DXLG Q1 sales down 7.9% to $115.5M; EPS $0.06 vs $0.11; confirms lower FY guidance

DESTINATION XL GROUP, INC.

2024-Q1 EPS reported $0.06 revenue$115,489,000

Total sales $115.5M, down 7.9% YoY; comparable sales decreased 11.3% (store -11.4%, direct -11.0%).
Net income $0.06 diluted EPS vs $0.11 prior year; adjusted EBITDA $8.2M (7.1% margin) vs $12.6M (10.1%).
Completed $25M stock repurchase program; cash $53.2M, no debt outstanding.
Investing in growth initiatives: brand campaign (May 13), store openings (2nd store May 25, six more planned), Nordstrom digital marketplace (Apr 29), new website.
Gross margin rate 48.2% (down 40 bps); merchandise margin improved 135 bps offset by occupancy deleverage.

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