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Destination Xl Group, Inc. (DXLG) SEC Filing 10-Q Quarterly report for the period ending Saturday, May 2, 2020

Destination Xl Group, Inc.

CIK: 813298 Ticker: DXLG

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:

 

Drew down $30.0 million of cash against our revolving credit facility on March 20th to preserve our access to cash.

 

Amended our credit facility on April 15th to improve our excess availability on both the revolver and FILO loan.


The following information was filed by Destination Xl Group, Inc. (DXLG) on Thursday, June 4, 2020 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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Destination Xl Group, Inc.'s Definitive Proxy Statement (Form DEF 14A) filed after their 2020 10-K Annual Report includes:

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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 Statements Of Cash Flows (Unaudited)
Consolidated Statements Of Changes In Stockholders' Equity (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)
Debt
Debt (Tables)
Debt - Additional Information (Details)
Debt - Components Of Long-Term Debt (Details)
Debt - Schedule Of Borrowings And Repayments Under Revolving Facility (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)
Income Taxes
Income Taxes - Additional Information (Details)
Leases
Leases (Tables)
Leases - Additional Information (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 Cash Flow And Balance Sheet Information Related To Leases (Details)
Leases - Supplemental Cash Flow And Balance Sheet Information Related To Leases (Parenthetical) (Details)
Long-Term Incentive Plans
Long-Term Incentive Plans - Additional Information (Details)
Nasdaq Notification Of Non-Compliance
Nasdaq Notification Of Non-Compliance - 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, Two Thousand Sixteen Plan And Inducement Awards (Details)
Stock-Based Compensation - Summary Of Activity For Non-Vested Shares Under Two Thousand Six, Two Thousand Sixteen Plan And Inducement Awards (Parenthetical) (Details)

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

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