By Chris Wack
Destination XL Group Inc. shares were up 20%, to $5.06, in premarket trading after the company reported second-quarter earnings that beat analysts' expectations.
The company reported quarterly earnings of $56.9 million, or 85 cents a share, compared to $24.5 million, or 36 cents a share, in the same quarter last year. Analysts polled by FactSet were looking for earnings of $11.2 million, or 18 cents a share.
Sales for the quarter came in at $144.6 million, compared with last year's $138.6 million and the $136.8 million.
The company said income for the quarter includes a tax benefit for the release of its tax-valuation allowance of $35.5 million, or 53 cents a share. Sales for the quarter were driven by an increase in dollars per transaction.
Destination XL raised its sales guidance for fiscal 2022 to $520 million to $540 million, from its previous range of $510 million to $530 million.
Write to Chris Wack at chris.wack@wsj.com
$(END)$ Dow Jones Newswires
August 25, 2022 07:46 ET (11:46 GMT)
Copyright (c) 2022 Dow Jones & Company, Inc.
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