Business
Destination XL Group, Inc. Reports Fiscal 2021 Fourth-Quarter and Full-Year Financial Results
Reports Record Annual Sales and Profit;Full-Year Sales of $505 Million, Net Income of $56.7 million, $0.83 EPS,Adjusted EBITDA of $76.9 millionAnnounces $15.0
About this update from Destination Xl Group, Inc.
[{"type":"text","content":"Reports Record Annual Sales and Profit;Full-Year Sales of $505 Million, Net Income of $56.7 million, $0.83 EPS,Adjusted EBITDA of $76.9 millionAnnounces $15.0 Million Stock Repurchase Program CANTON, Mass., March 17, 2022 (GLOBE NEWSWIRE) -- Destination XL Group, Inc. (NASDAQ: DXLG), the largest omni-channel specialty retailer of big and tall men’s apparel, today reported financial results for the fourth quarter and fiscal year 2021. Fourth Quarter Highlights Total sales for the fourth quarter were $133.5 million, up 33.3% from $100.1 million for fiscal 2020 and up 1.7% from $131.2 million for fiscal 2019. Comparable sales increased 41.5% as compared to fiscal 2020 and 9.4% as compared to fiscal 2019.Net income for the fourth quarter was $9.9 million, or $0.14 per diluted share, as compared to a net loss of $(5.1) million, or $(0.10) per diluted share, for fiscal 2020 and net income of $2.4 million, or $0.05 per diluted share for fiscal 2019.Adjusted EBITDA, a non-GAAP measure, was $14.3 million for the fourth quarter as compared to $0.7 million for fiscal 2020 and $9.9 million for fiscal 2019. Fiscal 2021 Highlights Total sales for fiscal 2021 were $505.0 million as compared to total sales of $318.9 million for fiscal 2020 and $474.0 million for fiscal 2019. Comparable sales increased 68.5% as compared to fiscal 2020 and 14.2% as compared to fiscal 2019.Net income was $56.7 million, or $0.83 per diluted share, as compared to a net loss of $(64.5) million, or $(1.26) per diluted share, in fiscal 2020 and a net loss of $(7.8) million, or $(0.16) per diluted share, in fiscal 2019. Our significant net operating loss carryforwards minimized our cash tax payments and made this income substantially tax-free.Adjusted EBITDA was $76.9 million as compared to $(24.2) million for fiscal 2020 and $23.5 million for fiscal 2019.Cash flow from operations for fiscal 2021 was $75.5 million, as compared to $(1.2) million for fiscal 2020 and $15.8 million for fiscal 2019. Free cash flow was $70.3 million as compared to $(5.5) million for fiscal 2020 and $2.4 million for fiscal 2019.At January 29, 2022, the Company had total cash of $15.5 million and no outstanding debt, compared to total debt, net of cash, of $55.4 million at January 30, 2021 and $49.8 million at February 1, 2020. Excess availability under our credit facility was $68.9 million at ...