DESTINATION XL GROUP, INC. Files 2024 10-K

TL;DR

<b>DESTINATION XL GROUP, INC. filed its annual 10-K report for the fiscal year ending February 3, 2024.</b>

AI Summary

DESTINATION XL GROUP, INC. (DXLG) filed a Annual Report (10-K) with the SEC on March 21, 2024. Filed 10-K for the fiscal year ended February 3, 2024. Company previously known as CASUAL MALE RETAIL GROUP INC. Incorporated in Delaware. Business address: 555 TURNPIKE STREET, CANTON, MA 02021. Fiscal year ends February 3rd.

Why It Matters

For investors and stakeholders tracking DESTINATION XL GROUP, INC., this filing contains several important signals. This filing provides a comprehensive overview of the company's financial performance and operational status for the past fiscal year. It includes details on financial statements, risk factors, and executive compensation, crucial for investors and stakeholders to assess the company's health and future prospects.

Risk Assessment

Risk Level: medium — DESTINATION XL GROUP, INC. shows moderate risk based on this filing. The company operates in the retail clothing store sector, which is subject to market fluctuations and changing consumer preferences, as indicated by its SIC code 5651.

Analyst Insight

Review the detailed financial statements and risk factors in the 10-K to understand DXLG's performance and potential challenges in the retail apparel market.

Key Numbers

• 2024-02-03 — Fiscal Year End (Conformed period of report)
• 2024-03-21 — Filing Date (Filed as of date)
• 89 — Document Count (Public document count)
• 5651 — SIC Code (Standard Industrial Classification)

Key Players & Entities

• DESTINATION XL GROUP, INC. (company) — Filer name
• CASUAL MALE RETAIL GROUP INC (company) — Former company name
• DE (jurisdiction) — State of incorporation
• 555 TURNPIKE STREET (address) — Business street address
• CANTON (location) — Business city
• MA (location) — Business state
• 02021 (postal_code) — Business zip code
• 7818289300 (phone_number) — Business phone

FAQ

Industry Context

DESTINATION XL GROUP, INC. operates within the family clothing stores retail sector.

Regulatory Implications

The filing is made under the Securities Exchange Act of 1934.

What Investors Should Do

1. Analyze the financial statements for revenue, net income, and other key performance indicators.
2. Review the risk factors section for potential challenges and mitigation strategies.
3. Examine executive compensation details for insights into management incentives.

Key Dates

• 2024-02-03: Fiscal Year End — End of the reporting period for the 10-K.
• 2024-03-21: Filing Date — Date the 10-K was officially filed with the SEC.

Year-Over-Year Comparison

This is the 10-K filing for the fiscal year ending February 3, 2024, following previous filings.

Key Financial Figures

• $0.01 — ch registered Common Stock, par value $0.01 per share DXLG The Nasdaq Stock Mar
• $23 billion — men's clothing market is approximately $23 billion and is highly fragmented. Big + Tall is
• $23 b — our addressable market is approximately $23 billion, yet based on our research our un

Filing Documents

• dxlg-20240203.htm (10-K) — 3158KB
• dxlg-ex10_2.htm (EX-10.2) — 205KB
• dxlg-ex10_11.htm (EX-10.11) — 122KB
• dxlg-ex10_18.htm (EX-10.18) — 156KB
• dxlg-ex21_1.htm (EX-21.1) — 19KB
• dxlg-ex23_1.htm (EX-23.1) — 3KB
• dxlg-ex31_1.htm (EX-31.1) — 12KB
• dxlg-ex31_2.htm (EX-31.2) — 12KB
• dxlg-ex32_1.htm (EX-32.1) — 10KB
• dxlg-ex32_2.htm (EX-32.2) — 10KB
• dxlg-ex97_1.htm (EX-97.1) — 87KB
• img36469364_0.jpg (GRAPHIC) — 21KB
• img233768835_0.jpg (GRAPHIC) — 252KB
• 0000950170-24-034763.txt (&nbsp;) — 14559KB
• dxlg-20240203.xsd (EX-101.SCH) — 1848KB
• dxlg-20240203_htm.xml (XML) — 2664KB

Business

Business 4 Item 1A.

Risk Factors

Risk Factors 13 Item 1B. Unresolved Staff Comments 19 Item 1C. Cybersecurity 20 Item 2.

Properties

Properties 22 Item 3.

Legal Proceedings

Legal Proceedings 23 Item 4. Mine Safety Disclosures 23 PART II Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 24 Item 6. Reserved 25 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 26 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 35 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 36 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 62 Item 9A.

Controls and Procedures

Controls and Procedures 62 Item 9B. Other Information 64 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 64 PART III Item 10. Directors, Executive Officers and Corporate Governance 65 Item 11.

Executive Compensation

Executive Compensation 65 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 65 Item 13. Certain Relationships and Related Transactions, and Director Independence 65 Item 14. Principal Accountant Fees and Services 65 PART IV Item 15. Exhibits and Financial Statement Schedules 65 Item 16. Form 10-K Summary 65

Signatures

Signatures 69 3 PART I. Certain statements contained in this Annual Report on Form 10-K (this "Annual Report") constitute "forward-looking statements," including forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. In some cases, forward-looking statements can be identified by the use of forward-looking terminology such as "may," "will," "estimate," "intend," "plan," "continue," "believe," "expect" or "anticipate" or the negatives thereof, variations thereon or similar terminology. The forward-looking statements contained in this Annual Report are generally located under the headings "Business" and "Management's Discussion and Analysis of Financial Condition and Results of Operations," but may be found in other locations as well, and include statements regarding our ability to grow market share, the size of the addressable big + tall market, the impact of our strategic growth initiatives, including our ability to build brand awareness, develop new stores and create and expand alliances and collaborations, our ability to grow our top line and maintain profitability, the expected change in gross margin rate in 2024, our expected capital expenditures in 2024, our expected marketing spend in 2024, expected store openings in 2024 and beyond, and our ability to meet our liquidity needs. These forward-looking statements generally relate to plans and objectives for future operations and are based upon management's reasonable estimates of future results or trends. The forward-looking statements in this Annual Report should not be regarded as a representation by us or any other person that the objectives or plans of the Company will be achieved. Numerous factors could cause our actual results to differ materially from such forward-looking statements, including, without limitation, risks relating to: our ability to successfully implement our business strategy and grow our market share, including through improving brand

B usiness

Item 1. B usiness Destination XL Group, Inc., together with its subsidiaries (the "Company"), is the leading specialty retailer of big & tall men's apparel with retail locations throughout the United States. We operate under the trade names of Destination XL , DXL , DXL Men's Apparel, DXL outlets, Casual Male XL and Casual Male XL outlets. At February 3, 2024, we operated 232 DXL retail stores, 15 DXL outlet stores, 17 Casual Male XL retail stores, 19 Casual Male XL outlet stores, and a digital business, including an e-commerce site at www.dxl.com, a mobile site m.destinationXL.com and mobile app. Unless the context indicates otherwise, all references to "we," "our," "ours," "us" and "the Company" refer to Destination XL Group, Inc. and our consolidated subsidiaries. We refer to our fiscal years ended February 3, 2024, January 28, 2023 and January 29, 2022 as "fiscal 2023," "fiscal 2022" and "fiscal 2021," respectively. OUR INDUSTRY We define the big & tall men's clothing market as starting at a waist size of 38" and greater, as well as tops sized 1XL and greater. With the assistance of Coresight Research, we believe that the U.S. big & tall men's clothing market is approximately $23 billion and is highly fragmented. Big + Tall is all we do. With our proprietary fit and extensive selection of exclusive brands, we believe that we can grow market share as an integrated commerce retailer able to target a broad market, attracting customers from various income, age and lifestyle segments, offering the underserved consumer the widest selection of sizes and styles. HISTORY Our Company was incorporated in the State of Delaware in 1976 under the name "Kara Enterprises, Inc." and subsequently operated under the name "Designs, Inc." Until fiscal 1995, we operated exclusively in Levi Strauss & Co. branded apparel mall and outlet stores. In May 2002, we acquired the Casual Male business from Casual Male Corp. at a bankruptcy court-ordered auction. At the time of the ac

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View this 10-K filing on SEC EDGAR