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Destination Xl Group, Inc. (DXLG) SEC Filing 10-Q Quarterly report for the period ending Saturday, November 2, 2019

Destination Xl Group, Inc.

CIK: 813298 Ticker: DXLG

Exhibit 99.1

Destination XL Group, Inc. Reports Third Quarter Financial Results

Total Comparable Sales Increased +0.2%

 

CANTON, Mass., November 22, 2019 – 

Destination XL Group, Inc. (NASDAQ: DXLG), the largest omni-channel specialty retailer of big and tall men's clothing, today reported operating results for the third quarter of fiscal 2019.

Highlights

 

Total sales for the third quarter of $106.6 million, down $0.5 million or (-0.5)% from $107.1 million in the prior-year third quarter.

 

Total comparable sales increased 0.2% for the third quarter.

 

Net loss for the third quarter was $(7.2) million as compared to a net loss of $(2.0) million in the prior year’s third quarter. The net loss for the current quarter included exit costs of $1.7 million related to the Company’s London operations.  The prior year’s net loss included corporate restructuring and CEO transition costs of $0.7 million.

 

Adjusted EBITDA for the third quarter was $1.7 million compared to $6.6 million in the prior-year quarter.

 

Management Comments

“For the third quarter, we delivered our first positive sales comp for the year at +0.2%.  This is a small win for us and a first step in the right direction,” said Harvey Kanter, President and Chief Executive Officer.  “Comp sales accelerated as the quarter progressed with (-2.3)% in August, +0.2% in September and +2.5% in October.  In our Direct channel, we were pleased to see a solid, double-digit percentage increase in site traffic which resulted in a mid-single digit growth rate in our Direct sales results.  Finally, our wholesale business generated $2.9 million in Sales, or an increase of $2.5 million over the prior year quarter.  Although overall DXL sales performance is still not to the level that I believe we are capable, we remain cautiously optimistic and expect greater inflection in the coming quarters.”

Kanter continued, “During the quarter, we tested a variety of new promotional events to further drive the omni-channel retail experience, aligning direct and store promotions.  While the promotional events were unsuccessful in driving the sales results we had hoped for, we did gain some valuable insights that will benefit our future promotions.  We had expected the tests we developed and implemented in-store could be capable of driving incremental traffic and while they did achieve that directionally, the promotions were not sufficiently offset by traffic.  We also saw a higher sell through of clearance merchandise.  Lastly, our gross margin was impacted by a change to our internal inventory aging policy as part of our ongoing diagnostic of the inventory mix.  In recent years, our tailored clothing assortments have struggled from a noticeable and continued shift in customer preference to casual sportswear.  As a result, we performed an inventory diagnostic in the third quarter which resulted in a re-evaluation of our lower of cost or market reserves on certain aged inventory, particularly in tailored clothing.  As a


The following information was filed by Destination Xl Group, Inc. (DXLG) on Friday, November 22, 2019 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Destination Xl Group, Inc.'s 10-Q Quarterly Report:

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Document And Entity Information
Consolidated Balance Sheets (Parenthetical) (Unaudited)
Consolidated Balance Sheets (Unaudited)
Consolidated Statement Of Changes In Stockholders' Equity (Unaudited)
Consolidated Statements Of Cash Flows (Unaudited)
Consolidated Statements Of Comprehensive Income (Loss) (Unaudited)
Consolidated Statements Of Operations (Unaudited)
Basis Of Presentation
Basis Of Presentation (Policies)
Basis Of Presentation (Tables)
Basis Of Presentation - Additional Information (Details)
Basis Of Presentation - Other Comprehensive Income And Reclassifications From Aoci (Details)
Basis Of Presentation - Other Comprehensive Income And Reclassifications From Aoci (Parenthetical) (Details)
Ceo Transition Costs
Ceo Transition Costs - Additional Information (Details)
Corporate Restructuring
Corporate Restructuring - Additional Information (Details)
Debt
Debt (Tables)
Debt - Additional Information (Details)
Debt - Components Of Long-Term Debt (Details)
Earnings Per Share
Earnings Per Share (Tables)
Earnings Per Share - Additional Information (Details)
Earnings Per Share - Potential Common Stock Equivalents Excluded From Computation Of Diluted Earning Per Share (Details)
Earnings Per Share - Reconciliation Of Number Of Shares Outstanding For Basic And Diluted Earning Per Share (Details)
Earnings Per Share - Reconciliation Of Number Of Shares Outstanding For Basic And Diluted Earning Per Share (Parenthetical) (Details)
Exit Costs Associated With London Operations
Exit Costs Associated With London Operations - Additional Information (Details)
Income Taxes
Income Taxes - Additional Information (Details)
Leases
Leases (Tables)
Leases - Additional Information (Details)
Leases - Schedule Of Future Minimum Lease Payment For Noncancelable Operating Lease (Details)
Leases - Schedule Of Reconciliation Of Undiscounted Cash Flows Related To Operating Lease Liabilities (Details)
Leases - Summary Of Components Of Net Lease Cost (Details)
Leases - Summary Of Components Of Net Lease Cost (Parenthetical) (Details)
Leases - Supplemental Balance Sheet Information Related To Leases (Details)
Leases - Supplemental Cash Flow Information Related To Leases (Details)
Long-Term Incentive Plans
Long-Term Incentive Plans - Additional Information (Details)
Revenue Recognition
Revenue Recognition (Tables)
Revenue Recognition - Additional Information (Details)
Revenue Recognition - Additional Information (Details1)
Revenue Recognition - Schedule Of Disaggregation Of Revenue (Details)
Stock-Based Compensation
Stock-Based Compensation (Tables)
Stock-Based Compensation - Additional Information (Details)
Stock-Based Compensation - Stock Option Activity (Details)
Stock-Based Compensation - Summary Of Activity For Non-Vested Shares Under Two Thousand Six And Two Thousand Sixteen Plan (Details)
Stock-Based Compensation - Summary Of Activity For Non-Vested Shares Under Two Thousand Six And Two Thousand Sixteen Plan (Parenthetical) (Details)
Stock-Based Compensation - Valuation Assumptions For Stock Options (Details)
Ticker: DXLG
CIK: 813298
Form Type: 10-Q Quarterly Report
Accession Number: 0001564590-19-044206
Submitted to the SEC: Fri Nov 22 2019 10:23:46 AM EST
Accepted by the SEC: Fri Nov 22 2019
Period: Saturday, November 2, 2019
Industry: Retail Family Clothing Stores

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