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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

 

FORM 10-Q

 

(Mark One)

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended August 1, 2020

OR

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Commission File Number: 01-34219

 

DESTINATION XL GROUP, INC.

(Exact Name of Registrant as Specified in its Charter)

 

 

Delaware

04-2623104

(State or other jurisdiction of

incorporation or organization)

(I.R.S. Employer
Identification No.)

555 Turnpike Street

Canton, MA

02021

(Address of principal executive offices)

(Zip Code)

Registrant’s telephone number, including area code: (781) 828-9300

 

Securities registered pursuant to Section 12(b) of the Act.

Title of each class

Trading symbol(s)

Name of each exchange on which registered

Common Stock, $0.01 par value

DXLG

NASDAQ Stock Market LLC

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.     Yes      No  

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes      No  

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer

 

  

Accelerated filer

 

 

 

 

 

Non-accelerated filer

 

  

  

Smaller reporting company

 

 

 

 

 

 

 

 

Emerging growth company

 

 

 

 

 

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes      No  

As of August 15, 2020, the registrant had 51,554,917 shares of common stock, $0.01 par value per share, outstanding.

 

 

 

 


PART I. FINANCIAL INFORMATION

Item 1. Financial Statements.

DESTINATION XL GROUP, INC.

CONSOLIDATED BALANCE SHEETS

(In thousands, except share data)

(Unaudited)

 

 

August 1, 2020

 

 

February 1, 2020

 

 

 

(Fiscal 2020)

 

 

(Fiscal 2019)

 

 

 

 

 

 

 

 

 

 

ASSETS

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

20,414

 

 

$

4,338

 

Accounts receivable

 

 

2,574

 

 

 

6,219

 

Inventories

 

 

87,388

 

 

 

102,420

 

Prepaid expenses and other current assets

 

 

9,908

 

 

 

10,883

 

Total current assets

 

 

120,284

 

 

 

123,860

 

 

 

 

 

 

 

 

 

 

Non-current assets:

 

 

 

 

 

 

 

 

Property and equipment, net of accumulated depreciation and amortization

 

 

65,258

 

 

 

78,279

 

Operating lease right-of-use assets

 

 

157,095

 

 

 

186,413

 

Intangible assets

 

 

1,150

 

 

 

1,150

 

Other assets

 

 

593

 

 

 

1,215

 

Total assets

 

$

344,380

 

 

$

390,917

 

 

 

 

 

 

 

 

 

 

LIABILITIES AND STOCKHOLDERS' EQUITY

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

Accounts payable

 

$

18,533

 

 

$

31,763

 

Accrued expenses and other current liabilities

 

 

20,899

 

 

 

18,123

 

Operating leases, current

 

 

45,626

 

 

 

41,176

 

Borrowings under credit facility

 

 

66,545

 

 

 

39,301

 

Total current liabilities

 

 

151,603

 

 

 

130,363

 

 

 

 

 

 

 

 

 

 

Long-term liabilities:

 

 

 

 

 

 

 

 

Long-term debt

 

 

14,841

 

 

 

14,813

 

Operating leases, non-current

 

 

165,310

 

 

 

182,051

 

Other long-term liabilities

 

 

5,241

 

 

 

5,267

 

Total long-term liabilities

 

 

185,392

 

 

 

202,131

 

 

 

 

 

 

 

 

 

 

Commitments and contingencies

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Stockholders' equity:

 

 

 

 

 

 

 

 

Preferred stock, $0.01 par value, 1,000,000 shares authorized, none issued

 

 

 

 

 

 

Common stock, $0.01 par value, 100,000,000 shares authorized, 63,840,794 and 63,297,598 shares issued at August 1, 2020 and February 1, 2020, respectively

 

 

638

 

 

 

633

 

Additional paid-in capital

 

 

313,874

 

 

 

312,933

 

Treasury stock at cost, 12,755,873 shares at August 1, 2020 and February 1, 2020

 

 

(92,658

)

 

 

(92,658

)

Accumulated deficit

 

 

(208,494

)

 

 

(156,054

)

Accumulated other comprehensive loss

 

 

(5,975

)

 

 

(6,431

)

Total stockholders' equity

 

 

7,385

 

 

 

58,423

 

Total liabilities and stockholders' equity

 

$

344,380

 

 

$

390,917

 

 

The accompanying notes are an integral part of the consolidated financial statements.

 

2


DESTINATION XL GROUP, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands, except per share data)

(Unaudited)

 

 

 

For the Three Months Ended

 

 

For the Six Months Ended

 

 

 

August 1, 2020

 

 

August 3, 2019

 

 

August 1, 2020

 

 

August 3, 2019

 

 

 

(Fiscal 2020)

 

 

(Fiscal 2019)

 

 

(Fiscal 2020)

 

 

(Fiscal 2019)

 

 

 

 

 

Sales

 

$

76,442

 

 

$

123,245

 

 

$

133,669

 

 

$

236,218

 

Cost of goods sold including occupancy costs

 

 

54,945

 

 

 

68,676

 

 

 

98,958

 

 

 

132,236

 

Gross profit

 

 

21,497

 

 

 

54,569

 

 

 

34,711

 

 

 

103,982

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Selling, general and administrative

 

 

25,795

 

 

 

47,478

 

 

 

57,907

 

 

 

92,089

 

CEO transition costs

 

 

 

 

 

 

 

 

 

 

 

702

 

Impairment of assets

 

 

 

 

 

 

 

 

16,335

 

 

 

 

Depreciation and amortization

 

 

5,340

 

 

 

6,210

 

 

 

11,072

 

 

 

12,548

 

Total expenses

 

 

31,135

 

 

 

53,688

 

 

 

85,314

 

 

 

105,339

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating income (loss)

 

 

(9,638

)

 

 

881

 

 

 

(50,603

)

 

 

(1,357

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense, net

 

 

(1,052

)

 

 

(851

)

 

 

(1,793

)

 

 

(1,715

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income (loss) before provision (benefit) for income taxes

 

 

(10,690

)

 

 

30

 

 

 

(52,396

)

 

 

(3,072

)

Provision (benefit) for income taxes

 

 

24

 

 

 

(8

)

 

 

44

 

 

 

(29

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss)

 

$

(10,714

)

 

$

38

 

 

$

(52,440

)

 

$

(3,043

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss) per share - basic and diluted

 

$

(0.21

)

 

$

0.00

 

 

$

(1.03

)

 

$

(0.06

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted-average number of common shares outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

51,078

 

 

 

49,867

 

 

 

50,918

 

 

 

49,734

 

Diluted

 

 

51,078

 

 

 

50,175

 

 

 

50,918

 

 

 

49,734

 

 

The accompanying notes are an integral part of the consolidated financial statements.

 

 

 

 

3


DESTINATION XL GROUP, INC.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

(In thousands)

(Unaudited)

 

 

 

For the Three Months Ended

 

 

For the Six Months Ended

 

 

 

 

August 1, 2020

 

 

August 3, 2019

 

 

August 1, 2020

 

 

August 3, 2019

 

 

 

 

(Fiscal 2020)

 

 

(Fiscal 2019)

 

 

(Fiscal 2020)

 

 

(Fiscal 2019)

 

 

Net income (loss)

 

$

(10,714

)

 

$

38

 

 

$

(52,440

)

 

$

(3,043

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other comprehensive income before taxes:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign currency translation

 

 

(5

)

 

 

(59

)

 

 

(39

)

 

 

(83

)

 

Pension plans

 

 

253

 

 

 

191

 

 

 

495

 

 

 

392

 

 

Other comprehensive income before taxes

 

 

248

 

 

 

132

 

 

 

456

 

 

 

309

 

 

Tax provision related to items of other comprehensive income

 

 

 

 

 

(30

)

 

 

 

 

 

(81

)

 

Other comprehensive income, net of tax

 

 

248

 

 

 

102

 

 

 

456

 

 

 

228

 

 

Comprehensive income (loss)

 

$

(10,466

)

 

$

140

 

 

$

(51,984

)

 

$

(2,815

)

 

 

The accompanying notes are an integral part of the consolidated financial statements.

 

 

 

4


 

.

DESTINATION XL GROUP, INC.

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY

(In thousands)

(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accumulated

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Additional

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other

 

 

 

 

 

 

 

Common Stock

 

 

Paid-in

 

 

Treasury Stock

 

 

Accumulated

 

 

Comprehensive

 

 

 

 

 

 

 

Shares

 

 

Amounts

 

 

Capital

 

 

Shares

 

 

Amounts

 

 

Deficit

 

 

Income (Loss)

 

 

Total

 

Balance at February 1, 2020

 

 

63,297

 

 

$

633

 

 

$

312,933

 

 

 

(12,755

)

 

$

(92,658

)

 

$

(156,054

)

 

$

(6,431

)

 

$

58,423

 

Board of directors compensation

 

 

93

 

 

 

1

 

 

 

148

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

149

 

Stock compensation expense

 

 

 

 

 

 

 

 

 

 

452

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

452

 

Issuance of common stock, upon RSUs release

 

 

437

 

 

 

4

 

 

 

(4

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deferred stock vested

 

 

6

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accumulated other comprehensive income (loss):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pension plan, net of taxes

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

242

 

 

 

242

 

Foreign currency, net of taxes

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(34

)

 

 

(34

)

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(41,726

)

 

 

 

 

 

 

(41,726

)

Balance at May 2, 2020

 

 

63,833

 

 

$

638

 

 

$

313,529

 

 

 

(12,755

)

 

$

(92,658

)

 

$

(197,780

)

 

$

(6,223

)

 

$

17,506

 

Stock compensation expense

 

 

 

 

 

 

 

 

 

 

345

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

345

 

Deferred stock vested

 

 

8

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accumulated other comprehensive income (loss):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pension plan, net of taxes

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

253

 

 

 

253

 

Foreign currency, net of taxes

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(5

)

 

 

(5

)

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(10,714

)

 

 

 

 

 

 

(10,714

)

Balance at August 1, 2020

 

 

63,841

 

 

$

638

 

 

$

313,874

 

 

 

(12,755

)

 

$

(92,658

)

 

$

(208,494

)

 

$

(5,975

)

 

$

7,385

 

 

 

 

The accompanying notes are an integral part of the consolidated financial statements.

 

5


DESTINATION XL GROUP, INC.

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY

(In thousands)

(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accumulated

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Additional

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other

 

 

 

 

 

 

 

Common Stock

 

 

Paid-in

 

 

Treasury Stock

 

 

Accumulated

 

 

Comprehensive

 

 

 

 

 

 

 

Shares

 

 

Amounts

 

 

Capital

 

 

Shares

 

 

Amounts

 

 

Deficit

 

 

Income (Loss)

 

 

Total

 

Balance at February 2, 2019

 

 

62,242

 

 

$

622

 

 

$

310,393

 

 

 

(12,755

)

 

$

(92,658

)

 

$

(153,534

)

 

$

(6,183

)

 

$

58,640

 

Board of directors compensation

 

 

36

 

 

 

 

 

 

142

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

142

 

Stock compensation expense