Destination XL Q1 Net Drops by Over 50%

Destination XL (NASDAQ: DXLG  ) results for the company's Q1 have been released. For the quarter, sales were $93.6 million, a decline from the $95.5 million in the same period the previous year. Net income suffered a steeper fall, dropping to just over $1 million ($0.02 per diluted share) from the Q1 2012 result of $2.3 million ($0.05).

In the press release detailing the results, the firm attributed the declines to a colder-than-expected spring, and the "drag" of catalog sales on its business.

Destination XL also provided forward guidance for its current fiscal year. The company believes its 2013 sales will be $415 million-$420 million, with diluted EPS coming in at "approximately breakeven."


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