Shares of omni-channel specialty retailer of Big + Tall men’s clothing and shoes, Destination XL Group, Inc. (DXLG) are rising more than 16% in the morning trade on Tuesday after reporting improved second quarter results.
Net income for the second quarter was $24.5 million, or $0.36 per share, compared with net loss of $10.7 million, or $0.21 per share, in the same quarter a year ago.
Sales for the quarter increased 81.3% to $138.6 million from $76.4 million last ear.
Looking forward to the full year, the company has raised its sales guidance to the range of $490 million – $505 million, from previous guidance of $415.0 million – $435.0 million. EPS for the full year is expected to be in the range of $0.64 – $0.76
“Many of our existing customers have returned to shop after months of staying close to home, and many new customers are discovering DXL for the first time. We believe we are increasing our market share in the big + tall market,” said Harvey Kanter, President & Chief Executive Officer.
DXLG touched a new high of 6.17 this morning, before slipping to trade at $6.10 currently.
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