On this page of StockholderLetter.com we present the latest annual shareholder letter from DESTINATION XL GROUP, INC. — ticker symbol DXLG. Reading current and past DXLG letters to shareholders can bring important insights into the investment thesis.

 •  6/30/2025 Letter Continued (Full PDF)
 •  6/30/2023 DXLG Stockholder Letter
 •  6/28/2024 DXLG Stockholder Letter
 •  More "Apparel Stores" Category Stockholder Letters
 •  DXLG Benford's Law Stock Score = 72

DXLG Shareholder/Stockholder Letter Transcript:

For perfect-   tting Big + Tall
clothes, there   s only one place.
Actually, that   s not true.
We have hundreds of locations.
Annual Report 2025

Dear Shareholders,
As I reflect on 2024, I am confident that DXL is uniquely
positioned for success. Our commitment to serving an
underserved consumer, like no other company can, presents
us with immense opportunities. However, we must also
acknowledge the challenges we faced over the past 24 months
and the setbacks we experienced.
Fiscal year 2024 was a year defined by resilience, adaptability,
and a steadfast commitment to our customer. The retail
environment for men   s apparel, particularly in the Big + Tall
space, faced tremendous challenges. Our performance reflected
the reality of a consumer who is being more discerning than
ever before, holding tight to his wallet and juggling competing
priorities for his disposable income.
Throughout 2024, consumer sentiment remained low due to
macroeconomic uncertainty, shifting spending priorities, and
broader financial pressures. We are also working to better
understand the potential ongoing and future impact of GLP-1
pharmaceuticals on our business. For our customer, who is
underserved in the broader retail landscape, buying clothing
often fell lower on the list of priorities compared to groceries,
energy costs, housing costs, and other non-discretionary
purchases. We also observed global and domestic markets
marked by inflation, volatility, and uncertainty, impacting
men   s retail spending and our financial performance.
But we will not be deterred! Despite the challenges of fiscal
2024, I remain enthusiastic and energized to demonstrate the
strength of our brand and the loyalty of our customer base. With
a modest improvement in consumer sentiment and initiatives
to stimulate buying behavior, we believe we can return to growth
in the second half of fiscal year 2025. Our brand affinity is
high, and our financial footing is solid. We believe we have
the fortitude and wherewithal to withstand ongoing volatility
and challenges, and we will continue to deliver a compelling
experience for our Big + Tall customers driven by three
enduring pillars:
1. An unmatched FIT: We deliver a proprietary fit in all of our
private brand garments, developed and honed over two
decades, giving our customers clothes that fit right and boost
their confidence.
In 2024, we executed critical elements of our strategic plan with
a focus on long-term growth. We launched our first matchedmarket test across three cities to validate our ability to scale
brand marketing and improve awareness nationally. We opened
seven new stores and converted eight others to DXL formats,
improving accessibility and customer convenience. We also
invested in our digital experience by launching a new website
powered by Commerce Tools, which has shown encouraging early
results. Additionally, we transitioned to the new DXL Rewards
program, enhancing our ability to analyze, scale, and reward
loyalty across our customer base.
While the latter half of 2024 saw a pullback in consumer
spending, we believe our investments have positioned us to
capture a larger share of Big + Tall demand in the future.
One of our top priorities is accelerating new customer
acquisition, and we have several high-impact initiatives
scheduled for the months ahead.
Looking to 2025, our strategic focus is on stabilizing our
business and returning to growth. This means continuing to
put the customer at the center of every decision, rigorously
controlling costs, and allocating capital with discipline. We
recognize the need to improve top-line revenue and will use
tactical incentives to provide customers with more value in the
short term. In the long term, we are preparing to resume broader
brand marketing and explore new store openings as the men   s
Big + Tall sector shows signs of recovery.
Our balance sheet remains strong, and we are well-capitalized to
navigate these choppy waters. We are confident in our ability to
respond to short-term pressures while keeping our sights set on
long-term opportunities.
This is not the first time we   ve weathered economic uncertainty,
and it likely won   t be the last. Our team has been here before
and emerged stronger each time. We believe the groundwork laid
in 2024 and the purposeful initiatives planned for 2025 position
us to serve the Big + Tall customer better than anyone else in
the market.
Thank you for your continued confidence and support of DXL.
We remain committed to our guests, our shareholders, and
being an employer of choice for our associates.
2. A differentiated ASSORTMENT: We offer the broadest selection
of both private label and national brands of men   s clothing and
footwear for Big + Tall customers anywhere.
Sincerely,
3. A compelling store and online EXPERIENCE: Our stores
are more than retail destinations   they   re communities of
acceptance and belonging that allow our customers to feel
seen, supported, and confident. Our new website and app
platforms provide instant engagement, offering access to our
full assortment no matter where our guests may be.
Harvey S. Kanter
President and CEO
Destination XL Group, Inc.



 6/30/2025 Letter Continued (Full PDF)