Destination XL (DXLG)

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Destination XL (DXLG) - 2022 Q2 - Earnings Call Transcript
2022-08-25 19:40
Destination XL Group, Inc. (NASDAQ:DXLG) Q2 2022 Earnings Conference Call August 25, 2022 9:00 AM ET Company Participants Shelly Mokas - VP, SEC and Financial Reporting Harvey Kanter - President and CEO Peter Stratton - CFO Conference Call Participants Michael Baker - D.A. Davidson Operator Good day, and thank you for standing by. Welcome to the Second Quarter 2022 Destination XL Group Earnings Call. [Operator Instructions] Please be advised that today's conference is being recorded. I would now like to han ...
Destination XL (DXLG) - 2023 Q2 - Quarterly Report
2022-08-24 16:00
UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 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 The Nasdaq Stock Market LLC 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 30, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE A ...
Destination XL (DXLG) - 2022 Q1 - Earnings Call Transcript
2022-05-26 15:57
Financial Data and Key Metrics Changes - Comparable sales for Q1 2022 increased by 19.5% compared to Q1 2021, driven by a 20.8% increase in stores and a 16.7% increase in the direct channel [38] - Gross margin rate improved to 50% from 45.6% in Q1 2021, with a 440-basis-point improvement attributed to merchandise margin and occupancy costs [43][44] - SG&A as a percentage of sales increased to 36.5% from 33.3% in the prior year, primarily due to increased advertising costs [49] Business Line Data and Key Metrics Changes - The tailored clothing business grew from 12% of Q1 revenue last year to 18% this year, driven by strong sales in suits and dress shirts [31] - The sportswear business showed strong results, with inventory challenges being addressed as the company returns to a fully assorted inventory position [32] Market Data and Key Metrics Changes - All regions showed positive comp sales compared to both 2021 and 2019, with the Southeast, especially Florida, performing exceptionally well [42] - Active customer counts reached the highest levels since tracking began, indicating strong new customer acquisition [18] Company Strategy and Development Direction - The company is focused on a growth mindset, increasing marketing investment to 6.2% of sales to drive new customer acquisition and retention [15] - DXL is transitioning away from discounting and promotions, with a significant reduction in promotional marketing tactics, leading to improved margins [23][25] Management's Comments on Operating Environment and Future Outlook - Management acknowledged ongoing challenges such as supply chain disruptions and labor shortages but expressed confidence in the company's ability to navigate these issues [36][61] - The company reaffirmed its sales guidance for fiscal 2022, expecting to trend toward the high end of the $510 million to $530 million range [59] Other Important Information - The company has seen improvements in inventory turnover rates, now greater than 2 times, and clearance levels have decreased to 6.9% of total inventory [54] - DXL has a cash balance of $7.5 million and remains debt-free, with no need to access its revolving credit facility [56] Q&A Session Summary Question: Strong new-to-file customer growth and Q2 trends - Management noted that new-to-file growth rates are strong but did not disclose specific percentages, indicating continued positive trends into Q2 [64][66] Question: Marketing strategies for upcoming events - The company will continue to focus on brand positioning and unique customer engagement strategies, with excitement around the upcoming loyalty program launch [70][71] Question: Expectations for DXL essentials revenue - Management indicated that the DXL essentials line could contribute around $10 million in retail sales annually, with potential for growth [76] Question: CapEx needs and future store openings - CapEx is expected to be in the $10 million to $12 million range this year, with plans to open upwards of 50 stores over the next few years [85]
Destination XL (DXLG) - 2023 Q1 - Quarterly Report
2022-05-25 16:00
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 April 30, 2022 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 organiz ...
Destination XL (DXLG) - 2021 Q4 - Earnings Call Transcript
2022-03-17 16:57
Destination XL Group, Inc. (NASDAQ:DXLG) Q4 2021 Earnings Conference Call March 17, 2022 9:00 AM ET Company Participants Shelly Mokas - Director of Financial Reporting, SEC Compliance Harvey Kanter - CEO and President Peter Stratton - CFO Conference Call Participants Michael Baker - D.A. Davidson Jeremy Hamblin - Craig-Hallum Capital Group Operator Good day, and thank you for standing by. Welcome to the Destination XL Group Fourth Quarter 2021 Earnings Conference Call. At this time all participants are in a ...
Destination XL (DXLG) - 2022 Q4 - Annual Report
2022-03-16 16:00
UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 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 January 29, 2022 (Fiscal 2021) OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM TO Commission File Number 01-34219 DESTINATION XL GROUP, INC. (Exact name of registrant as specified in its charter) Delaware 04-2623104 (State or oth ...
Destination XL (DXLG) - 2021 Q3 - Earnings Call Transcript
2021-11-19 16:54
Destination XL Group, Inc. (NASDAQ:DXLG) Q3 2021 Earnings Conference Call November 19, 2021 9:00 AM ET Company Participants Shelly Mokas - Director of Financial Reporting, SEC Compliance Harvey Kanter - Chief Executive Officer and President Peter Stratton - Chief Financial Officer Conference Call Participants Michael Baker - D.A. Davidson Jeremy Hamblin - Craig-Hallum Capital Group Operator Good day, and thank you for standing by. Welcome to the Destination XL Group Third Quarter 2021 Earnings Call. All pa ...
Destination XL (DXLG) - 2022 Q3 - Quarterly Report
2021-11-18 16:00
UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 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 The Nasdaq Stock Market LLC 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 30, 2021 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANG ...
Destination XL (DXLG) - 2021 Q2 - Earnings Call Transcript
2021-08-31 17:13
Financial Data and Key Metrics Changes - Total sales for Q2 2021 were $138.6 million, compared to $123.2 million in Q2 2019, representing a 21.6% increase over 2019 levels [15][44] - Adjusted EBITDA for Q2 2021 was $29.8 million, compared to $7.1 million in Q2 2019, indicating significant profitability improvement [15][56] - Net income for Q2 2021 was $24.5 million, compared to breakeven in Q2 2019 [15][56] - Gross margin rate was 51.7%, up from 44.3% in Q2 2019, driven by improved merchandise margins and reduced occupancy costs [49][50] Business Line Data and Key Metrics Changes - Comparable sales growth in stores was 13.1% and direct sales growth was 52.2% compared to Q2 2019 [14][44] - Direct sales accounted for 28.1% of total sales in Q2 2021, up from 21.1% in Q2 2019, indicating a shift towards online shopping [19][44] - The direct business showed consistent growth month-over-month, with direct comps of 48.8% in May, 53.4% in June, and 54.6% in July compared to 2019 [19] Market Data and Key Metrics Changes - New customers increased by 28.5% in Q2 2021 compared to the same period in 2019, indicating a strong market share gain [9][30] - The company noted that the Southeast, Midwest, and South Central regions performed exceptionally well, while the Pacific Northwest, Northeast, and Mid-Atlantic regions lagged behind [17][18] Company Strategy and Development Direction - The company is focused on a digital transformation strategy initiated in 2019, which has been crucial in responding to the COVID-19 pandemic [6][8] - The strategic goal is to reposition the DXL brand to be less promotional and more focused on customer experience and fit [27][29] - The company aims to enhance its marketing strategy by increasing inclusivity and personalization in its messaging [34][36] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism regarding future performance, despite ongoing challenges from the COVID-19 pandemic and supply chain issues [11][66] - The company raised its full-year sales and earnings guidance based on strong Q2 performance, expecting sales to range from $490 million to $505 million [62][63] - Management acknowledged the need to improve inventory levels to meet strong consumer demand [23][59] Other Important Information - The company has successfully reduced its total debt to $11 million, the lowest level in years, and ended the quarter with zero balance on its revolving credit facility [58] - The company is working to secure more inventory to meet demand, facing challenges from supply chain disruptions and increased freight costs [25][59] Q&A Session Summary Question: Composition of acceleration in comp trends - Management noted that the increase in same-store sales growth was primarily driven by increased traffic, with slight increases in conversion and average transaction levels [70] Question: Insights on new customer growth - New customer growth is primarily from individuals who have not shopped with DXL before, with significant market share opportunities identified [72] Question: Q3 performance expectations - Management indicated that Q3 performance has been consistent with July trends, with no signs of slowdown in customer engagement [75] Question: Geographic performance differences - Management expects regional performance to normalize over the second half of the year, with improvements anticipated in the Pacific Northwest and Northeast [79] Question: Impact of freight on gross margins - Freight costs are estimated to have a drag of 100 to 200 basis points on margins, but improvements in promotional strategies have more than offset this impact [81] Question: Lease negotiations and savings expectations - Management is optimistic about continuing to generate savings from lease negotiations, although it is becoming more challenging than in previous years [83]
Destination XL (DXLG) - 2022 Q2 - Quarterly Report
2021-08-30 16:00
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 31, 2021 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 (State or other jurisdiction of incorporation or organization) 555 T ...