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Destination Xl Group, Inc. (DXLG) SEC Filing 10-Q Quarterly report for the period ending Saturday, October 31, 2020

Destination Xl Group, Inc.

CIK: 813298 Ticker: DXLG

Exhibit 99.1

Destination XL Group, Inc. Reports Third Quarter Financial Results

 

 

CANTON, Mass., November 20, 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 third quarter of fiscal 2020 and provided a business update with respect to the COVID-19 pandemic.

Third Quarter Financial Highlights

 

Total sales for the third quarter were $85.2 million, down 20.1% from $106.6 million in the prior-year third quarter.

 

Cash Flow from operations for the first nine months of ($8.6) million as compared to the prior year of $(14.4) million.  Free Cash Flow was ($11.6) million as compared to ($25.4) million last year.

 

Net loss for the third quarter was $(7.0) million as compared to a net loss of $(7.2) million in the prior year’s third quarter.  

 

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

 

At October 31, 2020, cash balance of $21.4 million, total debt of $82.9 million and remaining availability under our credit facility of $13.5 million.

 

Management’s Comments  

“For the past eight months we’ve been pivoting to position DXL for the long-term recovery from COVID-19 and future growth. In the third quarter, comparable sales which were down 20.5% improved from the second quarter, when our comparable sales were down 38.6%. Our store performance has improved each month from June through September with improvements in both traffic and conversion. In Direct, DXL.com was up 28.4%, with total Direct up 18.2% and total Direct penetration at 33.4%,” said Harvey Kanter, President and Chief Executive Officer.

“Despite the unrelenting impact of COVID-19 on the apparel industry, we believe our actions give DXL the strongest opportunity to succeed. Our digital transformation efforts, begun in mid-2019, have measurably impacted our ability to serve our core consumer in this volatile environment and provides us with even greater opportunity to navigate changes in consumer behavior. The fact that so many of us are staying close to home and avoiding large social gatherings has resulted in a solid improvement in many of our core and basic categories.  Our customers still need to replenish basics and, in time, we know he will also need to update his wardrobe. We expect our business will continue to be challenged until we are able to start gathering socially in larger groups again and we see an increase in demand for event-based shopping visits, but we have cautious optimism for continued improvement.”

Kanter continued, “We recently completed our second corporate restructuring in the past 9 months to provide the Company with more financial flexibility.  Together, the two restructurings have reduced our


The following information was filed by Destination Xl Group, Inc. (DXLG) on Friday, November 20, 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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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)
Basis Of Presentation - Valuation Assumptions For Stock Options (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)
Exits Costs Associated With London Operations
Exits 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 Reconciliation Of Undiscounted Cash Flows Related To Operating Lease Liabilities (Details)
Leases - Summary Of Components Of Net Lease Cost (Details)
Leases - Supplemental Cash Flow And Balance Sheet Information Related To Leases (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 - Stock Option Activity (Parenthetical) (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)
Ticker: DXLG
CIK: 813298
Form Type: 10-Q Quarterly Report
Accession Number: 0001564590-20-054750
Submitted to the SEC: Fri Nov 20 2020 12:58:06 PM EST
Accepted by the SEC: Fri Nov 20 2020
Period: Saturday, October 31, 2020
Industry: Retail Family Clothing Stores

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