DXLG reports FY2023 sales down 4.4% to $521.8M; net income $27.9M vs $89.1M in FY2022

DESTINATION XL GROUP, INC.

2023-FY EPS reported $0.43 revenue$521,815,000

FY2023 net income $27.9M ($0.43 EPS) vs $89.1M ($1.33 EPS) in FY2022; adjusted EPS $0.50.
Adjusted EBITDA $55.9M vs $73.8M in FY2022; cash from ops $49.6M, free cash flow $32.2M.
Q4 sales $137.1M (-4.7% YoY); comparable sales -10.1%; net income $5.2M ($0.08 EPS).
Balance sheet: $60M cash and investments, no debt; plans 8 new DXL stores in FY2024, 15/year thereafter.
FY2024 gross margin expected ~30-40 bps lower; marketing costs rising to 7.0%-7.5% of sales.

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