Destination XL Group, Inc. (NASDAQ: DXLG), the leading
integrated-commerce specialty retailer of Big + Tall men’s clothing
and shoes, today reported operating results for the first quarter
of fiscal 2023, and provided an update on sales and earnings
guidance for the fiscal year.
First Quarter Financial
Highlights
- Total sales for the first quarter were $125.4 million, down
1.7% from $127.7 million in the first quarter of fiscal 2022.
Comparable sales for the first quarter of fiscal 2023 increased
0.6% as compared to the first quarter of fiscal 2022.
- Net income for the first quarter was $0.11 per diluted share,
as compared to net income of $0.20 per diluted share in the first
quarter of fiscal 2022. On a comparative basis, adjusted net income
(a non-GAAP measure), which assumes a normalized tax rate of 26%
and adjusts for any asset impairments (gains), was $0.14 per
diluted share for the first quarter of fiscal 2022, as compared to
$0.11 per diluted share for the first quarter of fiscal 2023.
- Adjusted EBITDA (a non-GAAP measure) for the first quarter was
$12.6 million, or 10.1% of sales, as compared to $17.3 million, or
13.5% of sales in the first quarter of fiscal 2022.
- Total cash and investments were $46.0 million at April 29,
2023, as compared to $7.5 million at April 30, 2022, with no
outstanding debt for either period. Availability under our credit
facility was $93.8 million at April 29, 2023, as compared to $85.0
million at April 30, 2022.
Management’s Comments
“We are pleased to report our 9th consecutive
quarter of positive comp sales growth. While this has been a more
challenging growth quarter affected by broader macro headwinds that
have impacted consumer spending, we remain focused on our vision to
provide Big + Tall men the freedom to choose their own style. Our
brand’s positioning campaign to the Big + Tall consumer is
“Wear What You Want SM”. This campaign is driven by DXL’s
competitively differentiated position in Fit, Assortment, and
Experience. We remain incredibly excited and enthusiastic about our
ability to be the haven for the Big + Tall customer whether he is
shopping online or in-store. After all, Big + Tall is all that we
do!” said Harvey Kanter, President, and Chief Executive
Officer.
“We believe the work that we have done over the
past two years to transform and reposition the DXL brand has
enabled us to mitigate some of the inherent risk in the broader
economy. We believe that our positive comp for the quarter is
outperforming the overall retail apparel market, which gives us
confidence that the DXL concept is still resonating in the minds of
Big + Tall consumers. On an operating level and from a
consumer-facing perspective, we plan to continue driving marketing
initiatives to engage the consumer more profoundly and in more
personalized and more relevant ways. Conversely, from a back-end
perspective, we continue to run our inventory lean as demonstrated
by the quarter end inventory, which was 11% below pre-pandemic
levels, and turnover, which was up over 25% from the first quarter
of 2019.
“Lastly, it cannot go without saying how well the
team has managed the business in the current environment. As noted,
our inventory is in a healthy position, and we expect to continue
to maintain our low promotional cadence. With cash on hand, no
outstanding debt and full availability under our credit facility,
we are continuing to pursue our strategic initiatives this year as
we look to further grow our business," Kanter concluded.
First Quarter Results
Sales
Total sales for the first quarter of fiscal 2023
were $125.4 million, as compared to $127.7 million in the first
quarter of fiscal 2022. Comparable sales for the first quarter were
up 0.6% with comparable sales from our stores up 1.5% and our
direct business down 1.6%. This increase in comparable sales was
offset by sales from closed stores and a decrease in non-comparable
sales.
Sales for the quarter started off strong with a
comparable sales increase of 9.1% in February. However, we saw a
comparable sales decline in March of (2.8)% and in April of (1.9)%.
The slowdown in sales was primarily driven by decreases in traffic,
both to our stores and web, but was partially offset by increased
dollars per transaction and conversion. Throughout the quarter, our
stores performed better than our direct business, but we continued
to see sales growth from online marketplaces and our mobile
app.
Gross Margin
For the first quarter of fiscal 2023, our gross
margin rate, inclusive of occupancy costs, was 48.6% as compared to
a gross margin rate of 50.0% for the first quarter of fiscal
2022.
Our gross margin rate decreased by 140-basis
points, with a decrease in merchandise margin of 110-basis points
and an increase of 30-basis points in occupancy costs primarily due
to the deleveraging of sales. The decrease in merchandise margin of
110-basis points was due to increased costs on certain
private-label merchandise, much of which we absorbed rather than
passing on to the customer through price increases. We also
experienced increased shipping costs related to direct-to-consumer
shipments and costs related to our loyalty program with more sales
tendered with loyalty certificates, as compared to the first
quarter of fiscal 2022. These cost increases were partially offset
by lower inbound freight costs. For the year, we expect gross
margin rates to be approximately 100-basis points lower than fiscal
2022.
Selling, General & Administrative
As a percentage of sales, SG&A (selling,
general and administrative) expenses for the first quarter of
fiscal 2023 were 38.5% as compared to 36.5% for the first quarter
of fiscal 2022.
On a dollar basis, SG&A expenses increased by
$1.7 million as compared to the first quarter of fiscal 2022. The
increase was primarily due to an increase in payroll-related costs
from new positions added in the past year to support our long-
range plan growth initiatives and merit increases implemented last
year. We also saw increases in benefit costs over the first quarter
of the prior year.
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
21.1% of sales in the first quarter of fiscal 2023 as compared to
20.2% of sales in the first quarter of fiscal 2022. Corporate
Support Costs, which include the distribution center and corporate
overhead costs, represented 17.4% of sales in the first quarter of
fiscal 2023 as compared to 16.3% of sales in the first quarter of
fiscal 2022. Marketing costs for the first quarter were 5.5% of
sales as compared to 5.3% of sales for the first quarter of fiscal
2022. For fiscal 2023, marketing costs are expected to be
approximately 5.7% of sales.
Interest Income (Expense), Net
Net interest income for the first quarter of
fiscal 2023 was $0.3 million, as compared to interest expense of
$0.1 million for the first quarter of fiscal 2022. For the first
quarter of fiscal 2023, interest income was earned from investments
in U.S. government-backed investments and money market accounts.
Interest costs for both periods were minimal because we had no
outstanding debt and no borrowings under our credit facility during
either period.
Income Taxes
As a result of the valuation allowance against our
deferred tax assets being substantially released during fiscal
2022, we have returned to a normal tax provision for fiscal 2023.
Accordingly, for the first quarter of fiscal 2023, the effective
tax rate was 26.6% as compared to 0.8% for the first quarter of
fiscal 2022. The effective tax rate for the first quarter of fiscal
2022 was reduced from the statutory rate due to the utilization of
fully reserved net operating loss carryforwards ("NOLs").
Net Income
For the first quarter of fiscal 2023, net income
was $7.0 million, or $0.11 per diluted share, as compared to net
income for the first quarter of fiscal 2022 of $13.4 million, or
$0.20 per diluted share.
On a non-GAAP basis, assuming a normalized tax
rate of 26% and adjusting for asset impairment (gain), if any,
adjusted net income for the first quarter of fiscal 2023 was $7.0
million, or $0.11 per diluted share, as compared to $9.7 million,
or $0.14 per diluted share, for the first quarter of fiscal 2022.
There was no asset impairment (gain) for the first quarter of
fiscal 2023 and a gain of $0.4 million for the first quarter of
fiscal 2022.
Adjusted EBITDA
Adjusted EBITDA, a non-GAAP measure, for the first
quarter of fiscal 2023 was $12.6 million, as compared to $17.3
million for the first quarter of fiscal 2022.
Cash Flow
Cash flow from operations for the first three
months of fiscal 2023 was $(4.2) million as compared to $(1.5)
million for the first three months of fiscal 2022. Free cash flow
was $(5.9) million for the first three months of fiscal 2023 as
compared to $(2.7) million for the first three months of fiscal
2022. The first quarter is historically a period of net cash use as
we build our seasonal inventories and pay out prior year
performance incentive accruals. The year-over-year decrease in free
cash flow was primarily due to our lower earnings.
|
|
|
|
|
|
|
|
|
|
For the three months ended |
(in millions) |
|
April 29, 2023 |
|
|
April 30, 2022 |
|
|
Cash flow from operating activities (GAAP basis) |
|
$ |
(4.2 |
) |
|
$ |
(1.5 |
) |
|
Capital expenditures |
|
|
(1.7 |
) |
|
|
(1.2 |
) |
|
Free Cash Flow (non-GAAP basis) |
|
$ |
(5.9 |
) |
|
$ |
(2.7 |
) |
|
|
|
|
|
|
|
|
|
Non-GAAP Measures
Adjusted net income, adjusted net income per
diluted share, adjusted EBITDA, adjusted EBITDA margin 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
As of April 29, 2023, we had cash and investments
of $46.0 million as compared to $7.5 million at April 30, 2022,
with no outstanding debt in either period. We did not have any
borrowings under our credit facility during the first quarter and,
at April 29, 2023, the availability under our credit facility was
$93.8 million, as compared to $85.0 million at April 30, 2022.
As of April 29, 2023, our inventory increased
approximately $3.4 million to $100.3 million, as compared to $96.9
million at April 30, 2022. While our inventory increased over last
year's first quarter, inventory turnover was up over 25% from the
first quarter of fiscal 2019, or pre-pandemic levels. Managing our
inventory remains a primary focus for us given the potential impact
that inflation may have on consumer spending. Based on the sales
trends we started to see in March 2023, we took proactive measures
and adjusted our receipt plan. At April 29, 2023, our clearance
inventory was 7.8% of our total inventory, as compared to 6.9% at
April 30, 2022 and below our historical benchmark of approximately
10.0%.
Stock Repurchase Program
In March 2023, our Board of Directors approved a
stock repurchase program. Under the stock repurchase program, we
may repurchase up to $15.0 million of our common stock through open
market and privately negotiated transactions. Shares of repurchased
common stock will be held as treasury stock.
There were no repurchases of stock during the
first quarter of fiscal 2023. We expect to begin executing the
stock repurchase program in the second quarter of fiscal 2023,
however the timing and the amount of any repurchases will be
determined based on the Company’s evaluation of market conditions
and other factors. The stock repurchase program will expire on
March 16, 2024 and may be suspended, terminated or modified at any
time for any reason.
Retail Store Information
The following is a summary of our retail square
footage since the end of fiscal 2020:
|
Year End 2020 |
|
Year End 2021 |
|
Year End 2022 |
|
At April 29, 2023 |
|
|
# of Stores |
|
Sq Ft. (000’s) |
|
# of Stores |
|
Sq Ft. (000’s) |
|
# of Stores |
|
Sq Ft. (000’s) |
|
# of Stores |
|
Sq Ft. (000’s) |
|
DXL retail |
|
226 |
|
|
1,718 |
|
|
220 |
|
|
1,678 |
|
|
218 |
|
|
1,663 |
|
|
218 |
|
|
1,663 |
|
DXL outlets |
|
17 |
|
|
82 |
|
|
16 |
|
|
80 |
|
|
16 |
|
|
80 |
|
|
16 |
|
|
80 |
|
CMXL retail |
|
46 |
|
|
152 |
|
|
35 |
|
|
115 |
|
|
28 |
|
|
92 |
|
|
28 |
|
|
92 |
|
CMXL outlets |
|
22 |
|
|
66 |
|
|
19 |
|
|
57 |
|
|
19 |
|
|
57 |
|
|
19 |
|
|
57 |
|
Total |
|
311 |
|
|
2,018 |
|
|
290 |
|
|
1,930 |
|
|
281 |
|
|
1,892 |
|
|
281 |
|
|
1,892 |
|
We have executed our first lease agreement this
year for a new store in the Los Angeles market. We are very close
on our second new store which will be in the New York market and we
expect to sign at least one more lease for a third whitespace store
that we expect to open by the end of 2023. We have also started to
convert four Casual Male stores to the DXL store format and we have
started to remodel one existing DXL store. By the end of fiscal
2023, we expect to open 3 new DXL stores and 10 Casual Male to DXL
conversion stores. We expect to have begun construction on at least
5 DXL remodels by the end of the year. Over the next three to five
years, we believe we could potentially open 50 new DXL stores
across the country. We expect our capital expenditures to range
from $19.0 million to $21.0 million in fiscal 2023.
Digital Commerce Information
We distribute our national brands and own brand
merchandise directly to consumers through our stores, website, app,
and third-party marketplaces. Digital 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 and an area of significant growth
opportunity for us. For the first quarter of fiscal 2023, our
direct sales were $38.1 million, or 30.4% of retail segment sales,
as compared to $39.0 million, or 30.6% of retail segment sales in
the first quarter of fiscal 2022.
Financial Outlook
Based on our results for the first quarter of
fiscal 2023 and considering the macro-economic challenges and
uncertainties regarding consumer spending seen throughout the
retail industry, we are currently trending toward the lower end of
our previously reported guidance for fiscal 2023 sales, net income
and adjusted EBITDA margin, based on a 53-week year.
Conference Call
The Company will hold a conference call to review
its financial results on Thursday, May 25, 2023, at 9:00 a.m.
ET.
To participate in the live webcast, please
pre-register at:
https://register.vevent.com/register/BIef8b31f994f445b488fe8c5f53dc89e8.
Upon registering, you will be emailed a dial-in number, and unique
PIN.
For listen-only, please join and register at:
https://edge.media-server.com/mmc/p/gouwiz9v. An archived version
of the webcast may be accessed by visiting the "Events" section of
the Company's investor relations 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 net income, adjusted net income per diluted
share, adjusted EBITDA, adjusted EBITDA margin, 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, net income 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.
Adjusted net income and adjusted net income per
diluted share is calculated by excluding any asset impairment
charge (gain), subtracting the actual income tax provision
(benefit) and applying an effective tax rate of 26%. The Company
believes that this comparability is useful is comparing the actual
results period to period. Adjusted net income per diluted share is
then calculated by dividing the adjusted net income by the weighted
average shares outstanding for the respective period, on a diluted
basis.
Adjusted EBITDA is calculated as earnings before
interest, taxes, depreciation and amortization and adjusted for
asset impairment charges. Adjusted EBITDA margin is calculated as
adjusted EBITDA divided by total sales. The Company believes that
providing adjusted EBITDA and adjusted EBITDA margin is useful to
investors to evaluate the Company’s performance and are key metrics
to measure profitability and economic productivity.
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 provides the Big + Tall man the
freedom to choose his own style. Subsidiaries of Destination XL
Group, Inc. operate DXL Big + Tall retail and outlet stores and
Casual Male XL retail and outlet stores throughout the United
States, and an e-commerce website, DXL.COM, and mobile app, which
offer 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 Nasdaq
Global 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 guidance for fiscal 2023,
including expected sales, net income, gross margin and adjusted
EBITDA margin; expected sales trends for fiscal 2023; the expected
impact of marketing initiatives and marketing costs for fiscal
2023; our performance as compared to the overall retail apparel
market; our ability to continue to attract new customers and gain
market share; expected capital expenditures in fiscal 2023; our
ability to manage inventory; the timing of any repurchases under
our stock repurchase program; and expected changes in our store
portfolio and plan for new or relocated stores. The discussion of
forward-looking information requires the 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 16, 2023, 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 failure of the U.S. federal government to avoid a
default and potential federal government shutdown, changes in
consumer spending in response to the economy, the impact of rising
inflation and the Russian invasion on Ukraine on the global
economy; potential labor shortages; and the Company’s ability to
execute on 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 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 |
|
|
April 29, 2023 |
|
|
April 30, 2022 |
|
|
|
|
Sales |
|
$ |
125,442 |
|
|
$ |
127,655 |
|
|
|
|
Cost of goods sold including occupancy |
|
|
64,526 |
|
|
|
63,788 |
|
|
|
|
Gross profit |
|
|
60,916 |
|
|
|
63,867 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Expenses: |
|
|
|
|
|
|
|
|
|
Selling, general and administrative |
|
|
48,281 |
|
|
|
46,597 |
|
|
|
|
Impairment (gain) of assets |
|
|
— |
|
|
|
(351 |
) |
|
|
|
Depreciation and amortization |
|
|
3,477 |
|
|
|
3,987 |
|
|
|
|
Total expenses |
|
|
51,758 |
|
|
|
50,233 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income |
|
|
9,158 |
|
|
|
13,634 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income (expense), net |
|
|
339 |
|
|
|
(143 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before provision for income taxes |
|
|
9,497 |
|
|
|
13,491 |
|
|
|
|
Provision for income taxes |
|
|
2,530 |
|
|
|
103 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
|
$ |
6,967 |
|
|
$ |
13,388 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income per share: |
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
0.11 |
|
|
$ |
0.21 |
|
|
|
|
Diluted |
|
$ |
0.11 |
|
|
$ |
0.20 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted-average number of common shares outstanding: |
|
|
|
|
|
|
|
|
|
Basic |
|
|
62,690 |
|
|
|
64,080 |
|
|
|
|
Diluted |
|
|
66,316 |
|
|
|
68,370 |
|
|
|
|
DESTINATION XL GROUP, INC. |
|
CONDENSED CONSOLIDATED BALANCE SHEETS |
|
April 29, 2023, January 28, 2023 and April 30, 2022 |
|
(In thousands) |
|
(unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
April 29, |
|
|
January 28, |
|
|
April 30, |
|
|
|
2023 |
|
|
2023 |
|
|
2022 |
|
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
29,933 |
|
|
$ |
52,074 |
|
|
$ |
7,540 |
|
Short-term investments |
|
|
16,064 |
|
|
|
— |
|
|
|
— |
|
Inventories |
|
|
100,258 |
|
|
|
93,004 |
|
|
|
96,868 |
|
Other current assets |
|
|
8,895 |
|
|
|
8,934 |
|
|
|
9,249 |
|
Property and equipment, net |
|
|
35,766 |
|
|
|
39,062 |
|
|
|
42,150 |
|
Operating lease right-of-use assets |
|
|
125,981 |
|
|
|
124,356 |
|
|
|
129,877 |
|
Intangible assets |
|
|
1,150 |
|
|
|
1,150 |
|
|
|
1,150 |
|
Deferred tax assets, net of valuation allowance |
|
|
29,072 |
|
|
|
31,455 |
|
|
|
— |
|
Other assets |
|
|
549 |
|
|
|
563 |
|
|
|
560 |
|
Total assets |
|
$ |
347,668 |
|
|
$ |
350,598 |
|
|
$ |
287,394 |
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accounts payable |
|
$ |
25,879 |
|
|
$ |
27,548 |
|
|
$ |
29,413 |
|
Accrued expenses and other liabilities |
|
|
32,201 |
|
|
|
41,581 |
|
|
|
34,476 |
|
Operating leases |
|
|
143,916 |
|
|
|
144,241 |
|
|
|
155,445 |
|
Stockholders' equity |
|
|
145,672 |
|
|
|
137,228 |
|
|
|
68,060 |
|
Total liabilities and stockholders' equity |
|
$ |
347,668 |
|
|
$ |
350,598 |
|
|
$ |
287,394 |
|
CERTAIN COLUMNS IN THE FOLLOWING TABLES MAY NOT FOOT DUE TO
ROUNDINGGAAP TO NON-GAAP RECONCILIATION OF ADJUSTED NET
INCOME AND ADJUSTED NET INCOME PER DILUTED
SHARE (unaudited) |
|
|
|
|
|
|
For the three months ended |
|
|
|
April 29, 2023 |
|
|
April 30, 2022 |
|
|
|
$ |
|
|
Per diluted share |
|
|
$ |
|
|
Per diluted share |
|
(in millions, except per share data) |
|
|
|
|
|
|
|
|
|
|
|
|
Net income (GAAP basis) |
|
$ |
7.0 |
|
|
$ |
0.11 |
|
|
$ |
13.4 |
|
|
$ |
0.20 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjust for impairment (gain) of assets |
|
|
— |
|
|
|
|
|
|
(0.4 |
) |
|
|
|
Add back actual income tax provision |
|
|
2.5 |
|
|
|
|
|
|
0.1 |
|
|
|
|
Add income tax provision, assuming a normal tax rate of 26% |
|
|
(2.5 |
) |
|
|
|
|
|
(3.4 |
) |
|
|
|
Adjusted net income (non-GAAP basis) |
|
$ |
7.0 |
|
|
$ |
0.11 |
|
|
|
9.7 |
|
|
$ |
0.14 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average number of common shares outstanding on a diluted
basis |
|
|
|
|
|
66.3 |
|
|
|
|
|
|
68.4 |
|
GAAP TO NON-GAAP RECONCILIATION OF ADJUSTED EBITDA
(unaudited) |
|
|
|
|
|
|
|
For the three months ended |
|
|
|
|
April 29, 2023 |
|
|
April 30, 2022 |
|
|
(in millions) |
|
|
|
|
|
|
|
Net income (GAAP basis) |
|
$ |
7.0 |
|
|
$ |
13.4 |
|
|
Add back: |
|
|
|
|
|
|
|
Impairment (gain) of assets |
|
|
— |
|
|
|
(0.4 |
) |
|
Provision for income taxes |
|
|
2.5 |
|
|
|
0.1 |
|
|
Interest (income) expense |
|
|
(0.3 |
) |
|
|
0.1 |
|
|
Depreciation and amortization |
|
|
3.5 |
|
|
|
4.0 |
|
|
Adjusted EBITDA (non-GAAP basis) |
|
$ |
12.6 |
|
|
$ |
17.3 |
|
|
|
|
|
|
|
|
|
|
Sales |
|
$ |
125.4 |
|
|
$ |
127.7 |
|
|
Adjusted EBITDA margin (non-GAAP), as a percentage of sales |
|
|
10.1 |
% |
|
|
13.5 |
% |
|
GAAP TO NON-GAAP RECONCILIATION OF FREE CASH FLOW
(unaudited) |
|
|
|
|
|
|
|
|
|
|
For the three months ended |
(in millions) |
|
April 29, 2023 |
|
|
April 30, 2022 |
|
|
Cash flow from operating activities (GAAP basis) |
|
$ |
(4.2 |
) |
|
$ |
(1.5 |
) |
|
Capital expenditures |
|
|
(1.7 |
) |
|
|
(1.2 |
) |
|
Free Cash Flow (non-GAAP basis) |
|
$ |
(5.9 |
) |
|
$ |
(2.7 |
) |
|
Destination XL (NASDAQ:DXLG)
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