Destination XL Group, Inc. (OTCQX: DXLG), the leading omni-channel
specialty retailer of Big + Tall men’s clothing and shoes, today
reported operating results for the first quarter of fiscal 2021 and
provided updated guidance for the fiscal year.
First Quarter Financial Highlights
- Total sales for the first quarter were $111.5 million, up 94.8%
from $57.2 million in the first quarter of fiscal 2020 and down
1.3% from $113.0 million in the first quarter of fiscal 2019.
Compared to the first quarter of fiscal 2019, comparable sales
increased 3.7%.
- Cash Flow from operations for the first three months was $7.8
million as compared to the first quarter of fiscal 2020 of $(16.8)
million and the first quarter of fiscal 2019 of $(16.5)
million.
- Free Cash Flow was $7.0 million as compared to $(18.4) million
in the first quarter of 2020 and $(20.2) million in the first
quarter of fiscal 2019.
- Net income for the first quarter was $8.7 million, or $0.14 per
diluted share, as compared to a net loss of $(41.7) million, or
$(0.82) per diluted share, in the first quarter of fiscal 2020 and
a net loss of $(3.1) million, or $(0.06) per diluted share, in the
first quarter of fiscal 2019.
- Adjusted net income for the first quarter was $0.09 per diluted
share as compared to an adjusted net loss of $(0.37) per diluted
share in the first quarter of fiscal 2020 and an adjusted net loss
of $(0.04) per diluted share, in the first quarter of fiscal
2019.
- Adjusted EBITDA for the first quarter was $13.7 million
compared to $(18.9) million in the first quarter of fiscal 2020 and
$4.8 million in the first quarter of fiscal 2019.
- At May 1, 2021, total debt, net of
cash was $44.3 million as compared to $68.2 million at May 2, 2020
and $72.3 million at May 4, 2019. Remaining availability under our
credit facility was $51.1 million at May 1, 2021 as compared to
$16.8 million at May 2, 2020 and $32.2 million at May 4, 2019.
Management’s Comments
“We are both fortunate and grateful that we can report to you
today that we have seen an acceleration in our business and
financial results for the first quarter, which exceeded our
expectations,” said Harvey Kanter, President and Chief Executive
Officer. “We expected that our sales performance would improve as
vaccines were more widely administered and customers had a reason
to shop again. In the first quarter, our comparable sales were up
3.7% compared to fiscal 2019 and up 99.0% compared to fiscal 2020.
The surge in sales, combined with the significant operating
leverage created through the cost reductions we implemented during
the pandemic, create the possibility for DXL’s return to
profitability in fiscal 2021. Adjusted EBITDA for the first quarter
was $13.7 million compared to $4.8 million in the first quarter of
2019 and, for the first time since 2013, we are reporting
significant net income.
“I’m also pleased to report that, as a result of the sales
trends we are experiencing, we are raising our guidance for 2021.
Our revised forecast remains cautiously optimistic as sales could
be negatively impacted by the spread of COVID variants, prolonged
restrictions and potential store closures, but we are excited to
see our existing customers return and new customers experience DXL
for the first time. We are engaging with our customers in what we
do best, empowering big and tall men to look good and feel good,
creating memorable experiences like no one else does. We get him,
we respect him, and we root for him. We are truly grateful and
proud of what our team has accomplished over the past 18 months and
the credit goes to our employees who answered the call day-in and
day-out to serve and support our big and tall guys,” Mr. Kanter
concluded.
First Quarter Results
In addition to referring to fiscal 2020, the following review of
our first quarter results for fiscal 2021 also includes comparisons
to our first quarter results for fiscal 2019. Due to the COVID-19
pandemic and its impact on our results during the first quarter of
fiscal 2020, we believe that comparisons to our results from the
first quarter of fiscal 2019 are more informative.
Sales
Total sales for the first quarter of fiscal 2021 were $111.5
million, as compared to $57.2 million in the first quarter of
fiscal 2020 and $113.0 million in the first quarter of fiscal
2019.
As compared to the first quarter of fiscal 2019, comparable
sales for the quarter were up 3.7% driven by our direct business,
which was up 40.7%, partially offset by our stores, which were down
6.7%. The increase in our direct business was principally due to
our DXL.com e-commerce site, which had a sales increase of 55.8% as
compared to the first quarter of fiscal 2019.
We started to see significant improvements, which exceeded our
expectations, beginning in mid-March due in part to stimulus
checks, the vaccine rollout, the loosening of restrictions in some
parts of the country and the arrival of warm spring weather. The
conversion rate and dollars per transactions were both higher than
in 2019 and, while still down as compared to fiscal 2019, we saw
store traffic improve over the course of the first quarter.
Regionally, we saw the strongest sales improvement in the
southeast, south central and mid-west regions, whereas stores in
the northeast and west coast, where tighter restrictions were still
in place, trailed approximately 800 basis points.
Sales from our wholesale business increased $0.7 million to $3.1
million for the first quarter, as compared to $2.4 million in the
first quarter of 2019.
Gross Margin
For the first quarter of fiscal 2021, our gross margin rate,
inclusive of occupancy costs, was 45.6% as compared to a gross
margin rate of 23.1% for first quarter of fiscal 2020 and 43.7% for
the first quarter of fiscal 2019.
As compared to fiscal 2019, our gross margin rate improved by
1.9%, primarily driven by a 2.2% improvement in occupancy costs,
partially offset by a decrease in merchandise margins of 0.3%. In
fiscal 2020, we began working with our landlords to renegotiate our
current lease agreements given the decrease in sales. Occupancy
costs for the quarter decreased $2.6 million from the first quarter
of fiscal 2019. The slight decrease in merchandise margins is
primarily due to the increase in direct sales penetration and
related shipping expenses. During the first quarter of fiscal 2021,
we had fewer promotions, focusing on promotional offers to targeted
audiences, which were not advertised broadly. This strategy drove
significant savings in markdown dollars and an improvement in gross
margin rate, and we expect to maintain this promotional posture
during fiscal 2021. Partially offsetting this improvement was the
continuing increased cost of freight due to shortage of containers
and vessels for overseas product, which we expect to continue in
the short-term. We are also starting to see an increase in the cost
of certain raw materials, particularly cotton.
Selling, General & Administrative
As a percentage of sales, SG&A (selling, general and
administrative) expenses for the first quarter of fiscal 2021 were
33.3% as compared to 56.1% for the first quarter of fiscal 2020 and
39.5% for the first quarter of fiscal 2019.
SG&A expenses decreased by $7.5 million, or 16.7%, as
compared to the first quarter of fiscal 2019. The reduction in
SG&A costs is the result of the cost reduction actions that we
implemented in fiscal 2020 to not only preserve liquidity, but to
lower our operating cost structure long-term.
Management views SG&A expenses through two primary cost
centers: Customer Facing Costs and Corporate Support
Costs. Customer Facing Costs, which include store payroll,
marketing and other store and direct operating costs, represented
17.9% of sales in the first quarter of fiscal 2021 as compared to
22.6% of sales in the first quarter of fiscal 2019. Corporate
Support Costs, which include the distribution center and corporate
overhead costs, represented 15.4% of sales in the first quarter of
fiscal 2021 compared to 16.9% of sales in the first quarter of
fiscal 2019.
Impairment of Assets
During the first quarter of fiscal 2021, the Company recorded a
non-cash gain of $0.8 million on the reduction of its operating
lease liability in connection with its decision to close certain
retail stores, which resulted in a revaluation of the lease
liability. Approximately $0.7 million of the non-cash gain related
to leases where the right-of-use assets had previously been
impaired and was recorded as a reduction of the previously-recorded
impairment and included in the Impairment of Assets line of the
Consolidated Statement of Operations for the three months ended May
1, 2021. The remainder of the non-cash gain of $0.1 million was
included in occupancy costs.
Net Income (Loss)
For the first quarter of fiscal 2021, we had net income of $8.7
million, or $0.14 per diluted share, compared with a net loss of
$(41.7) million, or $(0.82) per diluted share, for the first
quarter of fiscal 2020 and a net loss of $(3.1) million, or $(0.06)
per diluted share, for the first quarter of fiscal 2019.
On a non-GAAP basis, adjusting for asset impairment charges, CEO
transition costs and a normalized tax rate of 26% for all periods,
adjusted net income for the first quarter of fiscal 2021 was $0.09
per diluted share, as compared to an adjusted net loss of $(0.37)
per diluted share for the first quarter of fiscal 2020 and an
adjusted net loss of $(0.04) per diluted share for the first
quarter of fiscal 2019.
Adjusted EBITDA
Adjusted EBITDA, a non-GAAP measure, for the first quarter of
fiscal 2021 were $13.7 million, compared to $(18.9) million for the
first quarter of fiscal 2020 and $4.8 million for the first quarter
of fiscal 2019.
Adjusted EBITDA is calculated as earnings before interest,
taxes, depreciation and amortization and adjusted for asset
impairment charges and CEO transition costs, if applicable.
Cash Flow
Cash flow from operations for the first three months of fiscal
2021 was $7.8 million as compared to $(16.8) million for the first
three months of fiscal 2020 and $(16.5) million for the first three
months of fiscal 2019. Free cash flow was $7.0 million for the
first three months of fiscal 2021 as compared to $(18.4) million
for the first three months of fiscal 2020 and $(20.2) million for
the first three months of fiscal 2019. The improvement in free cash
flow was primarily due to the improvement in earnings as well as
faster inventory turnover.
Our capital expenditures for fiscal 2021 will be limited to
maintenance capital necessary to support our business strategy and
we have no new or remodeled stores planned for fiscal 2021.
| |
|
For the three months ended |
|
| (in millions) |
|
May 1, 2021 |
|
|
May 2, 2020 |
|
|
May 4, 2019 |
|
|
Cash flow from operating activities (GAAP basis) |
|
$ |
7.8 |
|
|
$ |
(16.8 |
) |
|
$ |
(16.5 |
) |
| Capital expenditures |
|
|
(0.8 |
) |
|
|
(1.6 |
) |
|
|
(3.7 |
) |
|
Free Cash Flow (non-GAAP basis) |
|
$ |
7.0 |
|
|
$ |
(18.4 |
) |
|
$ |
(20.2 |
) |
Non-GAAP Measures
Adjusted EBITDA, adjusted net income (loss), adjusted net income
(loss) per diluted share and free cash flow are non-GAAP financial
measures. Please see “Non-GAAP Measures” below and reconciliations
of these non-GAAP measures to the comparable GAAP measures that
follow in the tables below.
Balance Sheet & Liquidity
At the end of the first quarter of fiscal 2021, we had a cash
balance of $5.8 million, total debt (which consists of our
revolving credit facility and long-term FILO loan) of $50.1 million
and remaining availability under our credit facility of $51.1
million. Total debt net of cash at May 1, 2021 was $44.3 million
compared to $68.2 million at May 2, 2020 and $72.3 million at May
4, 2019.
As of May 1, 2021, our inventory decreased approximately $19.9
million to $88.4 million, as compared to $108.3 million at May 2,
2020 and decreased approximately $23.9 million as compared to
$112.3 million at May 4, 2019. Since the first quarter of last
year, we have been managing our inventory conservatively, narrowing
our assortment while driving meaningfully greater levels of
exclusivity with national brands, and at the same time working to
maintain our supply chain and logistics capabilities. At May 1,
2021, our clearance inventory decreased by approximately $3.5
million, representing 10.1% of our total inventory, as compared to
11.5% at May 2, 2020. We continue to monitor supply chain
disruptions across the globe that could delay inventory receipts
flow in the second half of the year.
Retail Store Information
Total retail square footage has steadily decreased since the end
of fiscal 2018:
| |
Year End 2018 |
|
Year End 2019 |
|
Year End 2020 |
|
At May 1, 2021 |
|
| |
# ofStores |
|
Sq Ft.(000’s) |
|
# ofStores |
|
Sq Ft.(000’s) |
|
# ofStores |
|
Sq Ft.(000’s) |
|
# ofStores |
|
Sq Ft.(000’s) |
|
| DXL retail |
|
216 |
|
|
1,684 |
|
|
228 |
|
|
1,729 |
|
|
226 |
|
|
1,718 |
|
|
222 |
|
|
1,691 |
|
| DXL outlets |
|
15 |
|
|
78 |
|
|
17 |
|
|
82 |
|
|
17 |
|
|
82 |
|
|
17 |
|
|
82 |
|
| CMXL retail |
|
66 |
|
|
221 |
|
|
50 |
|
|
164 |
|
|
46 |
|
|
152 |
|
|
42 |
|
|
137 |
|
| CMXL outlets |
|
30 |
|
|
91 |
|
|
28 |
|
|
85 |
|
|
22 |
|
|
66 |
|
|
20 |
|
|
60 |
|
| Rochester Clothing |
|
5 |
|
|
51 |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
- |
|
| Total |
|
332 |
|
|
2,125 |
|
|
323 |
|
|
2,060 |
|
|
311 |
|
|
2,018 |
|
|
301 |
|
|
1,970 |
|
We do not plan to open any new stores or rebrand any of our
Casual Male XL stores during fiscal 2021. We have 155 stores that
have leases with either a natural lease expiration or a kick-out
option within the next two years. This provides us an opportunity
to right size our store portfolio, through ongoing lease
renegotiations or lease-term expirations, to ensure that we are
optimizing our store profitability and omni-channel distribution.
Since the beginning of fiscal 2020, we have renegotiated
approximately 115 of our store leases that we expect will deliver
over $16.1 million of savings over the life of the leases,
including $6.0 million of expected savings in fiscal 2021. We will
continue to work with our landlords on leases where our rental
obligations are not aligned with our sales.
E-Commerce Information
The Company distributes its licensed branded and private label
products directly to consumers through its stores, website and
third-party marketplaces. E-commerce sales, which we also refer to
as direct sales, are defined as sales that originate online,
whether through our website, at the store level or through a
third-party marketplace. Our direct business is a critical
component of our business. Through its growth in fiscal 2020, it
played a vital role in enabling us to continue to engage with our
customers during the pandemic. We expect to see continued growth in
fiscal 2021. For the first quarter of fiscal 2021, our direct sales
were $33.5 million, or 30.9% of retail segment sales, as compared
to $22.9 million, or 41.4% of retail segment sales, in the first
quarter of fiscal 2020 and $23.8 million, or 21.6% of retail
segment sales, in the first quarter of fiscal 2019. The increase in
sales in the first quarter of fiscal 2021, as compared to fiscal
2019, is primarily driven by an increase of 55.8% in sales from our
DXL website.
Financial Outlook
Based on our sales performance in the first quarter of fiscal
2021, we are increasing our guidance for fiscal 2021. While our
first quarter sales outperformed our expectations, we remain
cautious that the current sales trend may shift for a number of
reasons, including increased spread of variants of the COVID-19
virus that may result in prolonged restrictions, store closures and
reduced demand for apparel.
Our revised guidance for fiscal 2021 is as follows:
- Sales of
approximately $415.0 million to $435.0 million (an increase from
our original guidance of approximately $385.0 million to $402.0
million).
- Adjusted EBITDA of
approximately $20.0 million to $30.0 million (an increase from our
original guidance of approximately $11.0 million to $18.0
million).
- Positive free cash
flow (unchanged).
Conference Call
The Company will hold a conference call to review its financial
results today, May 27, 2021 at 9:00 a.m. ET. To listen to the live
webcast, visit the "Investor Relations" section of the Company's
website. The live call also can be accessed by dialing: (866)
680-2311. Please reference conference ID: 8648163.
An archived version of the webcast may be accessed by visiting the
"Events" section of the Company's website for up to one year.
During the conference call, the Company may discuss and answer
questions concerning business and financial developments and
trends. The Company’s responses to questions, as well as other
matters discussed during the conference call, may contain or
constitute information that has not been disclosed previously.
Non-GAAP Measures
In addition to financial measures prepared in accordance with
U.S. generally accepted accounting principles (“GAAP”), this press
release contains non-GAAP financial measures, including adjusted
EBITDA, adjusted net income (loss), adjusted net income (loss) per
diluted share and free cash flow. The presentation of these
non-GAAP measures is not in accordance with GAAP, and should not be
considered superior to or as a substitute for net income (loss),
net income (loss) per diluted share or cash flows from operating
activities or any other measure of performance derived in
accordance with GAAP. In addition, not all companies calculate
non-GAAP financial measures in the same manner and, accordingly,
the non-GAAP measures presented in this release may not be
comparable to similar measures used by other companies. The Company
believes the inclusion of these non-GAAP measures help investors
gain a better understanding of the Company’s performance,
especially when comparing such results to previous periods, and
that they are useful as an additional means for investors to
evaluate the Company's operating results, when reviewed in
conjunction with the Company's GAAP financial statements.
Reconciliations of these non-GAAP measures to their comparable GAAP
measures are provided in the tables below.
The Company believes that adjusted EBITDA (calculated as
earnings before interest, taxes, depreciation and amortization and
adjusted for asset impairment charges and CEO transition costs, if
applicable) is useful to investors in evaluating its performance
and is a key metric to measure profitability and economic
productivity. The Company is unable to reconcile the adjusted
EBITDA guidance for fiscal 2021 to net income (loss), because
certain information necessary for the reconciliation is not
available without unreasonable efforts. It is difficult to predict
and/or is dependent on future events that are outside of our
control. In particular, we are unable to reasonably predict
potential asset impairments, because of the ongoing impact of the
COVID-19 pandemic on our retail stores.
The Company has fully reserved against its deferred tax assets
and, therefore, its net loss is not reflective of earnings assuming
a “normal” tax position. In addition, we have added back charges
for asset impairment charges and CEO transition costs, if
applicable, because it provides comparability of results without
these charges. Adjusted net income (loss) provides investors with a
useful indication of the financial performance of the business, on
a comparative basis, assuming a normalized effective tax rate of
26%.
Free cash flow is a metric that management uses to monitor
liquidity. Management believes this metric is important to
investors because it demonstrates the Company’s ability to
strengthen liquidity while supporting its capital projects and new
store growth. Free cash flow is calculated as cash flow from
operating activities, less capital expenditures and excludes the
mandatory and discretionary repayment of debt.
About Destination XL Group, Inc.
Destination XL Group, Inc. is the leading retailer of Men’s Big
+ Tall apparel that delivers a Big + Tall shopping experience that
fits -- fits his body, fits his style, fits his life.
Subsidiaries of Destination XL Group, Inc. operate DXL Big + Tall
retail and outlet stores throughout the United States as well as
Toronto, Canada, Casual Male XL retail and outlet stores in the
United States, and an e-commerce website, DXL.com, which offers a
multi-channel solution similar to the DXL store experience with the
most extensive selection of online products available anywhere for
Big + Tall men. The Company is headquartered in Canton,
Massachusetts, and its common stock is listed on the OTCQX market
under the symbol "DXLG." For more information, please visit the
Company's investor relations website: https://investor.dxl.com.
Forward-Looking Statements Certain statements
and information contained in this press release constitute
forward-looking statements under the federal securities laws,
including statements regarding our updated guidance for fiscal
2021, including assumptions with respect to such guidance and
expected return to profitability, sales trends given the continuing
pandemic and whether demand for apparel will keep pace for fiscal
2021, our strategic initiatives for fiscal 2021, our efforts to
right-size our lease structure and store portfolio, expected
leverage from reduced operating costs, expected capital
expenditures for fiscal 2021, and expected increases in freight
costs and certain raw materials. The discussion of forward-looking
information requires management of the Company to make certain
estimates and assumptions regarding the Company's strategic
direction and the effect of such plans on the Company's financial
results. The Company's actual results and the implementation of its
plans and operations may differ materially from forward-looking
statements made by the Company. The Company encourages readers of
forward-looking information concerning the Company to refer to its
filings with the Securities and Exchange Commission, including
without limitation, its Annual Report on Form 10-K filed on March
19, 2021, its Quarterly Reports on Form 10-Q and other filings with
the Securities and Exchange Commission that set forth certain risks
and uncertainties that may have an impact on future results and
direction of the Company, including risks relating to the COVID-19
pandemic and its impact on the Company’s results of operations, the
Company’s execution of its digital and store strategy and ability
to grow its market share, predict customer tastes and fashion
trends, forecast sales growth trends and compete successfully in
the United States men’s big and tall apparel market.
Forward-looking statements contained in this press release speak
only as of the date of this release. Subsequent events or
circumstances occurring after such date may render these statements
incomplete or out of date. The Company undertakes no obligation and
expressly disclaims any duty to update such statements.
|
DESTINATION XL GROUP, INC. |
|
CONSOLIDATED STATEMENTS OF OPERATIONS |
|
(In thousands, except per share data) |
|
(unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
For the three months ended |
|
| |
|
May 1, 2021 |
|
|
May 2, 2020 |
|
|
May 4, 2019 |
|
| Sales |
|
$ |
111,494 |
|
|
$ |
57,227 |
|
|
$ |
112,973 |
|
| Cost of goods sold including
occupancy |
|
|
60,661 |
|
|
|
44,013 |
|
|
|
63,560 |
|
| Gross profit |
|
|
50,833 |
|
|
|
13,214 |
|
|
|
49,413 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling, general and administrative |
|
|
37,118 |
|
|
|
32,112 |
|
|
|
44,611 |
|
|
Impairment of assets |
|
|
(652 |
) |
|
|
16,335 |
|
|
|
— |
|
|
CEO transition costs |
|
|
— |
|
|
|
— |
|
|
|
702 |
|
|
Depreciation and amortization |
|
|
4,500 |
|
|
|
5,732 |
|
|
|
6,338 |
|
| Total expenses |
|
|
40,966 |
|
|
|
54,179 |
|
|
|
51,651 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Operating income (loss) |
|
|
9,867 |
|
|
|
(40,965 |
) |
|
|
(2,238 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Interest expense, net |
|
|
(1,142 |
) |
|
|
(741 |
) |
|
|
(864 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Income (loss) before provision
(benefit) for income taxes |
|
|
8,725 |
|
|
|
(41,706 |
) |
|
|
(3,102 |
) |
| Provision (benefit) for income
taxes |
|
|
28 |
|
|
|
20 |
|
|
|
(21 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Net income (loss) |
|
$ |
8,697 |
|
|
$ |
(41,726 |
) |
|
$ |
(3,081 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Net income (loss) per share -
basic and diluted |
|
$ |
0.14 |
|
|
$ |
(0.82 |
) |
|
$ |
(0.06 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Weighted-average number of
common shares outstanding: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
62,153 |
|
|
|
50,758 |
|
|
|
49,602 |
|
|
Diluted |
|
|
63,000 |
|
|
|
50,758 |
|
|
|
49,602 |
|
|
DESTINATION XL GROUP, INC. |
|
|
CONDENSED CONSOLIDATED BALANCE SHEETS |
|
|
May 1, 2021, January 30, 2021 and May 2, 2020 |
|
|
(In thousands) |
|
|
(unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
May 1, |
|
|
January 30, |
|
May 2, |
|
| |
|
2021 |
|
|
2021 |
|
2020 |
|
| ASSETS |
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
| Cash and cash equivalents |
|
$ |
5,843 |
|
|
$ |
18,997 |
|
$ |
26,147 |
|
| Inventories |
|
|
88,390 |
|
|
|
85,028 |
|
|
108,325 |
|
| Other current assets |
|
|
11,052 |
|
|
|
10,105 |
|
|
6,901 |
|
| Property and equipment,
net |
|
|
52,591 |
|
|
|
56,552 |
|
|
69,645 |
|
| Operating lease right-of-use
assets |
|
|
130,061 |
|
|
|
134,321 |
|
|
165,528 |
|
| Intangible assets |
|
|
1,150 |
|
|
|
1,150 |
|
|
1,150 |
|
| Other assets |
|
|
598 |
|
|
|
602 |
|
|
609 |
|
|
Total assets |
|
$ |
289,685 |
|
|
$ |
306,755 |
|
$ |
378,305 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
| LIABILITIES AND STOCKHOLDERS'
EQUITY (DEFICIT) |
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
| Accounts payable |
|
$ |
31,639 |
|
|
$ |
27,091 |
|
$ |
31,861 |
|
| Accrued expenses and other
liabilities |
|
|
30,261 |
|
|
|
29,934 |
|
|
21,024 |
|
| Operating leases |
|
|
168,187 |
|
|
|
179,417 |
|
|
213,555 |
|
| Long-term debt |
|
|
16,743 |
|
|
|
14,869 |
|
|
14,827 |
|
| Borrowings under credit
facility |
|
|
33,371 |
|
|
|
59,521 |
|
|
79,532 |
|
| Stockholders' equity
(deficit) |
|
|
9,484 |
|
|
|
(4,077 |
) |
|
17,506 |
|
|
Total liabilities and stockholders' equity (deficit) |
|
$ |
289,685 |
|
|
$ |
306,755 |
|
$ |
378,305 |
|
|
CERTAIN COLUMNS IN THE FOLLOWING TABLES MAY NOT FOOT DUE TO
ROUNDINGGAAP TO NON-GAAP RECONCILIATION OF ADJUSTED NET
INCOME (LOSS) AND ADJUSTED NET INCOME (LOSS) PER
DILUTED SHARE (unaudited) |
| |
| |
|
For the three months ended |
|
| |
|
May 1, 2021 |
|
|
May 2, 2020 |
|
|
May 4, 2019 |
|
| |
|
$ |
|
|
Per dilutedshare |
|
|
$ |
|
|
Per dilutedshare |
|
|
$ |
|
|
Per dilutedshare |
|
|
(in thousands, except per share data) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net income (loss) (GAAP
basis) |
|
$ |
8,697 |
|
|
$ |
0.14 |
|
|
$ |
(41,726 |
) |
|
$ |
(0.82 |
) |
|
$ |
(3,081 |
) |
|
$ |
(0.06 |
) |
| Adjust: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Impairment of assets |
|
|
(652 |
) |
|
|
|
|
|
|
16,335 |
|
|
|
|
|
|
|
- |
|
|
|
|
|
| CEO transition costs |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
702 |
|
|
|
|
|
| Add back actual income tax
provision (benefit) |
|
|
28 |
|
|
|
|
|
|
|
20 |
|
|
|
|
|
|
|
(21 |
) |
|
|
|
|
| Add income tax (provision)
benefit, assuming a normal tax rate of 26% |
|
|
(2,099 |
) |
|
|
|
|
|
|
6,596 |
|
|
|
|
|
|
|
624 |
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Adjusted net income (loss)
(non-GAAP basis) |
|
$ |
5,974 |
|
|
$ |
0.09 |
|
|
$ |
(18,775 |
) |
|
$ |
(0.37 |
) |
|
$ |
(1,776 |
) |
|
$ |
(0.04 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Weighted average number of
common shares outstanding on a diluted basis |
|
|
|
|
|
|
63,000 |
|
|
|
|
|
|
|
50,758 |
|
|
|
|
|
|
|
49,602 |
|
| |
|
|
GAAP TO NON-GAAP RECONCILIATION OF ADJUSTED
EBITDA(unaudited) |
|
| |
|
| |
|
For the three months ended |
|
| |
|
May 1, 2021 |
|
|
May 2, 2020 |
|
|
May 4, 2019 |
|
|
(in millions) |
|
|
|
|
|
|
|
|
|
|
|
|
| Net income (loss) (GAAP
basis) |
|
$ |
8.7 |
|
|
$ |
(41.7 |
) |
|
$ |
(3.1 |
) |
| Add back: |
|
|
|
|
|
|
|
|
|
|
|
|
| Impairment of assets |
|
|
(0.7 |
) |
|
|
16.3 |
|
|
|
- |
|
| CEO transition costs |
|
|
- |
|
|
|
- |
|
|
|
0.7 |
|
| Provision (benefit) for income
taxes |
|
|
- |
|
|
|
- |
|
|
|
- |
|
| Interest expense |
|
|
1.1 |
|
|
|
0.7 |
|
|
|
0.9 |
|
| Depreciation and
amortization |
|
|
4.5 |
|
|
|
5.7 |
|
|
|
6.3 |
|
| Adjusted EBITDA (non-GAAP
basis) |
|
$ |
13.7 |
|
|
$ |
(18.9 |
) |
|
$ |
4.8 |
|
|
|
|
GAAP TO NON-GAAP RECONCILIATION OF FREE CASH
FLOW(unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
For the three months ended |
|
|
Projected |
|
| (in millions) |
|
May 1, 2021 |
|
|
May 2, 2020 |
|
|
May 4, 2019 |
|
|
Fiscal 2021 |
|
| Cash flow from operating
activities (GAAP basis) |
|
$ |
7.8 |
|
|
$ |
(16.8 |
) |
|
$ |
(16.5 |
) |
|
> $4.3 |
|
| Capital expenditures |
|
|
(0.8 |
) |
|
|
(1.6 |
) |
|
|
(3.7 |
) |
|
$ |
(4.3 |
) |
|
Free Cash Flow (non-GAAP basis) |
|
$ |
7.0 |
|
|
$ |
(18.4 |
) |
|
$ |
(20.2 |
) |
|
> $0.0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Investor
Contact:Investor.relations@dxlg.com603-933-0541 |
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