CANTON, Mass., May 13, 2024 (GLOBE NEWSWIRE) -- Destination XL Group, Inc. (NASDAQ:DXLG), the largest integrated commerce specialty retailer of Big + Tall men's clothing and shoes, announced today the launch of a multichannel marketing campaign, developed in collaboration with creative agency Barrett Hofherr and media agency Mediassociates. The campaign, which starts today in a three-market test, further brings to life DXL's "Wear What You WantSM" mission by highlighting DXL's commitment to providing clothe ...

CANTON, Mass., May 09, 2024 (GLOBE NEWSWIRE) -- Destination XL Group, Inc. (NASDAQ:DXLG), the leading integrated commerce retailer of Big + Tall men's clothing and shoes, announced today it will release its first quarter of fiscal 2024 financial results before the market opens on Thursday, May 30, 2024. President and Chief Executive Officer Harvey Kanter and Executive Vice President, Chief Financial Officer, and Treasurer Peter Stratton will host a conference call the same morning at 9:00 a.m. ET to discuss ...

CANTON, Mass., April 29, 2024 (GLOBE NEWSWIRE) -- Destination XL Group, Inc. (NASDAQ:DXLG), the country's leading retailer specializing in Big + Tall men's clothing and shoes, is excited to announce a strategic collaboration with Nordstrom, Inc., a leading fashion retailer, which will launch on their digital platform. This collaboration marks a significant step in extending DXL's "fit" expertise and diverse style selection to a new segment of the underserved Big + Tall consumer. The alliance coincides with ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 DESTINATION XL GROUP, INC. (Exact name of registrant as specified in its charter) Delaware 04-2623104 (State or other jurisdiction of incorporation or organization) (IRS Employer Identification No.) FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended February 3, 2024 (Fiscal 2023) OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXC ...

Destination XL Group, Inc. (NASDAQ:DXLG) Q4 2023 Earnings Conference Call March 21, 2024 9:00 AM ET Company Participants Shelly Mokas - Vice President of SEC and Finance Reporting Harvey Kanter - President and CEO Peter Stratton - CFO Conference Call Participants Raphi Savitz - RYS Advisors CJ Dipollino - Craig-Hallum Capital Group Operator Good day and welcome to the Fourth Quarter 2023 Destination XL Group Inc. Earnings Call. At this time, all participants are in a listen only mode. Later, we'll conduct ...

Exhibit 99.1 Destination XL Group, Inc. Reports Fiscal 2023 Fourth Quarter and Full-Year Financial Results Full-Year Sales of $521.8 million, Net Income of $27.9 million, $0.43 EPS, Adjusted EBITDA of $55.9 million CANTON, MA., March 21, 2024– Destination XL Group, Inc. (NASDAQ: DXLG), the largest integrated commerce specialty retailer of Big + Tall men's clothing and shoes, today reported financial results for the fourth quarter and fiscal year 2023. Fourth Quarter Highlights Fiscal 2023 Highlights • Total ...

Financial Data and Key Metrics Changes - Total sales for Q3 2023 decreased to $119.2 million from $129.7 million in Q3 2022, with a comparable sales decline of 6.7% [36] - Gross margin rate was 47.5%, down from 50% in the same quarter last year, reflecting a 250 basis point decrease due to reduced merchandise margin and increased occupancy costs [38][40] - Adjusted EBITDA for Q3 was $8.6 million, representing 7.3% of sales, with net income of $4 million or $0.06 per diluted share [73] Business Line Data and Key Metrics Changes - The direct business performed slightly better than stores, with a negative comp of 3.2% for the quarter, while stores had a negative comp of 8.1% [36] - The Big and Tall Essentials line on Amazon has struggled, leading to a significant scaling back of this product line in 2024 [13] Market Data and Key Metrics Changes - Store traffic declined by 5.9%, with dollars per transaction and conversion down approximately 2% [37] - Inventory levels decreased by 6.5% year-over-year and nearly 17% compared to 2019, with an improved inventory turnover rate from 1.3 times pre-pandemic to 2 times annually [49] Company Strategy and Development Direction - The company is focusing on store development, website re-platforming, brand awareness, and collaborations as major objectives for the next 12 months [20] - A new brand campaign is targeted for late spring 2024, with an initial conservative budget of 1% to 2% of sales [29] - The company aims to open 10 new DXL stores in 2024, with ongoing negotiations for nine different deals [31] Management's Comments on Operating Environment and Future Outlook - The management acknowledged a challenging macro environment affecting discretionary spending, with a shift towards essential spending [6] - Despite current challenges, the company believes it can change its growth trajectory by increasing brand awareness and customer engagement [26] - The management remains optimistic about the long-term potential of the DXL brand, despite short-term traffic struggles [62] Other Important Information - The company ended Q3 with no debt, $60 million in cash, and over $150 million in stockholder equity, providing flexibility for strategic investments [9][42] - The share repurchase program was amended to increase the maximum repurchase amount to $25 million, expiring on March 16, 2024 [43] Q&A Session Summary Question: Impact of long-term investment strategy on current plans - Management acknowledged the need to moderate investment due to economic uncertainties but emphasized the importance of maintaining planned investments to gain market share [66] Question: Demand for Big and Tall Essentials on Amazon - Management noted that while the BTE line has struggled, they are still assessing the potential for entry-level products and the impact of weight loss drugs on customer behavior [67][71] Question: Customer behavior and loyalty program usage - Management highlighted the importance of the loyalty program, noting that it is performing well with engaged customers and is seen as a currency rather than a discount [88][90] Question: Store opening plans and CapEx investment - Management confirmed plans for 10 new store openings in 2024, with a projected increase in CapEx to support these initiatives [92][95] Question: Clearance inventory levels - Management reported that clearance inventory stands at 9.7%, indicating a strategic approach to maintain value for customers [82]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 10-Q (Mark One) (Exact Name of Registrant as Specified in its Charter) Delaware 04-2623104 (State or other jurisdiction of incorporation or organization) 555 Turnpike Street Canton, MA 02021 (Address of principal executive offices) (Zip Code) (I.R.S. Employer Identification No.) Registrant's telephone number, including area code: (781) 828-9300 ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 ...

Financial Data and Key Metrics Changes - Net sales for Q2 2023 were $140 million, down from $144.6 million in Q2 2022, reflecting a decrease in dollars per transaction due to inflationary pressures [26][27] - Gross margin rate was 50.3%, down from 52.1% in the same quarter last year, attributed to a decline in merchandise margin and increased occupancy costs [28][29] - Adjusted EBITDA margin was 16.4% or $22.9 million for Q2, lower than last year's 17.9%, but still a mid-double-digit margin in the current sales environment [34] Business Line Data and Key Metrics Changes - Comp sales for stores decreased by 1.4% in Q2, with a slight improvement in performance as the quarter progressed [9][10] - Tailored clothing sales increased by 4% year-over-year, making up 16% of total sales penetration compared to 15% last year [12] - Private brands accounted for approximately 55% of sales, while national brands accounted for 45% [13] Market Data and Key Metrics Changes - Inventory balance decreased by 9.5% compared to last year and down 20.7% versus 2019, indicating improved inventory turnover [11] - Clearance inventory at the end of Q2 2023 was 9.3%, compared to 6.9% at the end of Q2 2022, still below the target of 10% [12] Company Strategy and Development Direction - The company aims to accelerate growth through three distinct pursuits, focusing on brand awareness, store development, and collaborations with other retail brands [8][65] - Plans to open three new stores in 2023, with expectations to grow to 10 stores in 2024 and 15 to 20 in 2025, addressing gaps in market coverage for big and tall consumers [65][66] - The company is investing in marketing to improve brand awareness, with expectations of increased advertising spend leading to low double-digit growth over the next few years [56][63] Management's Comments on Operating Environment and Future Outlook - Management acknowledged macroeconomic challenges impacting growth but remains optimistic about future growth opportunities [8][22] - The company is focused on improving customer engagement and retention through personalized marketing and enhanced customer experience [17][19] - Management believes that the total addressable market for big and tall men is $23 billion, indicating significant growth potential [61] Other Important Information - The company terminated its legacy pension plan, which is expected to strengthen its balance sheet and reduce P&L volatility [35][36] - Cash and short-term investments grew to $62.8 million compared to $22.2 million a year ago, with no outstanding debt [38][39] Q&A Session Summary Question: Future buyback plans - Management indicated that while they were aggressive with buybacks, the focus is currently on long-term growth plans rather than immediate buybacks [78][81] Question: Guidance on gross margin - Management expects gross margin to improve in the second half due to lapping loyalty programs and a shift towards private label products [82][84] Question: Success of the loyalty program - The loyalty program has shown better revenue penetration among engaged customers, but management is working to improve engagement among lower-tier customers [86][89] Question: Long-term impact of weight loss drugs - Management views weight loss drugs as a potential catalyst for business, as they may lead to increased clothing purchases for changing sizes [113][117] Question: Capital allocation and cash taxes - Management is focused on evaluating hurdle rates for investments and expects to pay very little in federal or state cash income tax in fiscal 2023 due to net operating loss carry-forwards [119]

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 July 29, 2023 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 organiza ...