Destination XL Group, Inc. (NASDAQ: DXLG), the largest omni-channel
specialty retailer of big and tall men's clothing, today reported
operating results for the first quarter of fiscal 2019.
Highlights
- Total sales for the first quarter
of $113.0 million, down $0.3 million or 0.3% from $113.3 million in
the prior-year first quarter.
- Total comparable sales decreased
1.2% for the first quarter.
- Net loss for the quarter was $(3.1)
million as compared to prior-year quarter’s net loss of $(3.1)
million.
- Adjusted EBITDA for the first
quarter was $4.8 million compared to $5.3 million in the prior-year
quarter.
Management Comments
“It’s a privilege to be addressing our guests, employees, and
shareholders for the first time as the Company’s new President and
CEO,” said Harvey S. Kanter. “I’ve spent the past eight weeks
carefully listening and learning about how DXL delights our big and
tall guests and I’m absolutely thrilled with the opportunities
ahead. DXL has an incredible orientation around the guest
experience that we will build upon to exceed his expectations again
and again.”
Kanter continued, “Our business performance is off to a
difficult start as we struggled with disappointing sales in the
first quarter. We saw declines in traffic in both stores and
on the web which we primarily attributed to severe winter weather
in the first half of the quarter and the delayed arrival of warm
spring weather in the second half of the quarter. We have not
yet seen the sales build in our seasonal merchandise categories
that we typically see in the first quarter which we believe
indicates he just isn’t ready to shop yet. Nonetheless, our
assortments are in great shape and our associates are ready to
service our guests once the seasonal traffic starts to build.”
“In my short time at the Company, we have strategized to further
develop our mission, our vision, and our brands strategy. Our
number one initiative is to grow our customer file and we’ve begun
to lay a framework to achieve that goal. We must drive
greater retention, acquisition and ensure our marketing dollars are
delivering an acceptable return. At DXL, Big and Tall is all
we do. We are uniquely positioned in the marketplace as the
fit leader, with individual specifications for every garment and
across all sizes. We are further differentiated by our
associates who are keenly in tune with the needs of our Big and
Tall guests, consistently delivering exceptional high-level
service. Over the next few months, I expect to articulate our
plans more clearly on how we intend to grow our consumer base and
the Company, and speak to the key metrics we will be monitoring to
measure our progress,” Mr. Kanter concluded.
First Quarter Results
Sales
Total sales for the first quarter of fiscal 2019 decreased 0.3%
to $113.0 million from $113.3 million in the first quarter of
fiscal 2018. The decrease of $0.3 million in total sales was
primarily due to a comparable sales decrease of 1.2%, or $1.3
million and a decrease of $1.6 million from closed stores.
These decreases were partially offset by increases in wholesale
revenue of $2.4 million and other revenue of $0.1 million.
Gross Margin
For the first quarter of fiscal 2019, our gross margin rate,
inclusive of occupancy costs, was 43.7% as compared to a gross
margin rate of 44.7% for the first quarter of fiscal 2018. The 100
basis point decrease was due to a 150 basis point decrease in
merchandise margins partially offset by a 50 basis point decrease
in occupancy costs as a percent of sales. The 150 basis point
decrease in merchandise margin was due to higher promotional
activity partially offset by an improvement in shipping costs, as
compared to the prior year’s first quarter, of 40 basis points and
110 basis points due to the impact of our wholesale segment, which
by its nature has lower merchandise margins than our retail
business. The improvement in occupancy costs, as a percentage
of sales, was primarily due to a decrease of $0.7 million in total
occupancy costs, as compared to the prior year’s first quarter, due
to closed stores.
Selling, General & Administrative
As a percentage of sales, SG&A (selling, general and
administrative) expenses for the first quarter of fiscal 2019 were
39.5% as compared to 40.1% for the first quarter of fiscal 2018. On
a dollar basis, SG&A decreased by $0.8 million for the first
quarter of fiscal 2019. This decrease was primarily
attributable to $2.3 million in savings recognized as a result of
our corporate restructuring in May 2018. These savings were
partially offset by an increase of approximately $0.4 million
related to our wholesale business. In addition, as a result
of adopting ASC 842 in the first quarter of fiscal 2019, we are no
longer receiving a $0.4 million quarterly benefit from amortizing a
deferred gain related to the sale-leaseback of our corporate
office. The prior year’s first quarter also benefited from a
$0.6 million insurance gain that did not repeat in fiscal 2019.
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 operating costs, represented 22.6% of
sales in the first quarter of fiscal 2019 as compared to 22.9% of
sales in the first quarter of last year. Corporate Support
Costs, which include the distribution center and corporate overhead
costs, represented 16.9% of sales in the first quarter of fiscal
2019 compared to 17.2% of sales in the first quarter of last
year.
Net Loss
For the first quarter of fiscal 2019, we had a net loss of
$(3.1) million, or $(0.06) per diluted share, compared with a net
loss of $(3.1) million, or $(0.06) per diluted share, for the first
quarter of fiscal 2018.
On a non-GAAP basis, adjusting for the CEO transition costs of
$0.7 million in the first quarter of fiscal 2019 and corporate
restructuring and CEO transition costs of $0.2 million in the first
quarter of fiscal 2018, adjusted net loss per share, assuming a
normalized tax rate of 26%, was ($0.04) per diluted share, as
compared to adjusted net loss of ($0.04) per diluted share for the
first quarter of fiscal 2018.
Adjusted EBITDA
Adjusted earnings before interest, taxes, depreciation and
amortization and excluding CEO transition costs, corporate
restructuring and impairment of assets, if any, (Adjusted EBITDA),
a non-GAAP measure, for the first quarter of fiscal 2019 were $4.8
million, compared to $5.3 million for the first quarter of fiscal
2018.
Cash Flow
Cash flow from operations for the first three months of fiscal
2019 was $(16.5) million, compared to $(5.8) million for the first
three months of fiscal 2018. The decrease in cash flow from
operations was primarily due to the timing of working
capital. At May 4, 2019, accounts payable and accrued
expenses were substantially lower than the prior year due to the
acceleration and payment of inventory receipts and other
payables. In addition, an increase of $3.0 million in
incentive payments also contributed to the decrease in free cash
flow.
|
For the three months ended |
|
(in millions) |
May 4, 2019 |
|
|
May 5, 2018 |
|
Cash flow from operating activities (GAAP basis) |
$ |
(16.5 |
) |
|
$ |
(5.8 |
) |
Capital expenditures,
infrastructure projects |
|
(2.0 |
) |
|
|
(1.9 |
) |
Capital expenditures for DXL
stores |
|
(1.7 |
) |
|
|
(1.4 |
) |
Free Cash Flow (non-GAAP basis) |
$ |
(20.2 |
) |
|
$ |
(9.1 |
) |
|
|
|
|
|
|
|
|
Capital expenditures for the first three months of fiscal 2019
increased to $3.7 million as compared to $3.3 million for the first
three months of fiscal 2018. For the first three months of
fiscal 2019, we rebranded five Casual Male XL stores to DXL stores,
and closed one Casual Male XL store and two Rochester Clothing
stores.
Non-GAAP Measures
Adjusted EBITDA, adjusted net loss, adjusted net 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 May 4, 2019, the Company had cash and cash equivalents of
$6.8 million. Total debt, at May 4, 2019, was $79.0 million and
consisted of $64.3 million outstanding under the Company’s
revolving credit facility and $14.7 million outstanding under its
FILO facility, net of unamortized debt issuance costs. At May 4,
2019, the Company had $32.3 million of excess availability under
its credit facility.
Inventory was $112.3 million at May 4, 2019 as compared to
$106.8 million at February 2, 2019 and $106.2 million at May 5,
2018. The increase of $6.1 million in inventory compared with
last year’s first quarter was primarily due to a combination of
accelerated receipt of merchandise and lower than expected first
quarter sales. From the first quarter of fiscal 2017, we have
reduced our inventory levels by 7.5% as a result of our inventory
initiatives we implemented in fiscal 2015. Clearance
inventory at May 4, 2019 was approximately 10.6% as compared to
9.7% at May 5, 2018.
Retail Store Information
For the first three months of fiscal 2019, the Company rebranded
five Casual Male XL stores to DXL, and closed two Casual Male XL
stores and two Rochester Clothing stores. Total retail square
footage has remained relatively constant since the end of fiscal
2017:
|
Year End 2017 |
|
Year End 2018 |
|
At May 4, 2019 |
|
Year End 2019E |
|
|
# ofStores |
|
Sq Ft.(000’s) |
|
# ofStores |
|
Sq Ft.(000’s) |
|
# ofStores |
|
Sq Ft.(000’s) |
|
# ofStores |
|
Sq Ft.(000’s) |
|
DXL retail |
|
212 |
|
|
1,665 |
|
|
216 |
|
|
1,684 |
|
|
220 |
|
|
1,697 |
|
|
229 |
|
|
1,733 |
|
DXL outlets |
|
14 |
|
|
72 |
|
|
15 |
|
|
78 |
|
|
16 |
|
|
82 |
|
|
16 |
|
|
82 |
|
CMXL retail |
|
78 |
|
|
268 |
|
|
66 |
|
|
221 |
|
|
60 |
|
|
200 |
|
|
49 |
|
|
159 |
|
CMXL outlets |
|
33 |
|
|
103 |
|
|
30 |
|
|
91 |
|
|
29 |
|
|
88 |
|
|
29 |
|
|
88 |
|
Rochester Clothing |
|
5 |
|
|
51 |
|
|
5 |
|
|
51 |
|
|
3 |
|
|
36 |
|
|
- |
|
- |
|
Total |
|
342 |
|
|
2,159 |
|
|
332 |
|
|
2,125 |
|
|
328 |
|
|
2,103 |
|
|
323 |
|
|
2,062 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
E-Commerce Information
The Company distributes its licensed branded and private label
products directly to consumers through its stores, website and
third-party marketplaces. As the Company continues to invest in its
digital capabilities, management believes it is important to
monitor the total percentage of revenue that is facilitated by the
Company’s e-commerce systems, regardless of which channel
originates or fulfills the transaction. 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. For the first three months of
fiscal 2019, our direct sales increased to 21.6% of retail segment
sales as compared to 21.2% for the first three months of fiscal
2018. On a trailing 12 month-period ending May 4, 2019, our
direct sales were 21.7% of retail segment sales as compared to
21.1% for the trailing 12-month period ending May 5, 2018.
Impact of New Lease Accounting Standard
In the first quarter of fiscal 2019, we adopted the new lease
accounting standard, ASC 842 (Leases). As a result of the adoption,
we established our operating leases as right-of-use assets of
$214.1 million and established corresponding lease liabilities of
$254.5 million on our Consolidated Balance Sheet at February 3,
2019. The $40.3 million difference between the right-of-use
assets and lease liabilities was primarily attributable to the
elimination of certain existing lease-related assets and
liabilities as a net adjustment to the right-of-use assets.
In the first quarter of fiscal 2019, we recognized a net
increase to opening retained earnings of approximately $5.3 million
to recognize: (i) the remaining deferred gain of $10.3 million from
a sale-leaseback transaction (ii) the recognition of impairments,
upon adoption, of certain right-to-use assets of $(3.8) million and
(iii) the write-off of initial direct costs of $(1.2) million.
Financial Outlook
We expect to deliver comparable sales growth in our omni-channel
retail business and to generate free cash flow in fiscal 2019. As
previously announced, Mr. Kanter assumed the role of President and
Chief Executive Officer of the Company on April 1, 2019. Since
joining the Company, Mr. Kanter has been conducting a strategic
review to assess and address the current and go-forward execution
strategy for the business. We believe that (i) driving heightened
levels of repeat and retention, and further increasing our customer
base are critical components to building our customer file, (ii)
improving returns on investment in our marketing and digital
initiatives supporting file growth are critically important, (iii)
enhancing our in-store and online experience, and (iv) managing our
cost structure are essential to achieving a 10% EBITDA margin over
time. Additionally, as previously announced, the Company has
created a new wholesale segment, the impact of which on the
Company’s financial results needs to be fully assessed. Given the
CEO transition, the strategic review and the launch of a new
wholesale segment, the Company is not providing detailed earnings
or cash flow guidance until we have increased visibility in the
effectiveness of our initiatives. The Company will, however,
continue to provide forward-looking commentary on business
trends.
In fiscal 2019, we plan to open 2 new DXL retail stores, rebrand
12 Casual Male XL retail stores to DXL retail stores, and rebrand 1
Casual Male XL outlet to a DXL outlet store. We also plan to
close 5 Casual Male XL retail stores (two of which will be closed
in connection with the opening of the two DXL stores), 1 DXL store
and all 5 Rochester Clothing stores.
Conference Call
The Company will hold a conference call to review its financial
results today, Friday, May 24, 2019 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: 1192988. 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 loss, adjusted net 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 loss, net 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 helps
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
excluding restructuring charges, CEO transition costs and any asset
impairment charges) are useful to investors in evaluating its
performance. With the significant capital investment over the past
several years associated with the DXL stores and, therefore,
increased levels of depreciation and interest, management uses
adjusted EBITDA as key metrics to measure profitability and
economic productivity.
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
related to the restructuring charge, costs associated with the CEO
transition and asset impairment charges, if applicable, because it
provides comparability of results without these charges.
Adjusted net 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 largest retailer of men’s
clothing in sizes XL and up, with operations throughout the
United States as well as in London, England,
and Toronto, Canada. In addition to DXL Men’s Clothing retail
and outlet stores, subsidiaries of Destination XL Group,
Inc. also operates Rochester Clothing stores, Casual Male XL
retail and outlet stores, and an e-commerce site at www.dxl.com.
At DXL, Big + Tall is all we do: our fit is built from unique
specifications for each size and style. We don't just scale
up product from a regular fit like most other retailers. Our
associates uniquely understand the big and tall shopper. With more
than 2,000 private label and name brand styles to choose from, Big
+ Tall guests are provided with an unmatched blend of wardrobe
solutions not available at traditional retailers. The Company is
headquartered in Canton, Massachusetts. For more information,
please visit the Company's investor relations website:
http://investor.destinationxl.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 the Company’s expectations with
respect to store counts, free cash flow and comparable sales growth
for fiscal 2019; its objective of achieving a 10% EBITDA margin
over time; the impact of its corporate restructuring on future
profitability; and continued growth of its core business in fiscal
2019. 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,
including the corporate restructuring, 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 22, 2019, 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 Company’s
execution of its DXL 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 4, 2019 |
|
|
May 5, 2018 |
|
Sales |
$ |
112,973 |
|
|
$ |
113,331 |
|
Cost of goods sold including
occupancy |
|
63,560 |
|
|
|
62,643 |
|
Gross profit |
|
49,413 |
|
|
|
50,688 |
|
|
|
|
|
|
|
|
|
Expenses: |
|
|
|
|
|
|
|
Selling, general and administrative |
|
44,611 |
|
|
|
45,400 |
|
CEO transition costs |
|
702 |
|
|
|
130 |
|
Corporate restructuring |
|
— |
|
|
|
60 |
|
Depreciation and amortization |
|
6,338 |
|
|
|
7,324 |
|
Total expenses |
|
51,651 |
|
|
|
52,914 |
|
|
|
|
|
|
|
|
|
Operating loss |
|
(2,238 |
) |
|
|
(2,226 |
) |
|
|
|
|
|
|
|
|
Interest expense, net |
|
(864 |
) |
|
|
(886 |
) |
|
|
|
|
|
|
|
|
Loss before benefit for income
taxes |
|
(3,102 |
) |
|
|
(3,112 |
) |
Benefit for income taxes |
|
(21 |
) |
|
|
(2 |
) |
|
|
|
|
|
|
|
|
Net loss |
$ |
(3,081 |
) |
|
$ |
(3,110 |
) |
|
|
|
|
|
|
|
|
Net loss per share - basic and
diluted |
$ |
(0.06 |
) |
|
$ |
(0.06 |
) |
|
|
|
|
|
|
|
|
Weighted-average number of
common shares outstanding: |
|
|
|
|
|
|
|
Basic |
|
49,602 |
|
|
|
48,791 |
|
Diluted |
|
49,602 |
|
|
|
48,791 |
|
|
|
|
|
|
|
|
|
|
|
DESTINATION XL GROUP, INC. |
|
CONDENSED CONSOLIDATED BALANCE SHEETS |
|
May 4, 2019, February 2, 2019 and May 5, 2018 |
|
(In thousands) |
|
Unaudited |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
May 4, |
|
|
February 2, |
|
May 5, |
|
|
2019 |
|
|
2019 |
|
2018 |
|
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
$ |
6,783 |
|
|
$ |
4,868 |
|
$ |
6,994 |
|
Inventories |
|
112,346 |
|
|
|
106,837 |
|
|
106,219 |
|
Other current assets |
|
15,496 |
|
|
|
15,955 |
|
|
14,899 |
|
Property and equipment,
net |
|
89,477 |
|
|
|
92,525 |
|
|
106,478 |
|
Operating lease right-of-use
assets |
|
209,255 |
|
|
|
— |
|
|
— |
|
Intangible assets |
|
1,150 |
|
|
|
1,150 |
|
|
1,720 |
|
Other assets |
|
3,354 |
|
|
|
4,741 |
|
|
5,838 |
|
Total assets |
$ |
437,861 |
|
|
$ |
226,076 |
|
$ |
242,148 |
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS'
EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accounts payable |
$ |
23,409 |
|
|
$ |
34,418 |
|
$ |
28,699 |
|
Accrued expenses and other
liabilities |
|
24,951 |
|
|
|
66,095 |
|
|
63,999 |
|
Operating leases |
|
248,836 |
|
|
|
— |
|
|
— |
|
Long-term debt |
|
14,771 |
|
|
|
14,757 |
|
|
11,409 |
|
Borrowings under credit
facility |
|
64,265 |
|
|
|
41,908 |
|
|
58,877 |
|
Deferred gain on
sale-leaseback |
|
— |
|
|
|
10,258 |
|
|
11,357 |
|
Stockholders' equity |
|
61,629 |
|
|
|
58,640 |
|
|
67,807 |
|
Total liabilities and stockholders' equity |
$ |
437,861 |
|
|
$ |
226,076 |
|
$ |
242,148 |
|
|
|
|
|
|
|
|
|
|
|
|
CERTAIN COLUMNS IN THE FOLLOWING TABLES MAY NOT FOOT DUE TO
ROUNDING |
|
|
|
GAAP TO NON-GAAP RECONCILIATION OF ADJUSTED NET
LOSSAND ADJUSTED NET LOSS PER DILUTED
SHARE |
|
|
|
|
|
For the three months ended |
|
|
May 4, 2019 |
|
|
May 5, 2018 |
|
|
$ |
|
|
Per dilutedshare |
|
|
$ |
|
|
Per dilutedshare |
|
(in thousands, except per share data) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss (GAAP basis) |
$ |
(3,081 |
) |
|
$ |
(0.06 |
) |
|
$ |
(3,110 |
) |
|
$ |
(0.06 |
) |
Adjust: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CEO transition costs |
|
702 |
|
|
|
|
|
|
|
130 |
|
|
|
|
|
Corporate restructuring |
|
- |
|
|
|
|
|
|
|
60 |
|
|
|
|
|
Add back actual income tax
provision (benefit) |
|
(21 |
) |
|
|
|
|
|
|
(2 |
) |
|
|
|
|
Add income tax benefit,
assuming a normal tax rate of 26% |
|
624 |
|
|
|
|
|
|
|
794 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted net loss (non-GAAP
basis) |
$ |
(1,776 |
) |
|
$ |
(0.04 |
) |
|
$ |
(2,128 |
) |
|
$ |
(0.04 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average number of
common shares outstanding on a diluted basis |
|
|
|
|
|
49,602 |
|
|
|
|
|
|
|
48,791 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP TO
NON-GAAP RECONCILIATION OF ADJUSTED EBITDA |
|
|
|
|
|
For the three months ended |
|
|
May 4, 2019 |
|
|
May 5, 2018 |
|
(in millions) |
|
|
|
|
|
|
|
Net loss (GAAP basis) |
$ |
(3.1 |
) |
|
$ |
(3.1 |
) |
Add back: |
|
|
|
|
|
|
|
CEO transition costs |
|
0.7 |
|
|
|
0.1 |
|
Corporate restructuring |
|
- |
|
|
|
0.1 |
|
Provision for income taxes |
|
- |
|
|
|
- |
|
Interest expense |
|
0.9 |
|
|
|
0.9 |
|
Depreciation and amortization |
|
6.3 |
|
|
|
7.3 |
|
Adjusted EBITDA (non-GAAP basis) |
$ |
4.8 |
|
|
$ |
5.3 |
|
|
|
|
|
|
|
|
|
GAAP TO NON-GAAP RECONCILIATION OF FREE CASH
FLOW |
|
|
|
|
|
For the three months ended |
|
(in millions) |
May 4, 2019 |
|
|
May 5, 2018 |
|
Cash flow from operating activities (GAAP basis) |
$ |
(16.5 |
) |
|
$ |
(5.8 |
) |
Capital expenditures,
infrastructure projects |
|
(2.0 |
) |
|
|
(1.9 |
) |
Capital expenditures for DXL
stores |
|
(1.7 |
) |
|
|
(1.4 |
) |
Free Cash Flow (non-GAAP basis) |
$ |
(20.2 |
) |
|
$ |
(9.1 |
) |
|
|
|
|
|
|
|
|
Investor Contact:
ICR, Inc.
Tom Filandro
646-277-1235
Tom.Filandro@icrinc.com
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