Destination XL Group Files 10-Q with Financial Updates

TL;DR

**DXLG 10-Q filed: Updates on stock plans & treasury stock. Financials look steady.**

AI Summary

Destination XL Group, Inc. filed its 10-Q for the period ending November 2, 2024. The filing includes financial data related to treasury stock, restricted stock units under the 2016 Plan, and accumulated adjustments for defined benefit plans as of January 29, 2023. It also details fair value measurements for U.S. Treasury Securities as of November 2, 2024.

Why It Matters

This filing provides investors with updated financial details, including stock-based compensation and asset valuations, crucial for understanding the company's financial health and performance.

Risk Assessment

Risk Level: low — The filing is a routine quarterly report and does not indicate any immediate or significant new risks.

Key Numbers

• 2024-11-02 — Reporting Period End (Latest financial data available)
• 2023-01-29 — Defined Benefit Plan Adjustment Date (Historical financial data point)
• 2024-02-04 — 2016 Plan Vesting Date (Specific stock plan activity)

Key Players & Entities

• DESTINATION XL GROUP, INC. (company) — Filer
• 20241102 (date) — Reporting Period End Date
• 0000813298 (company) — Central Index Key
• 2016 Plan (plan) — Stock Plan Mentioned
• U.S. Treasury Securities (security) — Fair Value Measurement

FAQ

Key Financial Figures

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

Filing Documents

• dxlg-20241102.htm (10-Q) — 2068KB
• dxlg-ex31_1.htm (EX-31.1) — 15KB
• dxlg-ex31_2.htm (EX-31.2) — 15KB
• dxlg-ex32_1.htm (EX-32.1) — 10KB
• dxlg-ex32_2.htm (EX-32.2) — 10KB
• 0000950170-24-130111.txt ( ) — 8465KB
• dxlg-20241102.xsd (EX-101.SCH) — 1389KB
• dxlg-20241102_htm.xml (XML) — 1316KB

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) November 2, 2024 February 3, 2024 (Fiscal 2024) (Fiscal 2023) ASSETS Current assets: Cash and cash equivalents $ 7,108 $ 27,590 Short-term investments 35,851 32,459 Accounts receivable 840 3,920 Inventories 89,139 80,968 Prepaid expenses and other current assets 7,319 8,308 Total current assets 140,257 153,245 Non-current assets: Property and equipment, net of accumulated depreciation and amortization 51,988 43,238 Operating lease right-of-use assets 167,814 138,118 Deferred income taxes, net of valuation allowance 19,609 21,533 Intangible assets 1,150 1,150 Other assets 503 457 Total assets $ 381,321 $ 357,741 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $ 28,013 $ 17,353 Accrued expenses and other current liabilities 26,201 35,302 Operating leases, current 35,353 37,221 Total current liabilities 89,567 89,876 Long-term liabilities: Operating leases, non-current 145,771 117,316 Other long-term liabilities 527 1,596 Total long-term liabilities 146,298 118,912 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, 79,362,021 and 79,033,378 shares issued at November 2, 2024 and February 3, 2024, respectively 794 790 Additional paid-in capital 327,836 325,202 Treasury stock at cost, 24,681,934 shares at November 2, 2024 and 21,041,661 shares at February 3, 2024 ( 140,643 ) ( 130,137 ) Accumulated deficit ( 42,531 ) ( 46,902 ) Total stockholders' equity 145,456 148,953 Total liabilities and stockholders' equity $ 381,321 $ 357,741 The accompanying notes are an inte

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 operating segments: its stores and i

View Full Filing

View this 10-Q filing on SEC EDGAR