Destination XL Group 10-Q Filed: Financials and Incentive Plans

TL;DR

**DXLG 10-Q OUT: Credit facility & incentive plans detailed. FYE Feb 2025.**

AI Summary

Destination XL Group, Inc. filed its 10-Q for the period ending May 4, 2024. The company reported on its financial performance, including details on its credit facility and long-term incentive plans. Key dates mentioned include the fiscal year end of February 1, 2025, and reporting periods such as April 29, 2023, and May 4, 2024.

Why It Matters

This filing provides insight into Destination XL Group's financial health and operational details, which can influence investor decisions and market perception.

Risk Assessment

Risk Level: medium — The filing contains standard financial reporting for a public company, but specific details on credit facilities and incentive plans could indicate financial leverage or compensation strategies that carry inherent risks.

Key Numbers

• 2024-05-04 — Reporting Period End Date (Indicates the end of the fiscal quarter being reported.)
• 2024-05-30 — Filing Date (The date the 10-Q was officially submitted to the SEC.)
• 0201 — Fiscal Year End (Marks the end of the company's fiscal year, important for annual comparisons.)

Key Players & Entities

• DESTINATION XL GROUP, INC. (company) — Filer
• 0000813298 (company) — Central Index Key
• 20240504 (date) — Period of Report
• 20240530 (date) — Filed as of Date
• 0201 (date) — Fiscal Year End
• 001-34219 (company) — SEC File Number
• 7818289300 (dollar_amount) — Business Phone
• CASUAL MALE RETAIL GROUP INC (company) — Former Company Name
• 20020821 (date) — Date of Name Change
• DESIGNS INC (company) — Former Company Name

FAQ

Key Financial Figures

• $0.01 — nge on which registered Common Stock, $0.01 par value DXLG The Nasdaq Stock Mar

Filing Documents

• dxlg-20240504.htm (10-Q) — 1316KB
• dxlg-ex31_1.htm (EX-31.1) — 14KB
• dxlg-ex31_2.htm (EX-31.2) — 14KB
• dxlg-ex32_1.htm (EX-32.1) — 9KB
• dxlg-ex32_2.htm (EX-32.2) — 9KB
• 0000950170-24-066390.txt ( ) — 6915KB
• dxlg-20240504.xsd (EX-101.SCH) — 1395KB
• dxlg-20240504_htm.xml (XML) — 977KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements. DESTINATION XL GROUP, INC. CONSOLIDATED BALANCE SHEETS (In thousands, except share data) (Unaudited) May 4, 2024 February 3, 2024 (Fiscal 2024) (Fiscal 2023) ASSETS Current assets: Cash and cash equivalents $ 16,328 $ 27,590 Short-term investments 36,891 32,459 Accounts receivable 881 3,920 Inventories 91,238 80,968 Prepaid expenses and other current assets 9,557 8,308 Total current assets 154,895 153,245 Non-current assets: Property and equipment, net of accumulated depreciation and amortization 44,325 43,238 Operating lease right-of-use assets 155,591 138,118 Deferred income taxes, net of valuation allowance 20,181 21,533 Intangible assets 1,150 1,150 Other assets 485 457 Total assets $ 376,627 $ 357,741 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $ 28,483 $ 17,353 Accrued expenses and other current liabilities 23,827 35,302 Operating leases, current 34,644 37,221 Total current liabilities 86,954 89,876 Long-term liabilities: Operating leases, non-current 134,583 117,316 Other long-term liabilities 1,540 1,596 Total long-term liabilities 136,123 118,912 Commitments and contingencies Stockholders' equity: Preferred stock, $ 0.01 par value, 1,000,000 shares authorized, none issued — — Common stock, $ 0.01 par value, 125,000,000 shares authorized, 79,299,215 and 79,033,378 shares issued at May 4, 2024 and February 3, 2024, respectively 793 790 Additional paid-in capital 326,214 325,202 Treasury stock at cost, 21,094,463 shares at May 4, 2024 and 21,041,661 shares at February 3, 2024 ( 130,348 ) ( 130,137 ) Accumulated deficit ( 43,109 ) ( 46,902 ) Total stockholders' equity 153,550 148,953 Total liabilities and stockholders' equity $ 376,627 $ 357,741 The accompanying notes are an integral part of

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements (Unaudited) 1. Basis of Presentation In the opinion of management of Destination XL Group, Inc., a Delaware corporation (collectively with its subsidiaries, referred to as the "Company"), the accompanying unaudited Consolidated Financial Statements contain all adjustments necessary for a fair presentation of the interim financial statements. These financial statements do not include all disclosures associated with annual financial statements and, accordingly, should be read in conjunction with the notes to the Company's audited Consolidated Financial Statements for the fiscal year ended February 3, 2024 included in the Company's Annual Report on Form 10-K, which was filed with the Securities and Exchange Commission on March 21, 2024. The information set forth in these statements may be subject to normal year-end adjustments. The information reflects all adjustments that, in the opinion of management, are necessary to present fairly the Company's results of operations, financial position and cash flows for the periods indicated. The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. The Company's business historically has been seasonal in nature, and the results of the interim periods presented are not necessarily indicative of the results to be expected for the full year. The Company's fiscal year is a 52- or 53- week period ending on the Saturday closest to January 31. Fiscal 2024 is a 52-week period ending on February 1, 2025 and fiscal 2023 was a 53-week period ending on February 3, 2024. Segment Information The Company has two principal operating segments: its st

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View this 10-Q filing on SEC EDGAR