Destination XL Extends Contract With CEO Harvey Kanter

Jean E. Palmieri
·2 min read

Harvey Kanter will remain at the helm of Destination XL Group for another two years.

The president and chief executive officer of the Canton, Massachusetts-based men’s big and tall retailer on Tuesday entered into an amended employment agreement that will extend his tenure until mid-August of 2026. Kanter has held the position since April 1, 2019, and also serves on the company’s board of directors.

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“We are extremely pleased that Harvey has agreed to continue to lead our company into at least mid-August 2026,” said Lionel Conacher, chairman of the board of DXL. “The company has embarked on a long-range growth plan, and we expect that the success which the company has achieved since navigating the pandemic will be just a stepping stone to even greater levels of success. With Harvey’s proven track record of creating shareholder value, we look forward to his continued successful leadership.”

Kanter added that he sees “a lot of ‘blue sky’ ahead and with our efforts to achieve our long-term growth goals, I believe the positive results will be transformative.”

In the first quarter, the company reported its ninth consecutive quarter of comparable-store sales growth. In the period, comps inched up 0.6 percent over the first fiscal quarter of 2022. Net income, however, fell to $7 million from $13.4 million per diluted share and adjusted earnings before interest, taxes, depreciation, and amortization dropped to $12.6 million from $17.3 million in the prior year. Total sales were $125.4 million, as compared to $127.7 million in the first quarter of fiscal 2022.

At the time of the reporting in May, Kanter attributed the challenging quarter to “broader macro headwinds that have impacted consumer spending.” He added on an earnings call that day that as a result of the first-quarter results, comp sales for the full year are now expected to be closer to the lower end of that range and net income and adjusted EBITDA margin are all projected to come in at the lower end of its previously announced guidance.

Before joining Destination XL, Kanter had been president, CEO and chairman of Blue Nile and over the course of his career was also with Moosejaw Mountaineering, Backcountry Travel, Michaels Stores and Eddie Bauer.

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