Destination XL reports sales of $85 mn in Q3 FY20

Destination XL Group, a US-based omni-channel specialty retailer of big and tall men’s clothing, has reported 20.1 per cent sales decline to $85.2 million in its third quarter (Q3) FY20 ended on October 31, 2020 compared to sales of $106.6 million in same period last year. Net loss for the quarter was $7.0 million (Q3 FY19: $7.2 million).

 

Destination XL Group, a US-based omni-channel specialty retailer of big and tall men's clothing, has reported 20.1 per cent sales decline to $85.2 million in its third quarter (Q3) FY20 ended on October 31, 2020 compared to sales of $106.6 million in same period last year. Net loss for the quarter was $7.0 million (Q3 FY19: $7.2 million).#

“Despite the unrelenting impact of Covid-19 on the apparel industry, we believe our actions give DXL the strongest opportunity to succeed. Our digital transformation efforts, begun in mid-2019, have measurably impacted our ability to serve our core consumer in this volatile environment and provides us with even greater opportunity to navigate changes in consumer behaviour,” Harvey Kanter, president and chief executive officer at Destination XL, said in a press release.

 

Destination XL Group, a US-based omni-channel specialty retailer of big and tall men's clothing, has reported 20.1 per cent sales decline to $85.2 million in its third quarter (Q3) FY20 ended on October 31, 2020 compared to sales of $106.6 million in same period last year. Net loss for the quarter was $7.0 million (Q3 FY19: $7.2 million).#

Gross profit during Q3 FY20 was $31.0 million ($43.8 million). Group’s operating loss for the quarter was $5.9 million ($6.3 million).

 

Destination XL Group, a US-based omni-channel specialty retailer of big and tall men's clothing, has reported 20.1 per cent sales decline to $85.2 million in its third quarter (Q3) FY20 ended on October 31, 2020 compared to sales of $106.6 million in same period last year. Net loss for the quarter was $7.0 million (Q3 FY19: $7.2 million).#

“The fact that so many of us are staying close to home and avoiding large social gatherings has resulted in a solid improvement in many of our core and basic categories. Our customers still need to replenish basics and, in time, we know he will also need to update his wardrobe. We expect our business will continue to be challenged until we are able to start gathering socially in larger groups again and we see an increase in demand for event-based shopping visits, but we have cautious optimism for continued improvement,” Kanter said.