• Net income of $1m from $2.3m last year 
  • Sales slipped 2% to $93.6m versus $95.5m
  • Gross margin down 20 basis points to 47.5%

Big and tall men's wear retailer Destination XL, formerly Casual Male Retail Group, has seen its first-quarter net profit more than halve on lower sales and US$2.4m in costs related to its DXL store growth initiative.   

"We continued to execute well on our strategy to accelerate the rollout of the Destination XL concept during the first quarter," said president and CEO David Levin.

"Sales and net income growth was affected by a colder-than-usual spring. However, the softness in February and March was partially offset by strong sales in April when the weather warmed up. More importantly, our DXL stores continue to deliver strong results that are better than we initially expected."