peter Manning Purchased by Longtime CEO Who Plans Expansion Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
28-05-2025
- Business
- Yahoo
East Hanover Welcomes DXL: Because Offering Big + Tall Men's Clothes That Fit Shouldn't Be Remarkable, But It Is
EAST HANOVER, N.J., May 28, 2025 /PRNewswire/ -- Destination XL Group, Inc. (Nasdaq: DXLG), the leading integrated-commerce retailer specializing in Big + Tall men's clothing and shoes, announces the grand opening of its latest store in East Hanover, NJ, located in Hanover Commons at 200 NJ-10. This marks DXL's fourth new store opening of the fiscal year and its tenth within the past 12 months across the United States. After decades of designing, creating and offering high-quality clothes that truly fit Big + Tall men, DXL's dedication to an underserved market has only grown. The new East Hanover location offers a superior shopping experience, featuring styles only found at DXL and, more importantly, sized to actually fit the Big + Tall guy perfectly. The store showcases all of the brands guests love, including Polo Ralph Lauren®, Reebok®, Nautica®, vineyard vines®, Columbia®, Levi's®, and more. The store also includes DXL's new proprietary FiTMAPSM Sizing Technology, an innovative digital scanning technology that takes each guest's unique measurements. With this information, shoppers can find custom clothing options and get accurate size recommendations across many of DXL's brands for a perfect fit every time. "We are excited to extend our reach to the greater East Hanover area, offering more options, convenience, and a straightforward shopping experience to our Big + Tall customers," said Harvey Kanter, President and Chief Executive Officer of DXL. "The East Hanover DXL is not just a new store; it provides men with fashion that fits comfortably and looks great. Our mission is to ensure every Big + Tall guy can wear what he wants." The East Hanover store opened on May 24, 2025. About Destination XL GroupDestination XL Group, Inc. is the leading retailer of Men's Big + Tall apparel that provides the Big + Tall man the freedom to choose his own style. Subsidiaries of Destination XL Group, Inc. operate DXL Big + Tall retail and outlet stores and Casual Male XL retail and outlet stores throughout the United States, and an e-commerce website, and mobile app, which offer a multi-channel solution similar to the DXL store experience with the most extensive selection of online products available anywhere for Big + Tall men. The Company is headquartered in Canton, Massachusetts, and its common stock is listed on the Nasdaq Global Market under the symbol "DXLG." For more information, please visit the Company's investor relations website: View original content to download multimedia: SOURCE Destination XL Group, Inc. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
