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Exhibit 99.1
Destination XL Group, Inc. Reports First Quarter Financial Results
First quarter sales decrease of 49.3%; Cash Flow in line with prior year’s first quarter as a result of liquidity preservation measures
CANTON, Mass., June 4, 2020 –
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 first quarter of fiscal 2020 and provided an update on actions taken in response to the COVID-19 pandemic.Management’s Response to COVID-19
“We moved early and decisively over the past quarter to preserve our financial flexibility and to position the Company to withstand the impact of the COVID-19 pandemic on the consumer,” said Harvey Kanter, President and Chief Executive Officer. “We have been communicating consistently and transparently with our employees, suppliers, landlords and banks and believe this direct and active communication has meaningfully enhanced the level of partnership and trust to support the plans we have in place to manage through the pandemic. All of our stores closed on March 17, 2020 and we began re-opening gradually at the very end of April, on a store-by-store basis, as allowed by state and local authorities. In addition, where permitted, we operated approximately 30 stores (while closed to the public) to assist with picking, packing and shipping e-commerce orders.
Kanter continued, “As of June 2, 2020, we now have approximately 201 stores open across the country and we expect all of our stores will reopen by the end of June. With respect to the stores that have opened thus far, some stores are performing better than others, but overall comparable sales initially were down an average of 70-80% to last year, but performance has improved week-to-week and today we are seeing comparable sales down approximately 40% to last year. We are also encouraged by our DXL.com business where year-to-date demand is trending up 30% over the prior year and up 70% to-date in the second quarter. Our Global Sourcing and Design team initially helped us pivot our distribution center’s tailoring and alterations team to make masks. Our Global Sourcing teams’ expertise has now been extended even further, leveraging our growing Wholesale channel to now source and sell masks to Fortune 100 companies with nearly 2.5 million masks sold to date in the second quarter and 250,000 masks for sale on DXL.com. The distribution center has not only supported mask making, but continues to operate throughout the pandemic, which has allowed us to service our customers uninterrupted through our growing digital e-Commerce channels.”
Actions and measures taken in response to the pandemic:
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Drew down $30.0 million of cash against our revolving credit facility on March 20th to preserve our access to cash. |
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Amended our credit facility on April 15th to improve our excess availability on both the revolver and FILO loan. |
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Destination Xl Group, Inc.'s Definitive Proxy Statement (Form DEF 14A) filed after their 2020 10-K Annual Report includes:
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This decrease in expenses was primarily driven by furloughs of both our store associates and certain corporate associates as well as several measures that we have taken to reduce operating expenses, including marketing, corporate payroll, and other discretionary spending.
This discussion set forth certain risks and uncertainties that may have an impact on future results and direction of our Company, including, without limitation, risks relating to the COVID-19 pandemic, the execution of our corporate strategy, and our ability to grow our wholesale segment, predict customer tastes and fashion trends, forecast sales growth trends, maintain and build our brand awareness and compete successfully in our market.
As a result of our recent amendment to our Credit Facility in April 2020, our interest rates under our Credit Facility, which includes our FILO loan, increased by approximately 150 basis points, which will increase our interest costs on a go-forward basis for the remainder of fiscal 2020.
The growth of our wholesale business continues to be a key initiative in fiscal 2020 led by our business with Amazon Essentials which contributed $2.0 million of sales in the first quarter.
The total borrowing capacity under the FILO loan is based on a borrowing base, generally defined as a specified percentage of the value of eligible accounts, including certain trade names, that steps down over time, plus a specified percentage of the value of eligible inventory that steps down over time.
As a result of extending...Read more
The following is a summary...Read more
In addition, all companies do...Read more
We believe that adjusted EBITDA...Read more
Across both our corporate office...Read more
At May 2, 2020, outstanding...Read more
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The average monthly borrowing outstanding...Read more
The following table reconciles free...Read more
We had outstanding borrowings of...Read more
For the first three months...Read more
20 Gross Margin Rate For...Read more
Please see "Non-GAAP Financial Measures"...Read more
As discussed below, because of...Read more
Free cash flow, a non-GAAP...Read more
At May 2, 2020, the...Read more
We have been highly promotional...Read more
We further expect that once...Read more
We encourage readers to refer...Read more
We have fully reserved against...Read more
Capital Expenditures The following table...Read more
However, we cannot estimate with...Read more
Eliminated capital improvement programs for...Read more
Our recoverability analysis in the...Read more
Interest Expense, Net Net interest...Read more
SG&A expenses are managed through...Read more
Corporate Supporting Costs, which include...Read more
We consider our stores and...Read more
Financial Statements, Disclosures and Schedules
Inside this 10-Q Quarterly Report
Material Contracts, Statements, Certifications & more
Destination Xl Group, Inc. provided additional information to their SEC Filing as exhibits
Ticker: DXLG
CIK: 813298
Form Type: 10-Q Quarterly Report
Accession Number: 0001564590-20-028350
Submitted to the SEC: Thu Jun 04 2020 12:53:01 PM EST
Accepted by the SEC: Thu Jun 04 2020
Period: Saturday, May 2, 2020
Industry: Retail Family Clothing Stores