DXL Q1 2021 Earnings Report
Key Takeaways
Destination XL Group, Inc. reported strong first-quarter results, with total sales reaching $111.5 million, a 94.8% increase from the previous year. Comparable sales increased by 3.7% compared to fiscal 2019. The company achieved a net income of $8.7 million, or $0.14 per diluted share, a significant improvement from the net loss in the previous year.
Total sales for the first quarter were $111.5 million, up 94.8% from $57.2 million in the first quarter of fiscal 2020.
Comparable sales increased 3.7% compared to the first quarter of fiscal 2019.
Net income for the first quarter was $8.7 million, or $0.14 per diluted share.
Free Cash Flow was $7.0 million as compared to $(18.4) million in the first quarter of 2020.
DXL
DXL
Forward Guidance
Based on the sales performance in the first quarter of fiscal 2021, the company is increasing its guidance for fiscal 2021, remaining cautious that the current sales trend may shift due to the increased spread of variants of the COVID-19 virus that may result in prolonged restrictions, store closures and reduced demand for apparel.
Positive Outlook
- Sales of approximately $415.0 million to $435.0 million (an increase from our original guidance of approximately $385.0 million to $402.0 million).
- Adjusted EBITDA of approximately $20.0 million to $30.0 million (an increase from our original guidance of approximately $11.0 million to $18.0 million).
- Positive free cash flow (unchanged).
Challenges Ahead
- Increased spread of variants of the COVID-19 virus that may result in prolonged restrictions
- Store closures
- Reduced demand for apparel.