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Destination Xl Group, Inc. (DXLG) SEC Filing 10-K Annual report for the fiscal year ending Saturday, January 30, 2021

Destination Xl Group, Inc.

CIK: 813298 Ticker: DXLG

EXHIBIT 99.1

 

 

Destination XL Group, Inc. Reports Fiscal 2020 Fourth-Quarter and Full Year Financial Results

 

CANTON, MA., March 18, 2021– 

Destination XL Group, Inc. (OTCQX: DXLG), the largest omni-channel specialty retailer of big and tall men’s clothing and shoes, today reported financial results for the fourth quarter and fiscal year 2020.

Highlights   

 

Total sales for the fourth quarter were $100.1 million, down 23.7% from $131.2 million in the prior year; total sales for fiscal 2020 were $318.9 million as compared to total sales of $474.0 million for fiscal 2019.

 

Cash flow from operations for fiscal 2020 was $(1.2) million as compared to $15.8 million for fiscal 2019.  Free cash flow was $(5.5) million as compared to $2.4 million for fiscal 2019.

 

Net loss for the fourth quarter was $(5.1) million as compared to prior-year quarter’s net income of $2.4 million; net loss for the year was $(64.5) million as compared to $(7.8) million in the prior year.

 

On a non-GAAP basis, adjusted net loss for the quarter was $(4.0) million as compared to an adjusted net income of $2.6 million in the prior-year quarter; adjusted net loss for the year was $(36.7) million as compared to $(3.2) million in the prior year.

 

On a non-GAAP basis, adjusted EBITDA for the quarter was $0.7 million as compared to $9.9 million in the prior-year quarter; adjusted EBITDA for the year was $(24.2) million as compared to $23.5 million in the prior year.

 

Management Comments

“Fiscal 2020 presented a challenge to our business unlike any we’ve seen before, and I’d like to thank all of our associates for their steadfast vigilance and commitment to navigating through this unprecedented year.  For the past 12 months, our teams have responded by repositioning our Company to withstand the impact of COVID-19 to our stores, our distribution center and our corporate office.  We have had a relentless focus on preserving liquidity.  We pivoted our assortment, negotiated relief in occupancy costs, and restructured our operating expenses to achieve greater operating leverage as we head into fiscal 2021,” said Harvey S. Kanter, President and Chief Executive Officer.

Kanter continued, “We are ending the year in a strong financial position with total debt, net of cash, of $55.4 million, up only $5.6 million from the prior year, and inventory down $17.4 million, or 17%.  Subsequent to year-end, we raised $5.0 million, before offering costs, from the sale of 11.1 million shares through a registered direct offering, bringing our pro forma year-end debt to just over $50.0 million, and refinanced our $15.0 million FILO term loan with a new $17.5 million FILO term loan, which will add between $5.0 and $10.0 million in additional excess availability each month in fiscal 2021.

“With these enhancements to our capital and debt structure, our focus is shifting from liquidity preservation to the long-term vision and continued execution of our strategic digital transformation.  Our

 


The following information was filed by Destination Xl Group, Inc. (DXLG) on Thursday, March 18, 2021 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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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 (Deficit)
Consolidated Statements Of Comprehensive Income (Loss)
Consolidated Statements Of Operations
Ceo Search And Transition Costs
Ceo Search And Transition Costs - Additional Information (Details)
Commitments And Contingencies
Commitments And Contingencies - Additional Information (Details)
Corporate Restructuring
Corporate Restructuring - Additional Information (Details)
Debt Obligations
Debt Obligations (Tables)
Debt Obligations - Additional Information (Details)
Debt Obligations - Components Of Long-Term Debt (Details)
Debt Obligations - Schedule Of Borrowings And Repayments Under Revolving Facility (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)
Exit Costs Associated With London Operations
Exit Costs Associated With London Operations - Additional Information (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)
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 Lease Cost (Details)
Leases - Supplemental Cash Flow Information Related To Leases (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)
Revenue Recognition
Revenue Recognition (Tables)
Revenue Recognition - Additional Information (Details)
Revenue Recognition - Additional Information (Details1)
Revenue Recognition - Schedule Of Disaggregation Of Revenue (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 (Details)
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, Two Thousand Sixteen Plan And Inducement Awards (Details)
Stock Compensation Plans - Summary Of Activity For Non-Vested Shares Under Two Thousand Six, Two Thousand Sixteen Plan And Inducement Awards (Parenthetical) (Details)
Subsequent Events
Subsequent Events - Additional Information (Details)
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 - Estimated Useful Life Of Property And Equipment (Details)
Summary Of Significant Accounting Policies - Other Comprehensive Income (Loss) And Reclassifications From Aoci (Details)
Summary Of Significant Accounting Policies - Other Comprehensive Income (Loss) 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: 0001564590-21-014278
Submitted to the SEC: Fri Mar 19 2021 10:11:39 AM EST
Accepted by the SEC: Fri Mar 19 2021
Period: Saturday, January 30, 2021
Industry: Retail Family Clothing Stores

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