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Destination Xl Group, Inc. (DXLG) SEC Filing 10-K Annual report for the fiscal year ending Saturday, January 30, 2016

Destination Xl Group, Inc.

CIK: 813298 Ticker: DXLG

 

Exhibit 99.1

 

CONTACT:
Jeff Unger
Vice President Investor Relations
(561) 482-9715

 

Destination XL Group, Inc. Reports Fourth-Quarter and FY 2015 Financial Results

+8.9% DXL Comparable Sales Increase for Fourth Quarter 2015 On Top of +16.4% Comparable Increase in Fourth Quarter 2014

Company Introduces Guidance for Fiscal 2016

CANTON, Mass., March 18, 2016 – 

Destination XL Group, Inc. (NASDAQ: DXLG), the largest omni-channel specialty retailer of big and tall men's apparel, today reported operating results for the fourth quarter and fiscal year 2015.

Fourth-Quarter Fiscal 2015 Highlights

 

·

Total Company comparable sales increased +3.1%, against +8.9% for the prior-year fourth quarter

 

·

137 DXL retail stores, open at least 13 months, had an +8.9% comparable sales increase on top of +16.4% in the prior-year fourth quarter

 

·

Operating loss of $(0.5) million

 

·

EBITDA from continuing operations of $7.3 million

 

·

Sales per square foot for DXL retail stores, on a rolling 12-month basis, were $177, compared with $165 for the prior-year fourth quarter

Management Comments

“Our excellent fourth-quarter and full-year financial results reflect the strength of the Destination XL model in an exceptionally challenging retail environment,” said President and CEO David Levin. “Our performance was consistent throughout 2015, on track with the expectations we laid out at the start of the year. DXL retail stores delivered a strong comparable sales increase of +8.9% during the fourth quarter. The quarter actually started out slowly with a very warm November. However, typical winter weather returned in December, as did strong demand in our cold-weather categories, and sales continued to accelerate through the end of January. Brand awareness, Casual Male customer conversion and our share of end-of-rack customers all continued to increase, driving the total number of transactions and average sales per transaction. As a result, we were able to maintain our gross margin rate and deliver solid EBITDA for the quarter.

“We concluded a successful fall marketing campaign, which helped drive strong holiday sales,” Levin continued. “Our spring campaign in 2016 will have the same timing as our effective campaign a year


The following information was filed by Destination Xl Group, Inc. (DXLG) on Friday, March 18, 2016 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Document And Entity Information
Consolidated Balance Sheets
Consolidated Balance Sheets (parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Changes In Stockholders' Equity
Consolidated Statements Of Comprehensive Income (loss)
Consolidated Statements Of Operations
Commitments And Contingencies
Commitments And Contingencies (tables)
Commitments And Contingencies - Additional Information (details)
Commitments And Contingencies - Future Minimum Rentals Under Operating Leases (details)
Debt Obligations
Debt Obligations (tables)
Debt Obligations - Additional Information (details)
Debt Obligations - Annual Maturities Of Long Term Debt (details)
Debt Obligations - Components Of Long Term Debt (details)
Debt Obligations - Components Of Long Term Debt (parenthetical) (details)
Discontinued Operations
Discontinued Operations (tables)
Discontinued Operations - Additional Information (details)
Discontinued Operations - Summary Of Results From Discontinued Operations (details)
Employee Benefit Plans
Employee Benefit Plans (tables)
Employee Benefit Plans - Additional Information (details)
Employee Benefit Plans - Fair Value Of Noncontributory Defined Benefit Retirement Plan Assets (details)
Employee Benefit Plans - Pension And Retirement Plan's Funded Status (details)
Employee Benefit Plans - Schedule Of Estimated Future Benefits For Next Ten Fiscal Years (details)
Employee Benefit Plans - Target Asset Allocation (details)
Employee Benefit Plans - Total Plan Expense, Other Amounts, And Other Changes Recognized In Accumulated Other Comprehensive Loss (details)
Income Taxes
Income Taxes (tables)
Income Taxes - Additional Information (details)
Income Taxes - Components Of Net Deferred Tax Assets (details)
Income Taxes - Components Of Net Deferred Tax Assets (parenthetical) (details)
Income Taxes - Provision For Income Taxes From Continuing Operations (details)
Income Taxes - Provision For Income Taxes From Continuing Operations (parenthetical) (details)
Income Taxes - Reconciliation Between Statutory And Effective Income Tax Rates (details)
Long-term Incentive Plans
Long-term Incentive Plans - Additional Information (details)
Property And Equipment
Property And Equipment (tables)
Property And Equipment - Additional Information (details)
Property And Equipment - Property And Equipment (details)
Related Parties
Related Parties - Additional Information (details)
Selected Quarterly Data (unaudited)
Selected Quarterly Data (unaudited) (tables)
Selected Quarterly Data - Schedule Of Selected Quarterly Data (detail)
Stock Compensation Plans (tables)
Stock Compensation Plans - Additional Information (detail)
Stock Compensation Plans - Common Stock Shares Issued To Non-employee Directors As Compensation (detail)
Stock Compensation Plans - Stock Option Activity Under Nineteen Ninety Two Plan (details)
Stock Compensation Plans - Stock Option Activity Under Two Thousand Six Plan (detail)
Stock Compensation Plans - Summary Of Activity For Non-vested Shares (detail)
Stock Compensation Plans - Summary Of Activity For Non-vested Shares (parenthetical) (detail)
Stock-based Compensation
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (policies)
Summary Of Significant Accounting Policies (tables)
Summary Of Significant Accounting Policies - Additional Information (details)
Summary Of Significant Accounting Policies - Changes In Carrying Value Of Intangible Assets (details)
Summary Of Significant Accounting Policies - Effect Of Retrospective Application Of Change In Accounting Principle On Company's Consolidated Balance Sheet (details)
Summary Of Significant Accounting Policies - Estimated Useful Life Of Property And Equipment (details)
Summary Of Significant Accounting Policies - Expected Amortization Expense For Casual Male Trademark And Customer Lists (details)
Summary Of Significant Accounting Policies - Other Comprehensive Income And Reclassifications From Aoci (details)
Summary Of Significant Accounting Policies - Other Comprehensive Income And Reclassifications From Aoci (parenthetical) (details)
Summary Of Significant Accounting Policies - Potential Common Stock Equivalents Excluded From Computation Of Diluted Earning Per Share (details)
Summary Of Significant Accounting Policies - Reconciliation Of Number Of Shares Outstanding For Basic And Diluted Earning Per Share (details)
Summary Of Significant Accounting Policies - Reconciliation Of Number Of Shares Outstanding For Basic And Diluted Earning Per Share (parenthetical) (details)
Summary Of Significant Accounting Policies - Valuation Assumptions For Stock Options (details)
Ticker: DXLG
CIK: 813298
Form Type: 10-K Annual Report
Accession Number: 0001564590-16-015060
Submitted to the SEC: Fri Mar 18 2016 4:28:09 PM EST
Accepted by the SEC: Fri Mar 18 2016
Period: Saturday, January 30, 2016
Industry: Retail Family Clothing Stores

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