Business
Destination XL Group, Inc. Reports Fiscal 2019 Fourth-Quarter and Full Year Financial Results
Fourth Quarter Comparable Sales up 1.1%; Fourth Quarter EPS $0.05 per share CANTON, Mass., March 19, 2020 (GLOBE NEWSWIRE) -- Destination XL Group, Inc.
About this update from Destination Xl Group, Inc.
[{"type":"text","content":"Fourth Quarter Comparable Sales up 1.1%; Fourth Quarter EPS $0.05 per share\nCANTON, Mass., March 19, 2020 (GLOBE NEWSWIRE) -- Destination XL Group, Inc. (NASDAQ: 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 2019.\n Highlights Total sales for the fourth quarter of $131.2 million, an increase of $0.1 million from prior year; total sales for fiscal 2019 were $474.0 million as compared to the total sales of $473.8 million for fiscal 2018.Total comparable sales increased 1.1% for the fourth quarter and 0.1% for the year.Net income for the quarter was $2.4 million as compared to prior-year quarter’s net loss of $(7.2) million; net loss for the year was $(7.8) million as compared to $(13.5) million in the prior year.On a non-GAAP basis, adjusted net income for the quarter was $2.6 million as compared to an adjusted net loss of $(0.6) million in the prior-year quarter; adjusted net loss for the year was $(3.2) million as compared to $(3.5) million in the prior year.On a non-GAAP basis, adjusted EBITDA for the quarter was $9.9 million as compared to $6.8 million in the prior-year quarter; adjusted EBITDA for the year was $23.5 million as compared to $27.4 million in the prior year. Management Comments “At the top of everyone’s mind right now is the situation driven by the COVID-19 global pandemic. Like all retailers, the virus is having an unprecedented impact on top-line revenue and we elected to close our stores temporarily through at least March 28th. The online experience at DXL.com is still in operation and we are both receiving and fulfilling online orders while our stores are closed. We began executing our contingency plans around this event in the early part of February. We have greatly intensified and accelerated our efforts in the last 2 weeks to significantly reduce operating expenses and CAPEX spending, and the cancellation of future inventory receipts. Most importantly, we a have plan to navigate through this crisis and are working to control our own destiny. Given our actions to date and the plan we have, we believe we have sufficient excess availability under our credit facility to weather the impact of this global event,” said Harvey S. Kanter, President and Chief Executive Officer. Kanter continued, “D...