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Destination XL Group, Inc. has submitted its 10-Q filing for the quarterly period ended November 2, 2024.
The filing includes financial statements for the quarter, showing a decrease in sales to $107.5 million from $119.2 million in the same quarter the previous year. The decrease is attributed to lower traffic in stores and reduced online conversion.
Gross margin for the quarter was 45.1%, down from 47.5% in the previous year, with the decline attributed to increased occupancy costs and markdowns on seasonal merchandise.
The company reported a net loss of $1.8 million for the quarter, compared to a net income of $4.0 million in the previous year. The loss is primarily due to decreased sales and increased marketing expenses.
Cash flow from operating activities was $12.5 million, while cash used in investing and financing activities was $22.5 million and $10.4 million, respectively.
Destination XL had cash and investments of $43.0 million as of November 2, 2024, with no outstanding debt and unused availability of $78.1 million under its credit facility.
The filing also details the company's marketing strategy, store development plans, and progress on its new eCommerce platform.
Destination XL does not anticipate significant changes to its liquidity needs and capital expenditure requirements for the next 12 months.
The company repurchased 3.6 million shares of its common stock during the quarter under its stock repurchase program.
Destination XL continues to focus on its long-term strategic growth initiatives, including expanding its store footprint and enhancing its digital presence.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Destination XL Group Inc. quarterly 10-Q report dated November 22, 2024. To report an error, please email earnings@qz.com.