Destination XL Group, Inc., the largest multi-channel specialty retailer of big & tall men's apparel and accessories, today reported operating results for the fourth quarter and fiscal year ended February 2, 2013 ("fiscal 2012").
•Comparable fourth-quarter sales increased 0.5% and total fourth quarter sales increased to $114.9 million compared with $111.1 million in the fourth quarter of fiscal 2011. Full year comparable sales increased 1.5% and 2012 total sales were $399.6 million compared with $395.9 million in 2011.
•Comparable fourth quarter sales for Destination XL® (DXL®) stores were up 15.0%, while comparable fourth quarter sales for Casual Male XL retail and outlet stores decreased 2.3%. In the quarter, the DXL stores represented 18.0% of the Company's comparable retail store sales. Comparable fourth quarter sales from the e-commerce platform increased approximately 13.0%.
•Income from continuing operations, on a diluted basis, for the fourth quarter was $0.09 per share, as compared to $0.71 per share for the fourth quarter of fiscal 2011. Adjusted income from continuing operations for the fourth quarter of fiscal 2011, before the reversal of the Company's valuation allowance and trademark impairment, was $0.08 per share. (See below for non-GAAP reconciliation.)
•For the full year, income from continuing operations, on a diluted basis, was $0.17 per share compared with $0.93 per share for fiscal 2011. Before the reversal of the Company's valuation allowance and trademark impairment, adjusted income from continuing operations was $0.22 per share in 2011.
•Opened 14 Destination XL stores and closed 34 Casual Male XL stores in the fourth quarter of 2012, reaching 48 DXL stores at the end of the year towards its goal to transform its business with 215 to 230 DXL stores by 2016.