Destination XL Group Names Board Member John Kyees as Interim CFO -- Expands Board with Election of Will Mesdag as Director -- Provides Update to Fiscal 2013 Financial Guidance
"We would like to thank Dennis for his many contributions to the Company during his 13 years of service, and we wish him well in his future endeavors," said
Kyees, who has served on the Destination XL Board of Directors since 2010, was CFO of Urban Outfitters from 2003 until his retirement in 2010, and has served as a senior financial executive at several other prominent retailers. The Company is conducting a search for a permanent CFO.
Will Mesdag Elected to Board of Directors
"We are delighted to welcome Will to our Board and look forward to his contributions and insight as a representative of our largest shareholder," said
"I am pleased to be elected to the Board of
Mesdag is the Managing Partner of
Prior to founding Red Mountain in 2005, Mesdag spent 21 years with Goldman Sachs. He became a general partner of the firm in 1990 and worked in
Mesdag serves on the boards of Encore Capital Group and Nature's Sunshine Products. He has previously served on the boards of Cost Plus, 3i Group plc, and
Fiscal 2013 Guidance Update
"In line with much of the retail industry, which faced challenges in the fourth quarter, particularly in the holiday selling season, our December sales results fell below our expectations," said
The Company expects earnings per share for fiscal 2013 to be a net loss in the range of
For the fourth quarter and fiscal year 2013, comparable sales for the Company are expected to increase approximately 3.9% and 2.9%, respectively, from the prior-year period. The increase in comparable sales for fiscal 2013 was previously expected to be approximately 5.0%. Sales for the Company's 95 comparable
The Company plans to report its fourth quarter and fiscal 2013 financial results on
To listen to the live webcast, visit the "Investor Relations" section of the Company's website. The live call also can be accessed by dialing: (888) 505-4369. Please reference conference ID: 5302522. An archived version of the webcast will be available on the "Events" section of the Company's website for up to one year.
Certain information contained in this press release, including sales, earnings and other financial expectations for fiscal 2013, constitute forward-looking statements under the federal securities laws. The discussion of forward-looking information requires management of the Company to make certain estimates and assumptions regarding the Company's strategic direction and the effect of such plans on the Company's financial results. The Company's actual results and the implementation of its plans and operations may differ materially from forward-looking statements made by the Company. The Company encourages readers of forward-looking information concerning the Company to refer to its prior filings with the
Forward-looking statements contained in this press release speak only as of the date of this release. Subsequent events or circumstances occurring after such date may render these statements incomplete or out of date. The Company undertakes no obligation and expressly disclaims any duty to update such statements.
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