Operating performance has deteriorated significantly, with gross margins compressing from 48.2% in early 2024 to 40.4% in 2026Q1 amid persistent revenue declines.
| Metric | TTM | Jan'26 | Jan'25 | Jan'24 | Jan'23 | Jan'22 | Jan'21 | Jan'20 | Jan'19 | Jan'18 | Jan'17 | Jan'16 | Jan'15 | Jan'14 | Jan'13 | Jan'12 | Jan'11 | Jan'10 | Jan'09 | Jan'08 | Jan'07 | Jan'06 | Jan'05 | Jan'04 | Jan'03 | Jan'02 | Jan'01 | Jan'00 | Jan'99 | Jan'98 | Jan'97 |
|---|
| Sales/Revenue | 432.82M | 435.02M | 467.01M | 521.82M | 545.84M | 505.02M | 318.95M | 474.04M | 473.76M | 467.98M | 450.28M | 442.22M | 414.02M | 386.5M | 397.58M | 395.87M | 392.02M | 395.17M | 444.18M | 464.13M | 467.51M | 421.38M | 365.05M | 339.31M | 247.61M | 133.27M | 172.1M | 192.19M | 201.6M | 265.7M | 289.6M |
| Revenue Growth % | -5.3% | -6.85% | -10.5% | -4.4% | 8.08% | 58.34% | -32.72% | 0.06% | 1.24% | 3.93% | 1.82% | 6.81% | 7.12% | -2.79% | 0.43% | 0.98% | -0.8% | -11.04% | -4.3% | -0.72% | 10.95% | 15.43% | 7.59% | 37.03% | 85.79% | -22.56% | -10.45% | -4.67% | -24.13% | -8.25% | -3.82% |
| Cost of Goods Sold | 264.96M | 261.36M | 249.82M | 269.39M | 273.24M | 255.2M | 214.08M | 269.84M | 262.47M | 257.62M | 245.4M | 238.38M | 224.01M | 210.14M | 213.88M | 212.69M | 212.15M | 220.61M | 254.59M | 258.15M | 254.94M | 239.2M | 214.61M | 199.13M | 142.86M | 101.93M | 123.75M | 144.75M | 159.4M | 227.4M | 203.4M |
| COGS % of Revenue | - | 60.08% | 53.49% | 51.63% | 50.06% | 50.53% | 67.12% | 56.92% | 55.4% | 55.05% | 54.5% | 53.91% | 54.11% | 54.37% | 53.8% | 53.73% | 54.12% | 55.83% | 57.32% | 55.62% | 54.53% | 56.77% | 58.79% | 58.69% | 57.69% | 76.48% | 71.91% | 75.32% | 79.07% | 85.59% | 70.23% |
| Gross Profit | 167.86M | 173.66M | 217.19M | 252.42M | 272.6M | 249.82M | 104.86M | 204.2M | 211.29M | 210.36M | 204.88M | 203.84M | 190.01M | 176.36M | 183.7M | 183.18M | 179.86M | 174.56M | 189.59M | 205.97M | 212.57M | 182.18M | 150.44M | 140.18M | 104.75M | 31.34M | 48.35M | 47.44M | 42.2M | 38.3M | 86.2M |
| Gross Margin % | 38.78% | 39.92% | 46.51% | 48.37% | 49.94% | 49.47% | 32.88% | 43.08% | 44.6% | 44.95% | 45.5% | 46.09% | 45.89% | 45.63% | 46.2% | 46.27% | 45.88% | 44.17% | 42.68% | 44.38% | 45.47% | 43.23% | 41.21% | 41.31% | 42.31% | 23.52% | 28.09% | 24.68% | 20.93% | 14.41% | 29.77% |
| Gross Profit Growth % | - | -20.05% | -13.96% | -7.4% | 9.12% | 138.23% | -48.65% | -3.35% | 0.44% | 2.67% | 0.51% | 7.28% | 7.74% | -4% | 0.28% | 1.84% | 3.04% | -7.93% | -7.95% | -3.11% | 16.68% | 21.1% | 7.32% | 33.82% | 234.22% | -35.17% | 1.91% | 12.42% | 10.18% | -55.57% | -3.25% |
| Operating Expenses | 182.78M | 187.38M | 213.46M | 210.48M | 214.01M | 187.84M | 165.38M | 208.59M | 221.41M | 228.4M | 203.9M | 208.93M | 198.82M | 189.9M | 169.84M | 187.64M | 161.62M | 166.55M | 266.58M | 195.46M | 187.18M | 164.63M | 142.41M | 123.05M | 91.48M | 33.81M | 43.07M | 56.51M | 72.6M | 84.5M | 76.3M |
| OpEx % of Revenue | - | 43.07% | 45.71% | 40.34% | 39.21% | 37.2% | 51.85% | 44% | 46.73% | 48.81% | 45.28% | 47.25% | 48.02% | 49.13% | 42.72% | 47.4% | 41.23% | 42.15% | 60.02% | 42.11% | 40.04% | 39.07% | 39.01% | 36.26% | 36.95% | 25.37% | 25.03% | 29.4% | 36.01% | 31.8% | 26.35% |
| Selling, General & Admin | 187.07M | 187.38M | 198.28M | 196.53M | 198.79M | 172.96M | 129.06M | 180.66M | 183.87M | 193.23M | 173.28M | 180.57M | 174.81M | 169.06M | 154.37M | 152M | 148.39M | 151.04M | 178.07M | 178.06M | 170.9M | 151.89M | 132.55M | 115.57M | 80.31M | 29.62M | 38.08M | 50.01M | 62.9M | 73.3M | 65.9M |
| SG&A % of Revenue | - | 43.07% | 42.46% | 37.66% | 36.42% | 34.25% | 40.47% | 38.11% | 38.81% | 41.29% | 38.48% | 40.83% | 42.22% | 43.74% | 38.83% | 38.4% | 37.85% | 38.22% | 40.09% | 38.36% | 36.55% | 36.05% | 36.31% | 34.06% | 32.44% | 22.23% | 22.12% | 26.02% | 31.2% | 27.59% | 22.76% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 1000K | 0 | 15.18M | 13.95M | 15.22M | 14.88M | 36.32M | 27.93M | 37.54M | 35.17M | 30.62M | 28.36M | 24M | 20.84M | 15.47M | 35.64M | 13.23M | 15.5M | 88.51M | 17.41M | 16.28M | 12.74M | 9.86M | 7.48M | 11.17M | 4.19M | 4.99M | 6.5M | 9.7M | 11.2M | 10.4M |
| Operating Income | -14.92M | -13.72M | 3.73M | 41.94M | 58.59M | 61.98M | -60.52M | -1.02M | -10.12M | -18.04M | 977K | -5.09M | -8.8M | -13.08M | 13.92M | -6.61M | 16.25M | 8.01M | -76.99M | 10.51M | 25.39M | 17.55M | 8.03M | 15.92M | -13.43M | 2.08M | 7.3M | -9.07M | -30.4M | -46.2M | 9.9M |
| Operating Margin % | -3.45% | -3.15% | 0.8% | 8.04% | 10.73% | 12.27% | -18.97% | -0.22% | -2.14% | -3.86% | 0.22% | -1.15% | -2.13% | -3.38% | 3.5% | -1.67% | 4.15% | 2.03% | -17.33% | 2.26% | 5.43% | 4.17% | 2.2% | 4.69% | -5.42% | 1.56% | 4.24% | -4.72% | -15.08% | -17.39% | 3.42% |
| Operating Income Growth % | - | -467.66% | -91.1% | -28.41% | -5.48% | 202.42% | -5803.9% | 89.87% | 43.91% | -1946.57% | 119.19% | 42.17% | 32.7% | -193.93% | 310.75% | -140.66% | 102.83% | 110.41% | -832.51% | -58.61% | 44.67% | 118.65% | -49.58% | 218.56% | -745.63% | -71.5% | 180.45% | 70.16% | 34.2% | -566.67% | -25.56% |
| EBITDA | 741K | 1.61M | 17.61M | 55.78M | 73.97M | 79.21M | -39.04M | 23.54M | 18.53M | 13.03M | 31.2M | 23.27M | 15.2M | 7.76M | 29.39M | 5.94M | 29.49M | 23.51M | -59.89M | 26.45M | 39.01M | 30.29M | 17.89M | 24.99M | -2.99M | 7.48M | 12.67M | -2.57M | -20.7M | -35M | 20.3M |
| EBITDA Margin % | 0.17% | 0.37% | 3.77% | 10.69% | 13.55% | 15.68% | -12.24% | 4.97% | 3.91% | 2.78% | 6.93% | 5.26% | 3.67% | 2.01% | 7.39% | 1.5% | 7.52% | 5.95% | -13.48% | 5.7% | 8.34% | 7.19% | 4.9% | 7.37% | -1.21% | 5.61% | 7.36% | -1.34% | -10.27% | -13.17% | 7.01% |
| EBITDA Growth % | -92.27% | -90.86% | -68.43% | -24.59% | -6.61% | 302.89% | -265.85% | 27% | 42.22% | -58.23% | 34.08% | 53.09% | 95.83% | -73.59% | 394.5% | -79.85% | 25.44% | 139.26% | -326.4% | -32.2% | 28.8% | 69.35% | -28.43% | 935.01% | -140.02% | -40.98% | 593.23% | 87.59% | 40.86% | -272.41% | -8.14% |
| D&A (Non-Cash Add-back) | 15.66M | 15.33M | 13.88M | 13.83M | 15.38M | 17.23M | 21.48M | 24.56M | 28.65M | 31.07M | 30.22M | 28.36M | 24M | 20.84M | 15.47M | 12.55M | 13.24M | 15.5M | 17.1M | 15.94M | 13.62M | 12.74M | 9.86M | 9.07M | 10.44M | 5.4M | 5.37M | 6.5M | 9.7M | 11.2M | 10.4M |
| EBIT | -20.01M | -17.35M | 5.04M | 42.06M | 58.43M | 59.64M | -60.52M | -4.39M | -10.12M | -18.04M | 977K | -5.09M | -8.8M | -13.55M | 13.86M | -4.72M | 18.77M | 8.65M | -76.45M | 10.51M | 26.59M | 17.55M | 8.03M | 17.13M | 13.27M | -2.47M | 5.28M | -9.07M | -30.4M | -46.2M | 9.9M |
| Net Interest Income | 447K | 810K | 2.08M | 2.14M | -251K | -4.35M | -3.92M | -3.3M | -3.46M | -3.36M | -3.07M | -3.06M | -2.13M | -1.05M | -621K | -556K | -689K | -1.07M | -2.96M | 0 | -5.47M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 447K | 810K | 2.08M | 2.14M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 0 | 0 | 0 | 0 | 251K | 4.35M | 3.92M | 3.3M | 3.46M | 3.36M | 3.07M | 3.06M | 2.13M | 1.05M | 621K | 556K | 689K | 1.07M | 2.96M | 0 | 5.47M | 8K | 11.2K | 11.2K | 9.1K | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | -5.09M | -3.63M | 2.08M | -3.55M | -251K | -4.35M | -3.92M | -3.3M | -3.46M | -3.36M | -3.07M | -3.06M | -2.13M | -1.05M | -621K | -808K | -158K | -431K | -2.43M | -3.81M | -4.35M | -9.52M | -8.04M | -17.12M | -13.27M | -1.91M | -1.81M | -1.21M | 1.2M | -400K | 500K |
| Pretax Income | -20.01M | -17.35M | 5.82M | 38.39M | 58.34M | 57.63M | -64.43M | -7.69M | -13.58M | -21.4M | -2.09M | -8.15M | -10.93M | -14.13M | 13.3M | -7.42M | 16.09M | 7.58M | -79.42M | 6.7M | 21.04M | 8.03M | -12.1K | 3.8K | -22.51M | 175K | 5.49M | -10.28M | -29.2M | -46.6M | 10.4M |
| Pretax Margin % | -4.62% | -3.99% | 1.25% | 7.36% | 10.69% | 11.41% | -20.2% | -1.62% | -2.87% | -4.57% | -0.46% | -1.84% | -2.64% | -3.65% | 3.35% | -1.87% | 4.1% | 1.92% | -17.88% | 1.44% | 4.5% | 1.91% | -0% | 0% | -9.09% | 0.13% | 3.19% | -5.35% | -14.48% | -17.54% | 3.59% |
| Income Tax | 19.89M | 18.56M | 2.76M | 10.54M | -30.79M | 917K | 106K | 105K | -50K | -2.57M | 166K | 260K | 243K | 45.66M | 5.24M | -50.08M | 720K | 1.47M | 28.95M | 2.77M | -21.59M | -2.73M | 6.5M | 15.9K | 7.98M | 8.06M | 2.27M | 2.21M | -10.7M | -17.5M | 4.1M |
| Effective Tax Rate % | -99.41% | -106.97% | 47.47% | 27.45% | -52.78% | 1.59% | -0.16% | -1.37% | 0.37% | 12.02% | -7.94% | -3.19% | -2.22% | -323.26% | 39.42% | 675.36% | 4.47% | 19.39% | -36.45% | 41.39% | -102.62% | -33.98% | -53752.07% | 418.42% | -35.44% | 4603.43% | 41.4% | -21.55% | 36.64% | 37.55% | 39.42% |
| Net Income | -39.91M | -35.91M | 3.06M | 27.85M | 89.12M | 56.71M | -64.54M | -7.8M | -13.53M | -18.83M | -2.26M | -8.41M | -12.29M | -59.79M | 6.13M | 42.66M | 15.37M | 6.11M | -109.26M | 414K | 42.63M | 10.76M | 1.52M | -12.06M | -38.8M | -7.88M | 3.22M | -12.49M | -18.5M | -29.1M | 6.3M |
| Net Margin % | -9.22% | -8.25% | 0.65% | 5.34% | 16.33% | 11.23% | -20.23% | -1.64% | -2.86% | -4.02% | -0.5% | -1.9% | -2.97% | -15.47% | 1.54% | 10.78% | 3.92% | 1.55% | -24.6% | 0.09% | 9.12% | 2.55% | 0.42% | -3.55% | -15.67% | -5.91% | 1.87% | -6.5% | -9.18% | -10.95% | 2.18% |
| Net Income Growth % | -1390.77% | -1275.38% | -89.03% | -68.75% | 57.15% | 187.88% | -727.83% | 42.38% | 28.13% | -734.49% | 73.17% | 31.61% | 79.44% | -1075.94% | -85.64% | 177.56% | 151.57% | 105.59% | -26490.58% | -99.03% | 296.21% | 606.04% | 112.64% | 68.91% | -392.32% | -345.06% | 125.74% | 32.47% | 36.43% | -561.9% | -35.71% |
| Net Income (Continuing) | -39.91M | -35.91M | 3.06M | 27.85M | 89.12M | 56.71M | -64.54M | -7.8M | -13.53M | -18.83M | -2.26M | -8.41M | -11.18M | -60.25M | 7.99M | 44.8M | 17.36M | 6.11M | -108.36M | 3.93M | 42.63M | 10.76M | 973K | -8.45M | -3.99M | -12.43M | 2.03M | -12.49M | -18.5M | -29.1M | 6.3M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 3.8M | 1.02M | 0 | 0 | 0 | 0 | 4.7M | 6.7M |
| EPS (Diluted) | -0.73 | -0.66 | 0.05 | 0.43 | 1.33 | 0.83 | -1.26 | -0.16 | -0.28 | -0.39 | -0.05 | -0.17 | -0.25 | -1.23 | 0.13 | 0.89 | 0.32 | 0.14 | -2.64 | 0.01 | 0.98 | 0.30 | 0.04 | -0.34 | -1.54 | -0.54 | 0.20 | -0.78 | -1.17 | -1.86 | 0.40 |
| EPS Growth % | -1234.55% | -1420% | -88.37% | -67.67% | 60.24% | 165.87% | -687.5% | 42.86% | 28.21% | -757.14% | 73.24% | 32% | 79.67% | -1046.15% | -85.39% | 178.13% | 128.57% | 105.3% | -26500% | -98.98% | 226.67% | 650% | 111.76% | 77.92% | -185.19% | -370% | 125.64% | 33.33% | 37.1% | -565% | -34.43% |
| EPS (Basic) | - | -0.66 | 0.05 | 0.46 | 1.42 | 0.89 | -1.26 | -0.16 | -0.28 | -0.39 | -0.05 | -0.17 | -0.25 | -1.23 | 0.13 | 0.90 | 0.33 | 0.14 | -2.64 | 0.01 | 1.21 | 0.31 | 0.04 | -0.34 | -1.54 | -0.54 | 0.20 | -0.78 | -1.17 | -1.86 | 0.40 |
| Diluted Shares Outstanding | 54.92M | 54.1M | 59.59M | 64.31M | 66.89M | 68.03M | 51.32M | 49.99M | 49.16M | 48.89M | 49.54M | 49.09M | 48.74M | 48.47M | 48.38M | 48.04M | 47.56M | 43.98M | 41.41M | 43.23M | 46.46M | 35.86M | 36.73M | 35.85M | 25.12M | 14.49M | 16.29M | 16.09M | 15.81M | 15.65M | 15.75M |
| Basic Shares Outstanding | 54.92M | 54.1M | 56.78M | 61.02M | 62.83M | 63.4M | 51.32M | 49.99M | 48.32M | 48.27M | 49.54M | 49.09M | 48.6M | 48.47M | 47.95M | 47.42M | 46.95M | 43.55M | 41.41M | 41.71M | 35.28M | 34.31M | 34.51M | 35.85M | 25.12M | 14.49M | 16.02M | 16.09M | 15.81M | 15.65M | 15.75M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 3.17% |
Negative operating leverage
As reported in recent financial filings, DXLG has experienced a consistent decline in top-line performance, with revenue contracting by 6.85% year-over-year, suggesting that the company is struggling to maintain its core customer base amidst a broader shift in discretionary spending patterns across the retail sector.
The persistent negative revenue growth across the last ten quarters indicates that the company's transition to the DXL lifestyle concept has not yet offset the decline in legacy store traffic. Investors should monitor whether this contraction is a result of intentional store closures or a genuine loss of market share to alternative apparel providers.
According to the company's income statement data, gross margins have faced significant volatility, dropping from a peak of 48.2% in early 2024 to 40.4% in 2026Q1, which highlights the difficulty of managing inventory costs for specialized, material-intensive apparel in a softening consumer demand environment.
The erosion of gross margin suggests that the company may be relying on promotional activity to clear inventory, which undermines the premium positioning of the DXL brand. This trend warrants further investigation into whether the company can maintain pricing power without sacrificing its already thin profitability profile.
Based on the provided figures, DXLG has shifted into a state of negative operating leverage, as operating income fell to -4.5% of revenue in 2026Q1, demonstrating that the company's fixed cost structure is currently too heavy to support the prevailing lower levels of quarterly sales volume.
The inability to scale SG&A expenses down in proportion to revenue declines suggests that the company's large-format store footprint is becoming a liability. Unless management can achieve significant cost rationalization, the current operating structure appears likely to continue producing losses during periods of low seasonal demand.
As indicated by the most recent quarterly reports, the quality of earnings is currently strained by consistent net losses, with the net margin reaching -5.7% in 2026Q1, a figure that reflects the broader challenges of maintaining profitability while navigating a difficult retail cycle for specialty apparel.
The transition from positive net income in early 2024 to persistent losses suggests that non-operating items and fixed occupancy costs are disproportionately impacting the bottom line. Investors should monitor the sustainability of these losses, as the lack of positive earnings limits the company's ability to reinvest in growth initiatives.
While the company maintains a relatively clean balance sheet, the recent trend of negative net margins, which hit -8.25% in 2025Q4, suggests that the turnaround strategy may be failing to gain traction, potentially leaving the firm vulnerable if the current retail downturn persists for several more quarters.
Short-sellers would likely focus on the company's inability to achieve break-even results despite its niche market position. The risk remains that the 'fit-and-feel' moat is insufficient to protect the company from the structural decline of physical retail and the rising costs of maintaining a specialized supply chain.
Quick answers to the most common questions about buying DXLG stock.
For fiscal year 2025, Destination XL Group, Inc. (DXLG) reported total revenue of $435.0M. This represents a 50.2% increase compared to $289.6M in 1996.
Destination XL Group, Inc. (DXLG) reported a net loss of $35.9M for the fiscal year ending 2025.
Destination XL Group, Inc. (DXLG) reported an operating income of $-13.7M, resulting in an operating profit margin of -3.2%. This margin reflects the operational efficiency of the business before interest and taxes.
Destination XL Group, Inc. (DXLG) generated $173.7M in gross profit for the year, representing a gross profit margin of 39.9%. This demonstrates the company's core pricing power and production efficiency.