Destination XL posts rise in Q4 revenues and profit

Destination XL Group, Inc. has reported total sales for the fourth quarter of 131.2 million dollars, an increase of 0.1 million dollars from prior year; while total sales for fiscal 2019 were 474 million dollars compared to 473.8 million dollars for fiscal 2018. Total comparable sales increased 1.1 percent for the fourth quarter and 0.1 percent for the year.

“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. We have greatly intensified and accelerated our efforts in the last two 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,” said Harvey S. Kanter, the company’s President and Chief Executive Officer.

Destination XL posts net income of 2.4 million dollars

The company said in a statement that net income for the quarter was 2.4 million dollars compared to net loss of 7.2 million dollars; net loss for the year was 7.8 million dollars compared to 13.5 million dollars in the prior year. Non-GAAP adjusted net income for the quarter was 2.6 million dollars compared to adjusted net loss of 0.6 million dollars in the prior-year quarter; while adjusted net loss for the year was 3.2 million dollars compared to 3.5 million dollars in the prior year. On a non-GAAP basis, adjusted EBITDA for the quarter was 9.9 million dollars compared to 6.8 million dollars in the prior-year quarter; while adjusted EBITDA for the year was 23.5 million dollars compared to 27.4 million dollars in the prior year.

“Despite these recent developments, we reported that our fourth quarter continued to show improving comp sales which accelerated further after the holiday selling period. The company’s performance improved the balance sheet, delivered free cash flow, reduced our inventory balance by 4.4 million dollars for the year, reduced our clearance mix, reduced our total debt by 2.6 million dollars for the year, and we finished the year with 48.5 million dollars of unused excess availability under our credit facility, which put us in a critically important better liquidity position,” added Kanter.

Picture:Facebook/DXL Big + Tall