Destination XL Group, Inc. Reports Fiscal 2024 Fourth Quarter and Full-Year Financial Results
Destination XL Group (NASDAQ: DXLG), the largest integrated commerce specialty retailer of Big + Tall men's clothing, reported challenging fiscal 2024 results. Total sales decreased 10.5% to $467.0 million, with comparable sales down 10.6%.
Key financial metrics include:
- Net income of $3.1 million, or $0.05 per diluted share (down from $27.9 million in 2023)
- Adjusted EBITDA of $19.9 million (compared to $55.9 million in 2023)
- Cash and investments of $48.4 million with no outstanding debt
- Free cash flow of $1.9 million (down from $32.2 million)
The company repurchased 4.9 million shares for $13.7 million during fiscal 2024. Despite lower traffic levels and reduced online conversion, DXL maintained strong operational efficiency with a 4.3% adjusted EBITDA margin. The company implemented strategic initiatives including opening seven new stores, upgrading their eCommerce platform, and introducing an improved rewards program.
Destination XL Group (NASDAQ: DXLG), il più grande rivenditore specializzato integrato di abbigliamento Big + Tall per uomini, ha riportato risultati fiscali 2024 difficili. Le vendite totali sono diminuite del 10,5% a 467,0 milioni di dollari, con vendite comparabili in calo del 10,6%.
I principali indicatori finanziari includono:
- Utile netto di 3,1 milioni di dollari, ovvero 0,05 dollari per azione diluita (in calo rispetto ai 27,9 milioni di dollari del 2023)
- EBITDA rettificato di 19,9 milioni di dollari (rispetto ai 55,9 milioni di dollari del 2023)
- Liquidità e investimenti di 48,4 milioni di dollari senza debiti in sospeso
- Flusso di cassa libero di 1,9 milioni di dollari (in calo rispetto ai 32,2 milioni di dollari)
L'azienda ha riacquistato 4,9 milioni di azioni per 13,7 milioni di dollari durante l'anno fiscale 2024. Nonostante i livelli di traffico inferiori e la riduzione della conversione online, DXL ha mantenuto una forte efficienza operativa con un margine EBITDA rettificato del 4,3%. L'azienda ha implementato iniziative strategiche tra cui l'apertura di sette nuovi negozi, l'aggiornamento della propria piattaforma eCommerce e l'introduzione di un programma di premi migliorato.
Destination XL Group (NASDAQ: DXLG), el mayor minorista especializado integrado en ropa para hombres Big + Tall, reportó resultados fiscales 2024 desafiantes. Las ventas totales disminuyeron un 10,5% a 467,0 millones de dólares, con ventas comparables cayendo un 10,6%.
Los principales indicadores financieros incluyen:
- Ingreso neto de 3,1 millones de dólares, o 0,05 dólares por acción diluida (una caída desde los 27,9 millones de dólares en 2023)
- EBITDA ajustado de 19,9 millones de dólares (en comparación con 55,9 millones de dólares en 2023)
- Liquidez e inversiones de 48,4 millones de dólares sin deuda pendiente
- Flujo de caja libre de 1,9 millones de dólares (en disminución desde los 32,2 millones de dólares)
La empresa recompró 4,9 millones de acciones por 13,7 millones de dólares durante el año fiscal 2024. A pesar de los niveles de tráfico más bajos y la reducción de la conversión en línea, DXL mantuvo una fuerte eficiencia operativa con un margen EBITDA ajustado del 4,3%. La empresa implementó iniciativas estratégicas que incluyen la apertura de siete nuevas tiendas, la actualización de su plataforma de comercio electrónico y la introducción de un programa de recompensas mejorado.
Destination XL Group (NASDAQ: DXLG), 남성 의류 Big + Tall의 최대 통합 상업 전문 소매업체가 2024 회계연도에 도전적인 실적을 보고했습니다. 총 매출은 10.5% 감소하여 4억 6700만 달러에 달하며, 동Comparable 매출은 10.6% 감소했습니다.
주요 재무 지표는 다음과 같습니다:
- 순이익 310만 달러, 희석 주당 0.05 달러 (2023년의 2790만 달러에서 감소)
- 조정된 EBITDA 1990만 달러 (2023년의 5590만 달러와 비교)
- 부채 없이 4840만 달러의 현금 및 투자
- 자유 현금 흐름 190만 달러 (3220만 달러에서 감소)
회사는 2024 회계연도 동안 1370만 달러에 490만 주를 재매입했습니다. 낮은 트래픽 수준과 온라인 전환 감소에도 불구하고 DXL은 4.3%의 조정 EBITDA 마진으로 강력한 운영 효율성을 유지했습니다. 회사는 7개의 새로운 매장을 열고, 전자 상거래 플랫폼을 업그레이드하며, 개선된 보상 프로그램을 도입하는 등의 전략적 이니셔티브를 실행했습니다.
Destination XL Group (NASDAQ: DXLG), le plus grand détaillant spécialisé intégré dans les vêtements pour hommes Big + Tall, a annoncé des résultats fiscaux 2024 difficiles. Les ventes totales ont diminué de 10,5% pour atteindre 467,0 millions de dollars, avec des ventes comparables en baisse de 10,6%.
Les principaux indicateurs financiers comprennent :
- Bénéfice net de 3,1 millions de dollars, soit 0,05 dollar par action diluée (en baisse par rapport à 27,9 millions de dollars en 2023)
- EBITDA ajusté de 19,9 millions de dollars (comparé à 55,9 millions de dollars en 2023)
- Trésorerie et investissements de 48,4 millions de dollars sans dettes en cours
- Flux de trésorerie libre de 1,9 million de dollars (en baisse par rapport à 32,2 millions de dollars)
L'entreprise a racheté 4,9 millions d'actions pour 13,7 millions de dollars durant l'exercice 2024. Malgré des niveaux de trafic plus bas et une conversion en ligne réduite, DXL a maintenu une forte efficacité opérationnelle avec une marge EBITDA ajustée de 4,3%. L'entreprise a mis en œuvre des initiatives stratégiques, notamment l'ouverture de sept nouveaux magasins, la mise à niveau de sa plateforme de commerce électronique et l'introduction d'un programme de récompenses amélioré.
Destination XL Group (NASDAQ: DXLG), der größte integrierte Fachhändler für Big + Tall Herrenbekleidung, berichtete über herausfordernde Ergebnisse für das Geschäftsjahr 2024. Der Gesamtumsatz sank um 10,5% auf 467,0 Millionen Dollar, wobei die vergleichbaren Umsätze um 10,6% zurückgingen.
Wichtige Finanzkennzahlen umfassen:
- Nettoeinkommen von 3,1 Millionen Dollar oder 0,05 Dollar pro verwässerter Aktie (ein Rückgang von 27,9 Millionen Dollar im Jahr 2023)
- Bereinigtes EBITDA von 19,9 Millionen Dollar (im Vergleich zu 55,9 Millionen Dollar im Jahr 2023)
- Barmittel und Investitionen von 48,4 Millionen Dollar ohne ausstehende Schulden
- Freier Cashflow von 1,9 Millionen Dollar (ein Rückgang von 32,2 Millionen Dollar)
Das Unternehmen hat im Geschäftsjahr 2024 4,9 Millionen Aktien für 13,7 Millionen Dollar zurückgekauft. Trotz niedrigerer Besucherzahlen und einer verringerten Online-Konversion hielt DXL eine starke operative Effizienz mit einer bereinigten EBITDA-Marge von 4,3% aufrecht. Das Unternehmen setzte strategische Initiativen um, darunter die Eröffnung von sieben neuen Filialen, die Aktualisierung seiner E-Commerce-Plattform und die Einführung eines verbesserten Belohnungsprogramms.
- Strong balance sheet with $48.4M cash and no debt
- Maintained positive net income of $3.1M despite challenges
- Generated positive free cash flow of $1.9M
- Healthy inventory position with clearance below historical benchmark
- Successful share repurchase program of 4.9M shares
- Total sales declined 10.5% to $467.0M
- Comparable sales decreased 10.6%
- Net income dropped 89% from $27.9M to $3.1M
- Adjusted EBITDA fell 64% to $19.9M
- Free cash flow decreased 94% from $32.2M to $1.9M
- Store traffic and online conversion declined
Insights
Destination XL's fiscal 2024 results reflect significant deterioration across all key financial metrics. Annual revenue declined
The fourth quarter results were particularly troubling, showing a shift to a net loss of
Gross margin contracted 190 basis points to
Free cash flow collapsed by
Management's commentary suggests a defensive posture – prioritizing margin preservation and operational efficiency over pursuing growth in a challenging market. This approach may preserve short-term profitability but risks further market share erosion if competitors maintain more aggressive promotional strategies. The company's decision to pause brand awareness campaigns signals a significant pullback in growth initiatives.
Full-Year Sales of
CANTON, Mass., March 20, 2025 (GLOBE NEWSWIRE) -- Destination XL Group, Inc. (NASDAQ: DXLG), the largest integrated commerce specialty retailer of Big + Tall men’s clothing and shoes, today reported financial results for the fourth quarter and fiscal year 2024.
Fourth Quarter Highlights
- Total sales for the 13-week fourth quarter were
$119.2 million , down13.1% from$137.1 million for the 14-week fourth quarter of fiscal 2023. Comparable sales for the fourth quarter decreased8.7% as compared to the fourth quarter of fiscal 2023. - Net loss for the fourth quarter was
$(1.3) million , or$(0.02) per diluted share, as compared to net income of$5.2 million , or$0.08 per diluted share, for the fourth quarter of fiscal 2023. - Adjusted net income (a non-GAAP measure) for the fourth quarter was
$0.02 per diluted share as compared to$0.10 per diluted share for the fourth quarter of fiscal 2023. - Adjusted EBITDA (a non-GAAP measure) was
$4.2 million for the fourth quarter as compared to$11.7 million for the fourth quarter of fiscal 2023.
Fiscal 2024 Highlights
- Total sales for the 52 weeks of fiscal 2024 were
$467.0 million as compared to$521.8 million for the 53 weeks of fiscal 2023. Comparable sales decreased10.6% as compared to fiscal 2023. - Net income was
$3.1 million , or$0.05 per diluted share, as compared to$27.9 million , or$0.43 per diluted share, in fiscal 2023. - Adjusted net income (a non-GAAP measure) was
$0.07 per diluted share for fiscal 2024 as compared to$0.50 per diluted share for fiscal 2023. - Adjusted EBITDA (a non-GAAP measure) was
$19.9 million as compared to$55.9 million for fiscal 2023. - Cash flow from operations for fiscal 2024 was
$29.6 million as compared to$49.6 million for fiscal 2023. Capital expenditures, which include investments in both new store development and a new eCommerce platform, increased by$10.3 million year-over-year contributing to a decrease in free cash flow (a non-GAAP measure) to$1.9 million as compared to$32.2 million for fiscal 2023. - As of February 1, 2025, total cash and investments were
$48.4 million as compared to$60.0 million at February 3, 2024, with no outstanding debt for either period. - Repurchased 4.9 million shares of common stock for
$13.7 million , or an average cost of$2.82 per share, during fiscal 2024.
Management Comments
“Our sales results reflect a difficult year for the men’s apparel sector where DXL has been challenged by lower traffic levels to our stores and lower conversion online. Men’s retail remains volatile, and we believe the Big + Tall consumer cut back on spending for himself in fiscal 2024. Despite this challenge, we maintained a strong operating regimen with our merchandise margin and controlled operating expenses to drive positive net earnings, positive free cash flow, and an adjusted EBITDA margin of
“In 2024, we conducted vital consumer research across the brand, exploring brand awareness, consumer trends and the potential impact of GLP-1 drugs. We believe these insights can be greater potential catalysts for inflection for the brand and to drive long-term sales growth. We successfully tested a DXL brand awareness campaign in a three-city matched market test. We extended our reach with the opening of seven new stores, and we upgraded our legacy website to a new, best-in-class eCommerce platform that should improve our customer experience. Additionally, we introduced an improved DXL Rewards program with compelling benefits to deepen engagement across the entire customer file and solidify DXL as the leading Big + Tall retailer in the sector," Mr. Kanter continued.
“In 2025, we are focused on executing our strategic plan, while delivering an acceptable EBITDA margin and free cash flow. We are monitoring the emerging situation with tariffs, and we have minimal exposure in China, Mexico, and Canada. Collectively, these three countries represent less than
Fourth-Quarter and Fiscal 2024 Results
Fiscal 2024 included 52 weeks compared with 53 weeks in fiscal 2023. Accordingly, year-over-year comparisons of total sales for the fourth quarter and full year are affected by an extra week of sales in fiscal 2023. However, for comparable sales, the Company is reporting on a comparable week's basis (i.e., the 13 and 52 weeks ended February 1, 2025 compared with the 13 and 52 weeks ended February 3, 2024).
Sales
For the 13-week fourth quarter of fiscal 2024, total sales were
For fiscal 2024, total sales decreased
Gross Margin
For the fourth quarter of fiscal 2024, gross margin, inclusive of occupancy costs, was
For fiscal 2024, gross margin, inclusive of occupancy costs, was
Selling, General & Administrative
SG&A expenses for the fourth quarter of fiscal 2024 were
On a dollar basis, SG&A expenses decreased by
For fiscal 2024, on a dollar basis, SG&A expenses increased by
SG&A costs for both the fourth quarter and fiscal 2023 also included costs of approximately
Marketing costs were
Management views SG&A expenses through two primary cost centers: Customer Facing Costs and Corporate Support Costs. Customer Facing Costs, which include store payroll, marketing, and other store operating costs, represented
Interest Income, Net
Net interest income for the fourth quarter of fiscal 2024 was
Income Taxes
Our tax provision for income taxes for interim periods was determined using an estimate of our annual effective tax rate, adjusted for discrete items, if any. Each quarter, we updated our estimate of the annual effective tax rate and made a year-to-date adjustment to the provision.
Accordingly, for the fourth quarter and fiscal 2024, the Company’s effective tax rate was
At February 1, 2025, we had
Net Income (Loss)
Net loss for the fourth quarter of fiscal 2024 was
Net income for fiscal 2024 was
Results for the fourth quarter and fiscal 2024 included an impairment charge of
Results for the fourth quarter and fiscal 2023 included a loss from the termination of retirement plans of
On a non-GAAP basis, adjusting for the accrual for estimated non-recurring legal settlement costs, the loss on termination of the retirement plans and asset impairment (gain), if any, adjusted net income for the fourth quarter of fiscal 2024 was
Adjusted EBITDA
Earnings before interest, taxes, depreciation and amortization, adjusted for the accrual for estimated non-recurring legal settlement costs, the loss from the termination of retirement plans, and impairment (gain) of assets, if any ("adjusted EBITDA"), a non-GAAP measure, for the fourth quarter of fiscal 2024 were
Cash Flow
Cash flow from operations for fiscal 2024 was
Free cash flow, before capital expenditures for store development, a non-GAAP measure, was
The decrease in free cash flow was primarily due to lower earnings and an increase in capital spend, partially offset by a decrease in merchandise purchases as we continued to drive more productive inventory utilization.
| (in millions) | Fiscal 2024 | Fiscal 2023 | ||||||
| Cash flow from operating activities (GAAP basis) | $ | 29.6 | $ | 49.6 | ||||
| Capital expenditures, excluding store development | (14.5 | ) | (8.1 | ) | ||||
| Free Cash Flow before capital expenditures for store development (non-GAAP basis) | $ | 15.1 | $ | 41.5 | ||||
| Capital expenditures for store development | (13.2 | ) | (9.3 | ) | ||||
| Free cash flow (non-GAAP basis) | $ | 1.9 | $ | 32.2 | ||||
Non-GAAP Measures
Adjusted EBITDA, adjusted EBITDA margin, adjusted net income, adjusted net income per diluted share, free cash flow before capital expenditures for store development, and free cash flow are non-GAAP financial measures. Please see “Non-GAAP Measures” below for reconciliations of these non-GAAP measures to the comparable GAAP measures that follow in the tables below.
Balance Sheet & Liquidity
As of February 1, 2025, we had cash and investments of
Inventory at February 1, 2025 decreased
Stock Repurchase Program
During fiscal 2024, we repurchased 4.9 million shares at a total cost, including fees, of
Store Information
The following is a summary of our retail square footage for the past three years:
| Year End 2024 | Year End 2023 | Year End 2022 | ||||||||||||||||
| # of Stores | Sq Ft. (000’s) | # of Stores | Sq Ft. (000’s) | # of Stores | Sq Ft. (000’s) | |||||||||||||
| DXL retail | 247 | 1,795 | 232 | 1,725 | 218 | 1,663 | ||||||||||||
| DXL outlets | 15 | 76 | 15 | 76 | 16 | 80 | ||||||||||||
| CMXL retail | 7 | 22 | 17 | 55 | 28 | 92 | ||||||||||||
| CMXL outlets | 19 | 57 | 19 | 57 | 19 | 57 | ||||||||||||
| Total | 288 | 1,950 | 283 | 1,913 | 281 | 1,892 | ||||||||||||
During fiscal 2024, we opened seven new DXL stores, relocated two DXL stores, converted eight Casual Male XL stores to the DXL format, completed five DXL remodels, and closed two Casual Male XL stores.
For fiscal 2025, we expect our capital expenditures to range from
Digital Commerce Sales
We distribute our national brands and our own brand merchandise directly to consumers through our stores, website, app, and third-party marketplaces. Digital commerce sales, which we also refer to as direct sales, are defined as sales that originate online, whether through our website, at the store level, or through a third-party marketplace. Our direct business is a critical component of our business and an area of significant growth opportunity for us. For fiscal 2024, our direct sales were
Financial Outlook
Through the first six weeks of the year, our comparable sales are down
Given the volatility of the market, and other macro uncertainties such as the implementation of tariffs, we are not providing sales and earnings guidance for fiscal 2025. Based on actions previously taken, our exposure to tariffs in China, Mexico, and Canada, which collectively represent less than
Conference Call
The Company will hold a conference call to review its financial results on Thursday, March 20, 2025, at 9:00 a.m. ET.
To participate in the live webcast, please pre-register at: https://register.vevent.com/register/BIb1cc71b91bc14d649a9b1cc60cdb21c3. Upon registering you will be emailed a dial-in number, and unique PIN.
For listen-only, please join and register at: https://edge.media-server.com/mmc/p/8mvzs9hf. An archived version of the webcast may be accessed by visiting the "Events" section of the Company's investor relations website for up to one year.
During the conference call, the Company may discuss and answer questions concerning business and financial developments and trends. The Company’s responses to questions, as well as other matters discussed during the conference call, may contain or constitute information that has not been disclosed previously.
Non-GAAP Measures
In addition to financial measures prepared in accordance with U.S. generally accepted accounting principles (“GAAP”), this press release contains non-GAAP financial measures, including adjusted net income, adjusted net income per diluted share, adjusted EBITDA, adjusted EBITDA margin, free cash flow before capital expenditures for store development, and free cash flow. The presentation of these non-GAAP measures is not in accordance with GAAP and should not be considered superior to or as a substitute for net income (loss), net income (loss) per diluted share or cash flow from operating activities or any other measure of performance derived in accordance with GAAP. In addition, not all companies calculate non-GAAP financial measures in the same manner, and, accordingly, the non-GAAP measures presented in this release may not be comparable to similar measures used by other companies. The Company believes the inclusion of these non-GAAP measures help investors gain a better understanding of the Company’s performance, especially when comparing such results to previous periods, and that they are useful as an additional means for investors to evaluate the Company's operating results, when reviewed in conjunction with the Company's GAAP financial statements. Reconciliations of these non-GAAP measures to their comparable GAAP measures are provided in the tables below.
Adjusted net income and adjusted net income per diluted share are calculated by excluding any asset impairment charge (gain), accrual for estimated non-recurring legal settlement costs, and the loss from the termination of the retirement plans, on a tax-effected basis using the applicable effective tax rate for the respective period. The accrual for estimated non-recurring legal settlement costs is excluded from adjusted net income due to the difficulty in predicting its timing. The Company believes that this comparability is useful in comparing the actual results period to period. Adjusted net income per diluted share is then calculated by dividing the adjusted net income by the weighted average shares outstanding for the respective period, on a diluted basis.
Adjusted EBITDA is calculated as earnings before interest, taxes, depreciation and amortization and adjusted for the loss from the termination of the retirement plans, accrual for estimated non-recurring legal settlement costs, and asset impairment charge (gain), if any. Adjusted EBITDA margin is calculated as adjusted EBITDA divided by total sales. The Company believes that providing adjusted EBITDA and adjusted EBITDA margin is useful to investors to evaluate the Company’s performance and are key metrics to measure profitability and economic productivity.
Free cash flow is a metric that management uses to monitor liquidity. Management believes this metric is important to investors because it demonstrates the Company’s ability to strengthen liquidity while supporting its capital projects and new store development. Free cash flow is calculated as cash flow from operating activities, less capital expenditures and excludes the mandatory and discretionary repayment of debt. Free cash flow before capital expenditures for store development is calculated as cash flow from operating activities less capital expenditures other than capital expenditures for store development. Capital expenditures for store development includes capital expenditures for new stores, conversions of Casual Male XL stores to DXL, and remodels. Capital expenditures related to store relocations and maintenance are not included in store development.
About Destination XL Group, Inc.
Destination XL Group, Inc. is the leading retailer of Men’s Big + Tall apparel that provides the Big + Tall man the freedom to choose his own style. Subsidiaries of Destination XL Group, Inc. operate DXL Big + Tall retail and outlet stores and Casual Male XL retail and outlet stores throughout the United States, and an e-commerce website, DXL.COM, and mobile app, which offer a multi-channel solution similar to the DXL store experience with the most extensive selection of online products available anywhere for Big + Tall men. The Company is headquartered in Canton, Massachusetts, and its common stock is listed on the Nasdaq Global Market under the symbol "DXLG." For more information, please visit the Company's investor relations website: https://investor.dxl.com.
Forward-Looking Statements
Certain statements and information contained in this press release constitute forward-looking statements under the federal securities laws, including statements regarding our belief that insights gained from consumer research can be greater potential catalysts for inflection for the brand and to drive long-term sales growth; our belief that our upgraded eCommerce platform should improve our customer experience; our belief that our improved DXL Rewards program has compelling benefits that will deepen engagement across the entire customer file and solidify DXL as the leading Big + Tall retailer in the sector; our focus in 2025 on executing our strategic plan, while delivering a positive EBITDA margin and free cash flow; our effort to achieve profitable and responsible growth; our prioritization of operational efficiency and free cash flow; our belief that our structured and disciplined approach should position us better for stronger top-line and bottom-line performance when consumer sentiment among Big + Tall consumers recovers; our belief that chasing sales through excessive promotions in a down cycle would be counterproductive and that maintaining our operational infrastructure is crucial for long-term success; our belief that we expect to have minimal exposure in China, Mexico and Canada with respect to the emerging situation with tariffs and that they will impact gross margin by less than 10 basis points in 2025; our expectation that we will not pursue our brand awareness campaign at this time; our expectations with respect to comparable sales for fiscal 2025; expected marketing costs and expected capital expenditures in fiscal 2025; expected store openings and store conversions in fiscal 2025; the expected impact of our strategic initiatives on future growth; our ability to manage inventory; expected changes in our store portfolio and long-term plans for new or relocated stores; and our ability to achieve profitable sales and generate free cash flow. The discussion of forward-looking information requires the management of the Company to make certain estimates and assumptions regarding the Company's strategic direction and the effect of such plans on the Company's financial results. The Company's actual results and the implementation of its plans and operations may differ materially from forward-looking statements made by the Company. The Company encourages readers of forward-looking information concerning the Company to refer to its filings with the Securities and Exchange Commission, including without limitation, its Annual Report on Form 10-K filed on March 21, 2024, its Quarterly Reports on Form 10-Q and other filings with the Securities and Exchange Commission that set forth certain risks and uncertainties that may have an impact on future results and the direction of the Company, including risks relating to: changes in consumer spending in response to economic factors; the impact of inflation with rising costs and high interest rates; the impact of tariffs; the impact of ongoing worldwide conflicts on the global economy; potential labor shortages; and the Company’s ability to grow its market share, predict customer tastes and fashion trends, forecast sales growth trends, and compete successfully in the U.S. men’s big and tall apparel market.
Forward-looking statements contained in this press release speak only as of the date of this release. Subsequent events or circumstances occurring after such date may render these statements incomplete or out of date. The Company undertakes no obligation and expressly disclaims any duty to update such statements.
Investor Relations Contact:
investor.relations@dxlg.com
(603) 933-0541
Public Relations Contact:
Mike Reilly / Matt Sherman
Joele Frank, Wilkinson Brimmer Katcher
DXLGmedia-jf@joelefrank.com
(212) 355-4449
| DESTINATION XL GROUP, INC. | ||||||||||||||||
| CONSOLIDATED STATEMENTS OF OPERATIONS | ||||||||||||||||
| (In thousands, except per share data) | ||||||||||||||||
| Unaudited | ||||||||||||||||
| For the three months ended | For the fiscal year ended | |||||||||||||||
| February 1, 2025 | February 3, 2024 | February 1, 2025 | February 3, 2024 | |||||||||||||
| Sales | $ | 119,203 | $ | 137,142 | $ | 467,015 | $ | 521,815 | ||||||||
| Cost of goods sold, including occupancy | 66,300 | 72,626 | 249,820 | 269,393 | ||||||||||||
| Gross profit | 52,903 | 64,516 | 217,195 | 252,422 | ||||||||||||
| Expenses: | ||||||||||||||||
| Selling, general and administrative | 49,688 | 52,840 | 198,282 | 196,529 | ||||||||||||
| Impairment of assets | 1,303 | 116 | 1,303 | 116 | ||||||||||||
| Depreciation and amortization | 3,646 | 3,495 | 13,878 | 13,833 | ||||||||||||
| Total expenses | 54,637 | 56,451 | 213,463 | 210,478 | ||||||||||||
| Operating income (loss) | (1,734 | ) | 8,065 | 3,732 | 41,944 | |||||||||||
| Loss from termination of retirement plans | — | (1,459 | ) | — | (5,690 | ) | ||||||||||
| Interest income, net | 411 | 729 | 2,084 | 2,137 | ||||||||||||
| Income (loss) before provision (benefit) for income taxes | (1,323 | ) | 7,335 | 5,816 | 38,391 | |||||||||||
| Provision (benefit) for income taxes | (7 | ) | 2,101 | 2,761 | 10,537 | |||||||||||
| Net income (loss) | $ | (1,316 | ) | $ | 5,234 | $ | 3,055 | $ | 27,854 | |||||||
| Net income (loss) per share - basic | $ | (0.02 | ) | $ | 0.09 | $ | 0.05 | $ | 0.46 | |||||||
| Net income (loss) per share - diluted | $ | (0.02 | ) | $ | 0.08 | $ | 0.05 | $ | 0.43 | |||||||
| Weighted-average number of common shares outstanding: | ||||||||||||||||
| Basic | 53,712 | 59,361 | 56,779 | 61,018 | ||||||||||||
| Diluted | 53,712 | 62,498 | 59,590 | 64,305 | ||||||||||||
| DESTINATION XL GROUP, INC. | ||||||||
| CONDENSED CONSOLIDATED BALANCE SHEETS | ||||||||
| February 1, 2025 and February 3, 2024 | ||||||||
| (In thousands) | ||||||||
| Unaudited | ||||||||
| February 1, | February 3, | |||||||
| 2025 | 2024 | |||||||
| ASSETS | ||||||||
| Cash and cash equivalents | $ | 11,901 | $ | 27,590 | ||||
| Short-term investments | 36,516 | 32,459 | ||||||
| Inventories | 75,486 | 80,968 | ||||||
| Other current assets | 7,984 | 12,228 | ||||||
| Property and equipment, net | 56,982 | 43,238 | ||||||
| Operating lease right-of-use assets | 171,084 | 138,118 | ||||||
| Deferred income taxes, net of valuation allowance | 19,343 | 21,533 | ||||||
| Intangible assets | 1,150 | 1,150 | ||||||
| Other assets | 509 | 457 | ||||||
| Total assets | $ | 380,955 | $ | 357,741 | ||||
| LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||||
| Accounts payable | $ | 24,344 | $ | 17,353 | ||||
| Accrued expenses and other liabilities | 30,773 | 36,898 | ||||||
| Operating leases | 184,615 | 154,537 | ||||||
| Stockholders' equity | 141,223 | 148,953 | ||||||
| Total liabilities and stockholders' equity | $ | 380,955 | $ | 357,741 | ||||
| CERTAIN COLUMNS IN THE FOLLOWING TABLES MAY NOT FOOT DUE TO ROUNDING GAAP TO NON-GAAP RECONCILIATION OF ADJUSTED EBITDA AND ADJUSTED EBITDA MARGIN (Unaudited) | |||||||||||||||||
| For the three months ended | For the fiscal year ended | ||||||||||||||||
| February 1, 2025 | February 3, 2024 | February 1, 2025 | February 3, 2024 | ||||||||||||||
| (in millions, except margin percentages) | |||||||||||||||||
| Net income (loss) (GAAP basis) | $ | (1.3 | ) | $ | 5.2 | $ | 3.1 | $ | 27.9 | ||||||||
| Add back: | |||||||||||||||||
| Impairment of assets | 1.3 | 0.1 | 1.3 | 0.1 | |||||||||||||
| Accrual for estimated non-recurring legal settlement costs | 1.0 | — | 1.0 | — | |||||||||||||
| Loss from termination of retirement plans | — | 1.5 | — | 5.7 | |||||||||||||
| Depreciation and amortization | 3.6 | 3.5 | 13.9 | 13.8 | |||||||||||||
| Interest income, net | (0.4 | ) | (0.7 | ) | (2.1 | ) | (2.1 | ) | |||||||||
| Provision (benefit) for income taxes | (0.0 | ) | 2.1 | 2.8 | 10.5 | ||||||||||||
| Adjusted EBITDA (non-GAAP basis) | $ | 4.2 | $ | 11.7 | $ | 19.9 | $ | 55.9 | |||||||||
| Sales | $ | 119.2 | $ | 137.1 | $ | 467.0 | $ | 521.8 | |||||||||
| Adjusted EBITDA margin (non-GAAP), as a percentage of sales | 3.5 | % | 8.5 | % | 4.3 | % | 10.7 | % | |||||||||
| GAAP TO NON-GAAP RECONCILIATION OF ADJUSTED NET INCOME AND ADJUSTED NET INCOME PER SHARE (Unaudited) | ||||||||||||||||||||||||||||||||
| For the three months ended | For the fiscal year ended | |||||||||||||||||||||||||||||||
| February 1, 2025 | February 3, 2024 | February 1, 2025 | February 3, 2024 | |||||||||||||||||||||||||||||
| $ | Per diluted share | $ | Per diluted share | $ | Per diluted share | $ | Per diluted share | |||||||||||||||||||||||||
| (in millions, except per share data) | ||||||||||||||||||||||||||||||||
| Net income (loss) (GAAP basis) | $ | (1.3 | ) | $ | (0.02 | ) | $ | 5.2 | $ | 0.08 | $ | 3.1 | $ | 0.05 | $ | 27.9 | $ | 0.43 | ||||||||||||||
| Adjust: | ||||||||||||||||||||||||||||||||
| Impairment of assets | 1.3 | 0.1 | 1.3 | 0.1 | ||||||||||||||||||||||||||||
| Accrual for estimated non-recurring legal settlement costs | 1.0 | 1.0 | ||||||||||||||||||||||||||||||
| Loss from termination of retirement plans | - | 1.5 | - | 5.7 | ||||||||||||||||||||||||||||
| Income tax effect of adjustments (1) | (0.0 | ) | (0.4 | ) | (1.1 | ) | (1.6 | ) | ||||||||||||||||||||||||
| Adjusted net income (non-GAAP basis) | $ | 1.0 | $ | 0.02 | $ | 6.4 | $ | 0.10 | $ | 4.3 | $ | 0.07 | $ | 32.1 | $ | 0.50 | ||||||||||||||||
| Weighted average number of common shares outstanding on a diluted basis | 53.7 | 62.5 | 59.6 | 64.3 | ||||||||||||||||||||||||||||
| (1) The income tax effect of pre-tax adjustments to net income was calculated using the applicable effective tax rate for each respective year. | ||||||||||||||||||||||||||||||||
| GAAP TO NON-GAAP RECONCILIATION OF FREE CASH FLOW (Unaudited) | ||||||||
| For the fiscal year ended | ||||||||
| (in millions) | February 1, 2025 | February 3, 2024 | ||||||
| Cash flow from operating activities (GAAP basis) | $ | 29.6 | $ | 49.6 | ||||
| Capital expenditures, excluding store development | $ | (14.5 | ) | $ | (8.1 | ) | ||
| Free Cash Flow before capital expenditures for store development (Non-GAAP basis) | $ | 15.1 | $ | 41.5 | ||||
| Capital expenditures for store development | (13.2 | ) | (9.3 | ) | ||||
| Free cash flow (non-GAAP basis) | $ | 1.9 | $ | 32.2 | ||||
FAQ
What caused DXLG's sales decline in fiscal 2024?
How much did DXLG spend on share repurchases in 2024?
What is DXLG's cash position and debt status as of February 2025?
How did DXLG's inventory levels change in fiscal 2024?
What strategic initiatives did DXLG implement in 2024?
