DXLG Q2 sales down 10.9% to $124.8M; EPS $0.04; cuts full-year guidance

DESTINATION XL GROUP, INC.

2024-Q2 EPS reported $0.10 revenue$240,309,000

Net income of $0.04 per diluted share vs $0.18 in Q2 FY23; Adjusted EBITDA $6.5M vs $22.9M.
Comparable sales decreased 10.9%; stores down 10.0%, direct down 12.8%.
Gross margin rate fell 210 bps to 48.2% on occupancy deleverage; merchandise margin flat.
Full-year gross margin expected 60-110 bps lower than FY23; marketing costs guided to ~7% of sales.
Slowing new store openings in FY25 from 15 to 10; prioritizing balance sheet and free cash flow.

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