Reports Q4 revenue $137.1M vs. $143.9M last year. “We are pleased to have delivered sales and adjusted EBITDA results for fiscal 2023 that were the second and third highest, respectively, in the history of our Company, reflecting an adjusted EBITDA margin that has more than doubled and a net sales increase of 10% since 2019. After two years of double-digit comp sales increases, a challenging apparel retail market in 2023 negatively impacted customer traffic to both our stores and website, contributing to our full-year comp sales decrease of 4.6%,” said Harvey Kanter, President and Chief Executive Officer. “Even with consumer headwinds, our team maintained an operational discipline that allowed us to deliver an adjusted EBITDA margin of 10.7% for the full year. The strength of our balance sheet, with $60 million of cash and investments, no debt, and a clean inventory position, allows us to pursue our strategic goals and implement our long-range plan to gain share in what we believe is a $23 billion total addressable market of big and tall men. I remain as optimistic for DXL today as I was when I joined the Company in mid-2019,” Kanter continued. “Fiscal 2024 will be defined by the launch of strategic growth initiatives in marketing, store expansion, the DXL digital experience, and collaborations. These initiatives are ambitious, and necessary, and will require us to make significant investments in our future. They will begin to come online in late Spring and will be a catalyst for sales growth for the balance of the year. We believe that we can invest in these growth initiatives while maintaining an acceptable level of profitability and free cash flow. And, over the next five years, we expect to grow our top line significantly and, with scale, return to double-digit adjusted EBITDA margins, finally unlocking the potential that exists in the men’s big and tall market,” Kanter concluded.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
