|Over a month ago|
Destination XL files $25M mixed securities shelf 14:0206/0406/04/20
Destination XL optimistic about opening all stores by end of June, WWD says » 13:4306/0406/04/20
Destination XL Group is…
Destination XL Group is optimistic about having all of its 321 stores open by the end of June, Jean Palmieri of WWD reports following the retailer's Q1 results. In addition, a focus on wholesale with Amazon Essentials is expected to help the company recover, adds Palmieri. Shares of Destination XL are up 32% to 47c in midday trading. Reference Link
Destination XL reports Q1 adj. EPS (37c), one est. (26c) » 07:1606/0406/04/20
Reports Q1 revenue…
Reports Q1 revenue $57.2M, one est. $84.73M. "We moved early and decisively over the past quarter to preserve our financial flexibility and to position the Company to withstand the impact of the COVID-19 pandemic on the consumer," said Harvey Kanter, President and Chief Executive Officer. "We have been communicating consistently and transparently with our employees, suppliers, landlords and banks and believe this direct and active communication has meaningfully enhanced the level of partnership and trust to support the plans we have in place to manage through the pandemic. All of our stores closed on March 17, 2020 and we began re-opening gradually at the very end of April, on a store-by-store basis, as allowed by state and local authorities. In addition, where permitted, we operated approximately 30 stores to assist with picking, packing and shipping e-commerce orders. As of June 2, 2020, we now have approximately 201 stores open across the country and we expect all of our stores will reopen by the end of June. With respect to the stores that have opened thus far, some stores are performing better than others, but overall comparable sales initially were down an average of 70-80% to last year, but performance has improved week-to-week and today we are seeing comparable sales down approximately 40% to last year. We are also encouraged by our DXL.com business where year-to-date demand is trending up 30% over the prior year and up 70% to-date in the second quarter. Our Global Sourcing and Design team initially helped us pivot our distribution center's tailoring and alterations team to make masks. Our Global Sourcing teams' expertise has now been extended even further, leveraging our growing Wholesale channel to now source and sell masks to Fortune 100 companies with nearly 2.5 million masks sold to date in the second quarter and 250,000 masks for sale on DXL.com. The distribution center has not only supported mask making, but continues to operate throughout the pandemic, which has allowed us to service our customers uninterrupted through our growing digital e-Commerce channels. At the end of the first quarter of fiscal 2020, we had a cash balance of $26.1 million, total debt of $96.5 million and remaining availability under our credit facility of $16.8 million. While we cannot estimate with certainty the length or severity of this pandemic, given our assumptions we have a plan and we believe we have sufficient liquidity to navigate the working capital needs to get to the other side and into 2021."
|Over a quarter ago|
Destination XL price target lowered to $3 from $4 at Lake Street » 08:5503/2003/20/20
Lake Street analyst Chris…
Lake Street analyst Chris Krueger lowered the firm's price target on Destination XL to $3 from $4 and keeps a Buy rating on the shares. The coronavirus environment brings complete uncertainty to the company's outlook, Krueger tells investors in a research note.
Destination XL not providing guidance due to COVID-19 » 09:0203/1903/19/20
The company said,…
The company said, "Due to the rapidly changing environment with COVID-19, we are not providing specific sales, earnings, or cash flow guidance. We are evaluating potential business scenarios and are currently taking actions which include reducing operating expenses, reducing capital expenditures, and reducing inventory purchases while remaining focused on liquidity preservation. We expect to provide a more detailed outlook on our fiscal 2020 operating strategies after the impact on business from COVID-19 has stabilized."
Destination XL reports Q4 adj. EPS 5c, one est. 5c » 09:0103/1903/19/20
Reports Q4 revenue…
Reports Q4 revenue $131.2M, one est. $131.2M. Reports Q4 SSS up 1.1%. "At the top of everyone's mind right now is the situation driven by the COVID-19 global pandemic. 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. The online experience at DXL.com is still in operation and we are both receiving and fulfilling online orders while our stores are closed. We began executing our contingency plans around this event in the early part of February. We have greatly intensified and accelerated our efforts in the last 2 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. Given our actions to date and the plan we have, we believe we have sufficient excess availability under our credit facility to weather the impact of this global event," said Harvey S. Kanter, President and Chief Executive Officer. "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 for the year, reduced our clearance mix, reduced our total debt by $2.6 million for the year, and we finished the year with $48.5 million of unused excess availability under our credit facility, which put us in a critically important better liquidity position. This was a year of significant transformation for DXL and, looking back, this transformation was achieved while improving the balance sheet. We revamped our management team and exited an unprofitable line of business with the closure of our Rochester division. We completed our first, full-year with our new wholesale business that delivered $12.5 million in sales. We invested in new CRM and data analytics capabilities. We converted 14 Casual Male stores to the DXL format. This was all accomplished without taking on any more debt. DXL has made meaningful progress and while I remain energized by the potential for DXL's future, given the fluid and volatile situation, I am both hopeful, but also cautiously optimistic for 2020."
Destination XL reports injury of Distribution Center associate » 13:4302/2102/21/20
Destination XL Group…
Destination XL Group reported a non-life threatening injury of one of their Distribution Center associates at the Company's corporate headquarters. "Earlier this morning one of our associates was injured in our Distribution Center and transported to Beth Israel Hospital. Our associate was alert and sustained non-life threatening injuries," Peter Stratton, DXL's EVP, CFO and Treasurer, said. "We are currently focused on giving our support to our associate and his family. DXL will cooperate with OSHA and any investigation related to the accident. Associate safety is our top priority."
Destination XL sees Q4 adj. EPS 4c-6c, one est. (6c) » 07:2402/1802/18/20
Reports Q4 sales approx.…
Reports Q4 sales approx. $131.2M, one est. $129.84M. Total comparable sales increased approximately 1.1% for the fourth quarter which compares favorably to the 9-week holiday sales period ended January 4, 2020 of 0.4%. "We are pleased to report that the sales momentum we saw in the 9-week holiday sales period further accelerated in January. Our fourth quarter comparable sales increased approximately 1.1% compared to the 0.4% comparable sales increase we saw for the holiday season. We are continuing to make progress with sales growth, and we did so in the fourth quarter with a relatively comparable promotional cadence. We expect our fourth quarter financial results will be a positive reflection of that progress which we will review in detail on March 19th," said CEO Harvey Kanter. "For fiscal 2019, we expect to report positive free cash flow compared to our previous guidance for free cash flow to be approximately break-even. Positive free cash flow, which is reported after all capital expenditures, was used to reduce our year-end debt balance and improve the balance sheet. In addition, we expect to report a reduction in total inventory and clearance inventory compared to last year-end. We are confident that our existing credit facility provides us with sufficient access to working capital to execute our strategic plan. We have a $125 million revolving credit facility and a $15 million FILO term loan, both of which are not set to expire until May, 2023. We look forward to providing a comprehensive review of our strategic priorities and our fiscal 2019 financial results on our fourth quarter earnings call scheduled for March 19, 2020."
Destination XL sees FY omni-channel retail comparable sales flat » 07:2901/1301/13/20
Based on the holiday…
Based on the holiday sales results and expectations for the remainder of the fourth quarter, the Company expects comparable sales in our omni-channel retail business for the full year to be flat and free cash flow for the full year to be approximately break-even.
Destination XL reports nine-week holiday sales $103.1M vs. $102.7M last year » 07:0501/1301/13/20
Destination XL Group…
Destination XL Group announced that total sales for the 9-week holiday sales period ended January 4, 2020 increased 0.4% to $103.1 million as compared to $102.7 million for the 9-week holiday sales period ended January 5, 2019. Comparable sales in our omni-channel retail business for the same period increased 0.4%. Included in total sales are sales from our wholesale business of $3.4 million for the 9-week holiday sales period compared to $0.9 million for the same period last year. Sales in our direct business comprised 27.4% of retail sales for the holiday period compared to 24.8% of retail sales in the prior year holiday period. Based on the holiday sales results and expectations for the remainder of the fourth quarter, the Company expects comparable sales in our omni-channel retail business for the full year to be flat and free cash flow for the full year to be approximately break-even. Harvey Kanter, President and CEO, commented, "Although our comparable sales performance was not to the level we expected, we delivered a net positive comparable sales result for the holiday season. Management's efforts and investment drove greater inflection over our third quarter trends in the direct business and meaningful growth in wholesale. However, our store business struggled as we continued to observe a downtrend in store traffic that resulted in a low single-digit decrease in store comparable sales."