Destination XL Group, Inc. reported a net loss of $(1.3) million, or $(0.02) per diluted share, for the fourth quarter of fiscal 2024, compared to net income of $5.2 million, or $0.08 per diluted share, in Q4 fiscal 2023. Total sales for the 13-week fourth quarter were $119.2 million, down from $137.1 million for the 14-week Q4 fiscal 2023.
For the full fiscal year 2024, net income was $3.1 million, or $0.05 per diluted share, a significant decrease from $27.9 million, or $0.43 per diluted share, in fiscal 2023. Total sales for fiscal 2024 decreased by 10.5% to $467.0 million from $521.8 million in fiscal 2023.
Comparable sales for Q4 fiscal 2024 decreased by 8.7%, with stores down 6.7% and the direct business down 12.7%. For the full fiscal year, comparable sales declined by 10.6%, reflecting persistent challenges in the men's apparel sector.
The gross margin rate for Q4 fiscal 2024 was 44.4%, down from 47.0% in the prior year, primarily due to deleveraging of occupancy costs. Adjusted EBITDA for the full fiscal year was $19.9 million, a decrease from $55.9 million in fiscal 2023.
As of February 1, 2025, the company maintained a strong balance sheet with $48.4 million in cash and investments and no outstanding debt. DXLG repurchased 4.9 million shares for $13.7 million during fiscal 2024. For fiscal 2025, capital expenditures are projected to be between $19.0 million and $21.0 million, including plans to open eight new DXL stores and convert two Casual Male XL stores.
DXLG launched an improved DXL Rewards program in February 2025 and completed the migration of its e-commerce website to a new platform at the end of March 2025. The company plans to pause new store openings in fiscal 2026, prioritizing operational efficiency and free cash flow until the men's retail apparel business improves.
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