Good day and welcome to the Destination XL Group’s First Quarter 2016 Earnings Call. Today’s conference is being recorded. At this time, I’d like to turn the conference over to Mr. Jeff Unger, Investor Relations. Please go ahead.

Good morning and thank you, Tracy. And everybody right now in a listen-only mode. Thank you for joining us today on Destination XL Group’s first quarter fiscal 2016 call. On our call today is David Levin, our President and CEO, as well as Peter Stratton, our Senior Vice President and Chief Financial Officer. During today’ call we will discuss some non-GAAP metrics to provide investors with useful information about our financial performance. Please refer to our earnings release which was filed this morning and is available on our Investor Relations website at investor.destinationxl.com for an explanation and reconciliation of such measures. We have also posted a brief flight deck in the events section on our Investor Relations website that summarizes and reconciles several of our key metrics for the quarter. Today’s discussion also contains certain forward-looking statements concerning the company’s operations, performance and financial condition including sales, profitability, EBITDA, gross margin, capital expenditures, earnings per share, free cash flow, store openings and closings and the company’s ability to execute on the strategic plan and the effectiveness of the Destination XL concept. Such forward-looking statements are subject to various risks and uncertainties that could cause actual results to differ materially from those assumptions mentioned today due to a variety of factors that affect the company. Information regarding risks and uncertainties is detailed in the company’s filings with the Securities and exchange commission. Now I’d like to turn the call over to our President and CEO, David Levin.

Thank you, Jeff and good morning, everyone. First quarter results demonstrate the continued strength of the DXL concept. We drove solid growth in sales and profitability even as cooler weather persisted in specific geographies. We produced strong comps in February and through the first half of March, but we did see some slowing at the end of the quarter. Typically, late March and April are the times when our customers begin shopping for warmer weather close. However the weather remained cooling down particularly in the Northeast and Midwest as a result sales from our spring summer category such as shorts and active wear were below expectations for the first quarter. However we saw consistent strong store sales results throughout the quarter in one climate regions such as Southern California, Arizona and Florida. I should also point out that our fashion business performed very well in the first quarter, where we slowed a bit was with the core merchandise guy. This is the guy who only comes in once or twice a year, he isn’t going to come in until there is a clear shift in the season and he changes from as winter wardrobe to a summer wardrobe. For a lot of our customers, that seasonal transition hasn’t happened yet. The change in seasons is especially important for DXL because a new season drives traffic and traffic drives transaction. The weather notwithstanding, we had a solid Q1 performance. DXL retail stores delivered a comp sales increase of 5.8% on top of an 8.7% comp a year ago. Overall, first quarter sales increased 3.3% from a year ago. We delivered EBITDA for the quarter of $8.4 million, up $1.6 million from the first quarter a year ago. All three of our DXL platforms, the larger and smaller footprint DXL stores and…

Thank you, David and good morning, everyone. Although we were a little lighter in sales than we would have liked this quarter, this was a good steady quarter for us overall. Before I go into the financial results for the quarter, I want to let you know about an internal project we launched at the beginning of the year. We initiated a review of our inventory procurement and inventory management procedures in our distribution center. This review process has led to several changes we are implementing to streamline operations at our warehouse; changes include tighter controls over the number of merchandise weeks of supply on hand, and improvements in inventory receipt flow and procurement. Going forward, we plan to manage the flow of product into the distribution facility in smaller increments, which will increase inventory turnover, free up working capital and improve free cash flow. This will not impact the amount of inventory we have in our DXL stores, only at the warehouse. We also believe these changes will not jeopardize any sales from out of stock positions in either our stores or our ecommerce business. Moreover, we expect to utilize the additional cash generated in 2016, begin to reduce our debt load. As you’ll see in our guidance, we have raised our expectations for free cash flow in fiscal 2016 by $5 million at both the high and low ends of the range, while reducing our debt guidance by the same amount. So now let’s turn to the financial highlights for the quarter. During the first quarter we reported a total comparable sales increase of 2%, which was on top of a 5.5% increase in the prior year quarter. We had 144 DXL stores open for at least 13 months, which delivered a comparable sales increase of 5.8% on…

Thank you. [Operator Instructions] And we’ll take our first question from Greg Pendy with Sidoti.

Good morning, guys. I guess my first question just within the DXL stores was the kind of -- did you see softness mainly just weather or was there anything kind of within the composition? I mean how are the new DXL stores performing given the fact that I think you mentioned earlier there is going to be some high volume casual male conversions?

No, I mean we didn’t see anything different than what we would normally expect. I mean what we are really seeing though, which makes us confident is as we look at the different categories of our business if you look at our clothing business, which is really talking about sport coat suits, dress shirts and ties, those categories are up double-digit. And then when we look at it by region out there, there is a significant spread of business between wherever we are having warm weather and cooler weather. So all indications for us are that it’s a timing issue with the weather. But the fact that our clothing business is so strong is a good signal for us since customers coming there, that customer is not as concerned about the weather, he is need based, he has to go to a wedding or whatever function and he is spending as he historically has done in the past.

Okay. And if I could just get one more follow-up I guess inventory looks relatively clean given the fact that the weather, how are you guys prepare it you think going forward into the season as the weather kind of picks up?

We’re in a very good inventory position right now. Again, we didn’t have a hangover of seasonal product like a lot of other retailers did going into Q1. So our margins are healthy; we’re ready to go with our inventory. And again just the fashion product is selling through at a good clip, because that’s really important, because that’s our liability. Our core product which we carry year around that we can maneuver up and down on a regular flow basis, so there is no liability there. So our inventory is in very good shape, all our deliveries have been on time this year.

Okay, thank you.

[Operator Instructions] And it appears there are no further questions at this time. Mr. Levin I’d like to turn the conference back to you for any additional or closing remarks.

Thank you all for joining us today and as a reminder, I invite you to visit one of our DXL stores and to experience what we’ve build into the Destination concept. And if you like to visit any of our stores please let us know we’ll be happy to give you a tour. We also are presenting at the B. Reilly conference at 8.30 A.M. Pacific Time on May 25th in Los Angeles and at the Oppenheimer conference in Boston on June 21st. And we look forward to speaking with you the next quarter and thank you very much for joining us.

This does conclude today’s conference. We thank you for your participation. You may now disconnect.