Destination XL Group Cuts 2024 Guidance as Customers Curb Spending

Dow Jones11-22

By Ben Glickman

Destination XL Group reduced its full-year guidance for the year after consumers continued to curb spending on discretionary and look for lower prices.

The big and tall men's apparel seller's sales fell 9.8% in the third quarter to $107.5 million. On a comparable basis, sales fell 11%.

Chief Executive Harvey Kanter said consumers were buying cautiously, leading to lower traffic and conversion in its online store. Shoppers have been gravitating toward lower-priced items, including the company's private-label merchandise, the company said.

The company's shares tumbled 15% in pre-market trading to $2.19. The stock is down about 41% this year as of Thursday's close.

Destination XL swung to a loss of $1.81 million, or 3 cents a share, in the quarter ended Nov. 2, from a profit of $4.02 million, or 6 cents a share, a year earlier.

The company said it now expects sales for fiscal 2024 to be at the low end of its guidance, or about $470million. The outlook reflects a comparable sales drop of about 10%.

Destination XL lowered its guidance for adjusted Ebitda, or earnings before interest, tax, depreciation and amortization, margins to 4.5% to 6%, down from its previous outlook of 7%.

Write to Ben Glickman at ben.glickman@wsj.com

(END) Dow Jones Newswires

November 22, 2024 07:41 ET (12:41 GMT)

Copyright (c) 2024 Dow Jones & Company, Inc.

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