US: Destination XL cuts FY outlook as CFO departs
Destination XL Group has cut its full-year outlook after lower-than-expected December sales, and announced the departure of CFO and COO Dennis Hernreich.
Former Urban Outfitters CEO John Kyees has been appointed as interim CFO, while a search is underway for a permanent successor.
The company, formerly known as Casual Male Retail Group, said it expects to swing to a full-year net loss per share of between $0.11 and $0.13, compared to its earlier guidance of a $0.05 loss per share.
Sales are forecast to be US$388m, down on its previous guidance of $395m.
"In line with much of the retail industry, which faced challenges in the fourth quarter, particularly in the holiday selling season, our December sales results fell below our expectations," said president and CEO David Levin.
"During the key selling weeks between Black Friday and Christmas, store traffic was down approximately 4% from the prior year as a result of weather in some geographies, as well as continued sluggish consumer buying behaviour."
The decline in traffic, which was "disproportionately" impacted by the shorter holiday season, negatively affected fourth-quarter sales, Levin added.
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