Destination XL Group Inc. is hitting the accelerator again as it looks to take greater advantage of its DXL superstores.
Earlier slated for 250 units, the company has identified an additional 150 stores — 30 to 40 a year through 2020. The units include full-price retail as well as outlet stores.
In a conference call following the earnings release Thursday morning, David A. Levin, chairman and chief executive officer, said that in the period, the 111 DXL retail stores in operation at least 13 months had a same-store sales increase of 11.9 percent on top of an 11.3 percent gain in last year’s second quarter, with sales growth improving throughout the three months. Transactions at DXL rose 9.2 percent over the comparable period last year.
These results prompted the company to expand the rollout of the concept.
“We conducted a detailed market opportunity study of our Casual Male and DXL store portfolio,” Levin said, “[and] we have identified a total of approximately 400 DXL store opportunities nationwide, a mix of approximately 340 DXL retail stores and 60 DXL outlets, and that’s up sharply from our previous estimate of 250 DXL stores.”
The full-price stores will average 7,200 square feet and the outlets will average 4,500
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