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Destination XL Group Inc (DXLG) swung to a net loss for the quarter ended Apr. 29, 2017. The company has made a net loss of $6.06 million in the quarter, against a net profit of $0.21 million in the last year period. On an adjusted basis, net loss for the quarter was $3.62 million, when compared with net profit $0.16 million in the last year period.
Revenue during the quarter went down marginally by 0.24 percent to $107.63 million from $107.89 million in the previous year period. Gross margin for the quarter contracted 89 basis points over the previous year period to 45.24 percent. Operating margin for the quarter stood at negative 4.86 percent as compared to a positive 0.98 percent for the previous year period.
Operating loss for the quarter was $5.23 million, compared with an operating income of $1.06 million in the previous year period.
"We're pleased to report that our sales momentum has accelerated since the start of fiscal 2017,” said President and CEO David Levin. "We experienced a challenging sales environment in February and March, but we anticipated a strong April with the launch of our spring advertising campaign on April 2nd. Since the campaign launch, not only has our April performance exceeded our expectations with positive comp of 6.4%, the positive trend has continued in May." Levin said.
For fiscal year 2017, Destination XL Group expects revenue to be in the range of $470 million to $480 million. It forecasts net loss to be in the range of $5.70 million to $11.70 million, the company projects diluted loss per share to be in the range of $0.11 to $0.23. The company projects diluted loss per share to be in the range of $0.06 to $0.14 on adjusted basis.
Working capital increases sharply Destination XL Group has recorded an increase in the working capital over the last year. It stood at $43.20 million as at Apr. 29, 2017, up 56.77 percent or $15.64 million from $27.55 million on Apr. 30, 2016. Current ratio was at 1.42 as on Apr. 29, 2017, up from 1.23 on Apr. 30, 2016.
Days sales outstanding went down to 2 days for the quarter compared with 4 days for the same period last year.
Days inventory outstanding has decreased to 94 days for the quarter compared with 196 days for the previous year period.
Debt comes down marginally
Destination XL Group has recorded a decline in total debt over the last one year. It stood at $78.75 million as on Apr. 29, 2017, down 1.55 percent or $1.24 million from $79.99 million on Apr. 30, 2016. Total debt was 28.47 percent of total assets as on Apr. 29, 2017, compared with 29.01 percent on Apr. 30, 2016. Debt to equity ratio was at 0.96 as on Apr. 29, 2017, up from 0.90 as on Apr. 30, 2016. Disclaimer: Please note that this is an auto-generated article. IRIS does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. IRIS especially states that it has no financial liability whatsoever to any user on account of the use of information provided on its website. For queries contact: editor@irisindia.net
