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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 October 31, 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 November 13, 2020, the registrant had 51,880,030 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)

 

 

 

October 31, 2020

 

 

February 1, 2020

 

 

 

(Fiscal 2020)

 

 

(Fiscal 2019)

 

 

 

 

 

 

 

 

 

 

ASSETS

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

21,417

 

 

$

4,338

 

Accounts receivable

 

 

5,222

 

 

 

6,219

 

Inventories

 

 

94,898

 

 

 

102,420

 

Prepaid expenses and other current assets

 

 

5,535

 

 

 

10,883

 

Total current assets

 

 

127,072

 

 

 

123,860

 

 

 

 

 

 

 

 

 

 

Non-current assets:

 

 

 

 

 

 

 

 

Property and equipment, net of accumulated depreciation and amortization

 

 

60,617

 

 

 

78,279

 

Operating lease right-of-use assets

 

 

147,540

 

 

 

186,413

 

Intangible assets

 

 

1,150

 

 

 

1,150

 

Other assets

 

 

540

 

 

 

1,215

 

Total assets

 

$

336,919

 

 

$

390,917

 

 

 

 

 

 

 

 

 

 

LIABILITIES AND STOCKHOLDERS' EQUITY

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

Accounts payable

 

$

28,580

 

 

$

31,763

 

Accrued expenses and other current liabilities

 

 

22,837

 

 

 

18,123

 

Operating leases, current

 

 

45,616

 

 

 

41,176

 

Borrowings under credit facility

 

 

68,019

 

 

 

39,301

 

Total current liabilities

 

 

165,052

 

 

 

130,363

 

 

 

 

 

 

 

 

 

 

Long-term liabilities:

 

 

 

 

 

 

 

 

Long-term debt

 

 

14,855

 

 

 

14,813

 

Operating leases, non-current

 

 

150,906

 

 

 

182,051

 

Other long-term liabilities

 

 

5,049

 

 

 

5,267

 

Total long-term liabilities

 

 

170,810

 

 

 

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, 64,323,455 and 63,297,598 shares issued at October 31, 2020 and February 1, 2020, respectively

 

 

643

 

 

 

633

 

Additional paid-in capital

 

 

314,316

 

 

 

312,933

 

Treasury stock at cost, 12,755,873 shares at October 31, 2020 and February 1, 2020

 

 

(92,658

)

 

 

(92,658

)

Accumulated deficit

 

 

(215,516

)

 

 

(156,054

)

Accumulated other comprehensive loss

 

 

(5,728

)

 

 

(6,431

)

Total stockholders' equity

 

 

1,057

 

 

 

58,423

 

Total liabilities and stockholders' equity

 

$

336,919

 

 

$

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 Nine Months Ended

 

 

 

October 31, 2020

 

 

November 2, 2019

 

 

October 31, 2020

 

 

November 2, 2019

 

 

 

(Fiscal 2020)

 

 

(Fiscal 2019)

 

 

(Fiscal 2020)

 

 

(Fiscal 2019)

 

 

 

 

 

Sales

 

$

85,171

 

 

$

106,581

 

 

$

218,840

 

 

$

342,799

 

Cost of goods sold including occupancy costs

 

 

54,099

 

 

 

62,776

 

 

 

153,057

 

 

 

195,012

 

Gross profit

 

 

31,072

 

 

 

43,805

 

 

 

65,783

 

 

 

147,787

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Selling, general and administrative

 

 

32,820

 

 

 

42,108

 

 

 

90,727

 

 

 

134,197

 

CEO transition costs

 

 

 

 

 

 

 

 

 

 

 

702

 

Impairment of assets

 

 

(1,135

)

 

 

 

 

 

15,200

 

 

 

 

Exit costs associated with London operations

 

 

 

 

 

1,737

 

 

 

 

 

 

1,737

 

Depreciation and amortization

 

 

5,302

 

 

 

6,329

 

 

 

16,374

 

 

 

18,877

 

Total expenses

 

 

36,987

 

 

 

50,174

 

 

 

122,301

 

 

 

155,513

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating loss

 

 

(5,915

)

 

 

(6,369

)

 

 

(56,518

)

 

 

(7,726

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense, net

 

 

(1,080

)

 

 

(870

)

 

 

(2,873

)

 

 

(2,585

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loss before provision (benefit) for income taxes

 

 

(6,995

)

 

 

(7,239

)

 

 

(59,391

)

 

 

(10,311

)

Provision (benefit) for income taxes

 

 

27

 

 

 

(49

)

 

 

71

 

 

 

(78

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net loss

 

$

(7,022

)

 

$

(7,190

)

 

$

(59,462

)

 

$

(10,233

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net loss per share - basic and diluted

 

$

(0.14

)

 

$

(0.14

)

 

$

(1.16

)

 

$

(0.21

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted-average number of common shares outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

51,545

 

 

 

50,089

 

 

 

51,127

 

 

 

49,853

 

Diluted

 

 

51,545

 

 

 

50,089

 

 

 

51,127

 

 

 

49,853

 

 

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 Nine Months Ended

 

 

 

 

October 31, 2020

 

 

November 2, 2019

 

 

October 31, 2020

 

 

November 2, 2019

 

 

 

 

(Fiscal 2020)

 

 

(Fiscal 2019)

 

 

(Fiscal 2020)

 

 

(Fiscal 2019)

 

 

Net loss

 

$

(7,022

)

 

$

(7,190

)

 

$

(59,462

)

 

$

(10,233

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other comprehensive income before taxes:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Recognition of accumulated foreign currency translation adjustment

 

 

 

 

 

792

 

 

 

 

 

 

792

 

 

Foreign currency translation

 

 

 

 

 

2

 

 

 

(39

)

 

 

(81

)

 

Pension plans

 

 

247

 

 

 

196

 

 

 

742

 

 

 

588

 

 

Other comprehensive income before taxes

 

 

247

 

 

 

990

 

 

 

703

 

 

 

1,299

 

 

Tax provision related to items of other comprehensive income

 

 

 

 

 

(70

)

 

 

 

 

 

(151

)

 

Other comprehensive income, net of tax

 

 

247

 

 

 

920

 

 

 

703

 

 

 

1,148

 

 

Comprehensive loss

 

$

(6,775

)

 

$

(6,270

)

 

$

(58,759

)

 

$

(9,085

)

 

 

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

 

Board of directors compensation

 

 

252

 

 

 

3

 

 

 

117

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

120

 

Stock compensation expense

 

 

 

 

 

 

 

 

 

 

326

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

326

 

Issuance of common stock, upon RSUs release

 

 

131

 

 

 

1

 

 

 

(1

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deferred stock vested

 

 

100

 

 

 

1