MarketPR
Inventory trimmed to $75.5 million and clearance stock held at 9.8%, right against the company's own 10% ceiling, helped Destination XL Group (NASDAQ: DXLG) lift second-quarter adjusted EBITDA to $7.7 million from $4.7 million a year earlier, even as net sales fell 3.4% to $111.6 million.
The retailer also filed an amended proxy on September 2 to exit its planned FullBeauty merger, with SEC clearance and a stockholder vote still ahead before that deal is formally closed.
The numbers behind the print Comparable sales dropped 3.5% for the quarter, but the monthly cadence improved sequentially: down 5.7% in May, down 2.8% in June, and down 1.9% in July.
CFO Peter Stratton called the quarterly comp figure the strongest Destination XL has posted in three years. Adjusted EPS reached $0.05 against $0.01 a year ago, and GAAP net income hit $2.0 million.
Keep reading