Business
Destination XL Group, Inc. Reports Fiscal 2022 Fourth Quarter and Full-Year Financial Results
Reports Second Year of Record Annual Sales with Comparable Sales Growth of 10.9%; Full-Year Sales of $545.8 million, Net Income of $89.1 million, $1.33 EPS,
About this update from Destination Xl Group, Inc.
[{"type":"text","content":"Reports Second Year of Record Annual Sales with Comparable Sales Growth of 10.9%; Full-Year Sales of $545.8 million, Net Income of $89.1 million, $1.33 EPS, Adjusted EBITDA of $73.8 million\nCANTON, Mass., March 16, 2023 (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 2022. Fourth Quarter Highlights Total sales for the fourth quarter were $143.9 million, up 7.8% from $133.5 million for fiscal 2021. Comparable sales for the fourth quarter increased 10.8% as compared to the fourth quarter of fiscal 2021.Net income for the fourth quarter was $8.3 million, or $0.13 per diluted share, as compared to net income of $9.9 million, or $0.14 per diluted share, for the fourth quarter of fiscal 2021.Adjusted EBITDA, a non-GAAP measure, was $14.2 million for the fourth quarter as compared to $14.3 million for the fourth quarter of fiscal 2021. Fiscal 2022 Highlights Total sales for fiscal 2022 were $545.8 million as compared to $505.0 million for fiscal 2021. Comparable sales increased 10.9% as compared to fiscal 2021.Net income was $89.1 million, or $1.33 per diluted share, as compared to $56.7 million, or $0.83 per diluted share, in fiscal 2021. Net income for fiscal 2022 included a non-recurring tax benefit for the release of our tax valuation allowance of $31.6 million, or $0.47 per diluted share.Adjusted EBITDA was $73.8 million as compared to $76.9 million for fiscal 2021.Cash flow from operations for fiscal 2022 was $59.9 million, as compared to $75.5 million for fiscal 2021. Free cash flow, a non-GAAP measure, was $50.3 million as compared to $70.3 million for fiscal 2021.At January 28, 2023, total cash and cash equivalents were $52.1 million as compared to $15.5 million at January 29, 2022, with no outstanding debt for either period.On March 14, 2023, the Board authorized a $15.0 million stock repurchase program, effective March 16, 2023. Management Comments “We are pleased to report our second year of record-breaking sales, with eight consecutive quarters of positive comparable sales and two consecutive years of double-digit adjusted EBITDA margins. We exceeded our sales and margin plan this year, in both our stores and direct business, with an increase of 1...