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Destination Xl Group, Inc. (DXLG) SEC Filing 10-K Annual report for the fiscal year ending Saturday, February 3, 2018

Destination Xl Group, Inc.

CIK: 813298 Ticker: DXLG

Ex. 99.1

Destination XL Group, Inc. Reports Fourth-Quarter and Fiscal 2017 Financial Results

FY 2017 Fourth Quarter Comparable Sales up 4.3%; Full Year Comparable Sales Up 0.9%;

Company Announces Hiring of new CMO and Provides 2018 Guidance

 

 

CANTON, Mass., March 23, 2018 – 

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 2017.

Highlights

 

Total sales for the 14-week fourth quarter of $135.5 million, up $12.9 million from $122.6 million in the prior-year 13-week fourth quarter; total sales for the 53-week year of $468.0 million, up from $450.3 million for the prior year’s 52-weeks.

 

Total comparable sales increased 4.3% for the quarter and 0.9% for the year.

 

Net loss for the quarter was $(3.3) million as compared to prior-year quarter’s net income of $1.8 million; net loss for the year was $(18.8) million as compared to $(2.3) million in the prior year.

 

On a non-GAAP basis, Adjusted EBITDA for the quarter was $5.0 million compared to $10.8 million in the prior-year quarter; Adjusted EBITDA for the year was $17.1 million from $31.6 million in the prior year.

 

Management Comments

“We ended the quarter with a very strong comp of 4.3% and we are off to a good start in fiscal 2018,” said David Levin, President and Chief Executive Officer.  “However, earnings were down for the quarter, reflecting increased marketing expense.  We now have a store presence in every major market in the continental US and a direct business which increased to 21% of our total sales in fiscal 2017.  We are planning to open only three new stores in fiscal 2018.  We expect this lower CAPEX burden along with working capital improvements from inventory productivity will increase free cash flow.”  

Levin continued, “We are also announcing today the appointment of Jim Davey to the position of Chief Marketing Officer.  Jim has over 25 years of experience building lifestyle brands in categories from toys to entertainment to footwear and apparel.   Most recently, Jim was VP of Global Marketing for the Timberland brand where he oversaw all wholesale, retail, and global marketing for Timberland’s footwear and apparel businesses,” Levin concluded.

Fourth-Quarter and Fiscal 2017 Results

The Company’s 2017 fiscal year included 53 weeks compared with 52 weeks in fiscal 2016. Accordingly, year-over-year comparisons of total sales for the fourth quarter and full year are affected by an extra week of sales in fiscal 2017. However, for comparable sales, the Company is reporting on a comparable

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The following information was filed by Destination Xl Group, Inc. (DXLG) on Friday, March 23, 2018 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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Destination Xl Group, Inc.'s Definitive Proxy Statement (Form DEF 14A) filed after their 2018 10-K Annual Report includes:

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Inside Destination Xl Group, Inc.'s 10-K Annual Report:

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)
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 - Provision (benefit) For Income Taxes (details)
Income Taxes - Reconciliation Between Statutory And Effective Income Tax Rates (details)
Income Taxes - Reconciliation Between Statutory And Effective Income Tax Rates (parenthetical) (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
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: 0001564590-18-006679
Submitted to the SEC: Fri Mar 23 2018 4:15:32 PM EST
Accepted by the SEC: Fri Mar 23 2018
Period: Saturday, February 3, 2018
Industry: Retail Family Clothing Stores

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