Destination XL expects business recovery in 2021

Destination XL Group Inc., (DXL) said year-to-date through November, DXL.com sales were up 41 percent over fiscal 2019 levels, and the company expects the growth trend in this channel to continue in fiscal 2021. The company also expects stores to continue their trend of being down compared to fiscal 2019 levels.

“As we prepare to turn the page on fiscal 2020 and look forward to fiscal 2021, I wanted to share with you, at a high level, our belief in fiscal 2021 of continued recovery. The steps we have taken in 2020 to manage inventory, restructure occupancy costs, and reduce our selling, general and administrative costs create greater operating leverage on a reduced sales base in our business model. These actions have also helped us to preserve liquidity,” said the company’s President and Chief Executive Officer, Harvey Kanter.

DXL separately announced that the company has begun the process of transferring from the Nasdaq Capital Market to the OTCQX market.

Picture:Facebook/DXL Big + Tall