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Destination Xl Group, Inc. (DXLG) SEC Filing 10-Q Quarterly Report for the period ending Saturday, July 31, 2021

Destination Xl Group, Inc.

CIK: 813298 Ticker: DXLG

 

Exhibit 99.1

 

 

Destination XL Group, Inc. Reports Second Quarter Financial Results

Second Quarter Comparable Sales up 21.6% to Fiscal 2019;

Second Quarter Net Income $24.5 million, EPS $0.36 per share

Raises Guidance for Fiscal 2021: Sales $490-$505 million, EPS $0.64-$0.76 per diluted share

 

CANTON, Mass., August 31, 2021 – 

Destination XL Group, Inc. (OTCQX: DXLG), the leading omni-channel specialty retailer of Big + Tall men’s clothing and shoes, today reported operating results for the second quarter of fiscal 2021 and provided updated guidance for the fiscal year.

Second Quarter Financial Highlights

 

Total sales for the second quarter were $138.6 million, up 81.3% from $76.4 million in the second quarter of fiscal 2020 and up 12.5% from $123.2 million in the second quarter of fiscal 2019. Compared to the second quarter of fiscal 2019, comparable sales increased 21.6%.

 

Net income for the second quarter was $24.5 million, or $0.36 per diluted share, as compared to a net loss of $(10.7) million, or $(0.21) per diluted share, in the second quarter of fiscal 2020 and break-even net income, or $0.00 per diluted share, in the second quarter of fiscal 2019.

 

Adjusted EBITDA for the second quarter was $29.8 million compared to $(4.3) million in the second quarter of fiscal 2020 and $7.1 million in the second quarter of fiscal 2019.

 

Cash Flow from operations for the first six months was $42.2 million as compared to the first six months of fiscal 2020 of $(9.0) million and the first six months of fiscal 2019 of $0.9 million. Free Cash Flow was $40.5 million as compared to $(11.1) million for the first six months of 2020 and $(6.7) million for the first six months of fiscal 2019.

 

At July 31, 2021, total debt, net of cash, was $11.0 million as compared to $61.0 million at August 1, 2020 and $58.7 million at August 3, 2019.  Remaining availability under our credit facility was $65.1 million at July 31, 2021 as compared to $12.4 million at August 1, 2020 and $44.5 million at August 3, 2019.

Management’s Comments  

“We are very pleased to report second quarter results that far surpassed our internal expectations.  We believe that we are witnessing a material shift in how consumers are thinking about and engaging with DXL.  As a result, we are raising our full year 2021 guidance to reflect the revised outlook we have for the future of DXL, but also caution our optimism given the ongoing surges of the Covid Delta variant and ongoing risk in the supply chain,” said Harvey Kanter, President & Chief Executive Officer.

Kanter continued, “Many of our existing customers have returned to shop after months of staying close to home, and many new customers are discovering DXL for the first time.  We believe we are increasing our market share in the big + tall market. The transformative strategic changes that we have authored over the past two years around digital engagement, customer-first orientation, and repositioning the brand are coming to life and driving sales.  Our 12-month active customer file is almost back to pre-pandemic levels and our second quarter new-to-file rate increased 29%, as compared to the second quarter of 2019. 

 


The following information was filed by Destination Xl Group, Inc. (DXLG) on Tuesday, August 31, 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-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 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 (Deficit) (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 (Loss) And Reclassifications From Aoci (Details)
Basis Of Presentation - Other Comprehensive Income (Loss) And Reclassifications From Aoci (Parenthetical) (Details)
Basis Of Presentation - Valuation Assumptions For Stock Options (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 - Supplemental Cash Flow Information Related To Leases (Details)
Leases - Supplemental Cash Flow Information Related To Leases (Parenthetical) (Details)
Long-Term Incentive Plans
Long-Term Incentive Plans - Additional Information (Details)
Registered Direct Offering - Common Stock - Additional Information (Details)
Registered Direct Offering -Common Stock
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 Share Activity And Stock Option Activity (Details)
Stock-Based Compensation - Summary Of Share Activity And Stock Option Activity (Parenthetical) (Details)
Ticker: DXLG
CIK: 813298
Form Type: 10-Q Quarterly Report
Accession Number: 0001564590-21-046526
Submitted to the SEC: Tue Aug 31 2021 2:11:11 PM EST
Accepted by the SEC: Tue Aug 31 2021
Period: Saturday, July 31, 2021
Industry: Retail Family Clothing Stores

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