Destination XL disappoints during Q1
Canton, Mass. — Destination XL reported disappointing financial results for the first quarter. The company’s net income fell 56% from $2.3 million in first quarter 2012 to $1 million, while same store sales grew 0.8%. Total sales also declined 2%, from $95.5 million to $93.6 million. Destination XL cited a colder-than-normal spring and a 60% drop in catalog sales as a contributor to declining quarterly performance.
Destination XL President and CEO David Levin said that one bright spot during the quarter was the strong performance of the company’s DXL retail concept.
“Our DXL stores continue to deliver strong results that are better than we initially expected,” said Levin. “Dollars per transaction at our DXL stores this quarter increased 17.6% to $154 from $131 in the first quarter of last year.”
During fiscal 2013, Destination XL plans to open between 57 and 64 new DXL stores and close between 110 and 119 Casual Male XL and Rochester stores. Capital expenditures related to this activity are expected to run about $45 million while marketing spend will increase $10 million.
Former P&G CEO returns
Cincinnati – Former CEO A.G. Lafley, 65, is returning to Procter & Gamble in his former position. Lafley is assuming the role of CEO, president and chairman of the board immediately, and will replace current CEO Bob McDonald, who is retiring June 30. Procter & Gamble has been involved in restructuring efforts, including thousands of layoffs, for the past year and a half.
“I am looking forward to working with P&G’s outstanding leadership team to continue to improve the company’s performance,” said Lafley. “I am confident that we will deliver strong innovation, productivity and growth to win with consumers, customers and shareholders.”
Haggar names Schneider sales director
Dallas – Haggar Clothing Co. has named Don Schneider as VP director of sales. Schneider will manage top national accounts, focusing on dress shirts, sweaters and golf attire and reporting to senior VP national sales manager Tadd Parnell. He holds more than 25 years of sales and marketing experience in men’s apparel, including 15 years in various executive roles with Hampshire Group.
"We are excited to welcome Don to our senior team," said Tad Parnell. "With over 25 years of success and experience with some of the most well-known brands in menswear, he has a demonstrated track record of disciplined leadership. He will be a strong partner as we continue to execute our long-term strategic growth objectives for the Haggar brands."