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Destination XL ends Q3 with $83.9 million total debt, $5.6 million cash
By Lisa Kerner
Charlotte, N.C., Nov. 20 – Destination XL Group, Inc. ended its third quarter with total debt of $83.9 million, said chief financial officer Peter Stratton, Jr., during the company’s earnings call on Friday.
The company had $62.8 million of excess availability under its credit facility.
Cash and cash equivalents were $5.6 million, according to the earnings news release.
Destination XL had third-quarter sales of $99.6 million, a 6.4% increase from the prior-year period. Gross margin was also up 45%.
The company had a net loss for the quarter of $5.5 million, or a loss of $0.11 per diluted share. This compares with a net loss of $6.3 million, or a loss of $0.13 per diluted share, for the third quarter of fiscal 2014.
“Our third-quarter financial results prove, once again, that our DXL transition strategy is working,” said president and chief executive officer David Levin. “Our DXL retail stores delivered a strong comp sales increase of +9.2%, on top of +12.8% from the third quarter last year.”
Looking ahead, the company said it has seen a slower-than-expected increase in fourth-quarter sales from its cold-weather assortments and has adjusted guidance for the remainder of fiscal 2015.
Total sales are now expected to be in the range of $438 million to $440 million. This is a change from the previous guidance of $438 million to $443 million.
Also, the company now expects borrowings to be in the range of $72 million to $76 million, consisting of $45.3 million to $49.3 million under the credit facility, a term loan of roughly $13.8 million, and equipment financing notes of about $12.9 million.
Based in Canton, Mass., Destination XL is a specialty retailer of big and tall men’s apparel.
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