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Destination Xl Group, Inc. (DXLG) SEC Filing 10-K Annual report for the fiscal year ending Saturday, January 28, 2017

Destination Xl Group, Inc.

CIK: 813298 Ticker: DXLG

Destination XL Group, Inc. Reports Fourth-Quarter and Fiscal 2016 Financial Results

FY 2016 Net Loss Improved 73%; EBITDA Grew 36%;

Company Provides 2017 Guidance and Announces $12.0 Million Stock Repurchase Program

 

 

CANTON, Mass., March 20, 2017 – 

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 2016.

Highlights

 

Total sales for the quarter of $122.6 million, down slightly from $124.0 million in the prior-year quarter; total sales for the year of $450.3 million, up from $442.2 million in the prior year

 

DXL comparable store sales decreased 1.9% for the quarter, while growing 2.4% for the year,  in a challenging retail environment

 

Total company comparable sales declined 2.4% for the quarter, while growing 0.6% for the year

 

Net Income for the quarter of $1.8 million improved by $3.2 million compared to the prior-year quarter’s net loss of $(1.4) million; net loss for the year narrowed to $(2.3) million from $(8.4) million in the prior year

 

EBITDA for the quarter increased 48.2% to $10.8 million from $7.3 million in the prior-year quarter; EBITDA for the year increased 35.8% to $31.6 million from $23.3 million in the prior year

 

Board authorizes a $12.0 million stock repurchase program

 

Management Comments

“Despite the 2016 retail environment being one of the most challenging in recent memory, we were very pleased to deliver strong growth in EBITDA and free cash flow,” said President and CEO David Levin.  “In 2016, we fully funded our DXL store expansion from free cash flow and grew EBITDA nearly 36%,” Levin said.

 

Levin went on to note that, “We enter the new fiscal year keenly focused on continuing to grow our customer base by leveraging our fully developed fleet of DXL stores and elevating our digital distribution channel. Six out of ten big and tall guys still do not know who we are and, therefore, our top priority in 2017 is customer retention and acquisition.  We intend to fuel that objective with a marketing dollar increase of approximately 40% this year, including reinstituting television advertising beginning April 2nd.

 

“Fiscal 2016 marked a milestone year for our Company with the opening of our 200th DXL store, which now affords us the scale and reach to service our customers across every major market in the U.S. through in-store and online channels.  We are also thrilled to have entered the Canadian market with our first Company-operated DXL store in the Toronto area,” Levin commented.

 

Levin also highlighted that, “Under the leadership of Sahal Laher, our new Chief Digital and Information Officer, we are accelerating our efforts to leverage our already robust omni-channel capabilities with a

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The following information was filed by Destination Xl Group, Inc. (DXLG) on Monday, March 20, 2017 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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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)
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
Stock Compensation Plans (tables)
Stock Compensation Plans - Additional Information (details)
Stock Compensation Plans - Common Stock Shares Issued To Non-employee Directors As Compensation (detail)
Stock Compensation Plans - Stock Option Activity Under Two Thousand Six And Two Thousand Sixteen Plan (details)
Stock Compensation Plans - Summary Of Activity For Non-vested Shares Under Two Thousand Six And Two Thousand Sixteen Plan (details)
Stock Compensation Plans - Summary Of Activity For Non-vested Shares Under Two Thousand Six And Two Thousand Sixteen Plan (parenthetical) (details)
Subsequent Event
Subsequent Event - Additional Information (details)
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 - Changes In Carrying Value Of Intangible Assets (parenthetical) (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: 0001564590-17-004804
Submitted to the SEC: Mon Mar 20 2017 4:21:05 PM EST
Accepted by the SEC: Mon Mar 20 2017
Period: Saturday, January 28, 2017
Industry: Retail Family Clothing Stores

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