Business
Destination XL Group, Inc. Reports Fiscal 2023 Fourth Quarter and Full-Year Financial Results
Full-Year Sales of $521.8 million, Net Income of $27.9 million, $0.43 EPS, Adjusted EBITDA of $55.9 million CANTON, Mass., March 21, 2024 (GLOBE NEWSWIRE) --
About this update from Destination Xl Group, Inc.
[{"type":"text","content":"Full-Year Sales of $521.8 million, Net Income of $27.9 million, $0.43 EPS, Adjusted EBITDA of $55.9 million\nCANTON, Mass., March 21, 2024 (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 2023. Fourth Quarter Highlights Total sales for the 14-week fourth quarter were $137.1 million, down 4.7% from $143.9 million for the 13-week fourth quarter of fiscal 2022. Comparable sales for the fourth quarter decreased 10.1% as compared to the fourth quarter of fiscal 2022.Net income for the fourth quarter was $5.2 million, or $0.08 per diluted share, as compared to net income of $8.3 million, or $0.13 per diluted share, for the fourth quarter of fiscal 2022. Results for the fourth quarter of fiscal 2023 included a pre-tax charge of $1.5 million, in connection with the termination of the frozen retirement plans.Adjusted net income (a non-GAAP measure) for the fourth quarter was $0.10 per diluted share as compared to $0.12 per diluted share for the fourth quarter of fiscal 2022.Adjusted EBITDA (a non-GAAP measure) was $11.7 million for the fourth quarter as compared to $14.2 million for the fourth quarter of fiscal 2022. Fiscal 2023 Highlights Total sales for the 53-weeks of fiscal 2023 were $521.8 million as compared to $545.8 million for the 52 weeks of fiscal 2022. Comparable sales decreased 4.6% as compared to fiscal 2022.Net income was $27.9 million, or $0.43 per diluted share, as compared to $89.1 million, or $1.33 per diluted share, in fiscal 2022. Results for fiscal 2023 included a pre-tax charge of $5.7 million, in connection with the termination of the frozen retirement plans. Results for fiscal 2022 included an income tax benefit of $31.6 million related to the release of the valuation allowance against deferred taxes.Adjusted net income (a non-GAAP measure) was $0.50 per diluted share for fiscal 2023 as compared to $0.63 per diluted share for fiscal 2022.Adjusted EBITDA (a non-GAAP measure) was $55.9 million as compared to $73.8 million for fiscal 2022.Cash flow from operations for fiscal 2023 was $49.6 million, as compared to $59.9 million for fiscal 2022. Free cash flow (a non-GAAP measure) was $32.2 million as compared to $50.3 million for fiscal 2022.A...