Destination XL Q1 Net Drops by Over 50%
Destination XL 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."
The article Destination XL Q1 Net Drops by Over 50% originally appeared on Fool.com.Fool contributor Eric Volkman has no position in Destination XL. Nor does The Motley Fool. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.
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