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Destination XL Group Inc. (DXLG-3.74%) has submitted its 10-K filing for the fiscal year ended February 1, 2025.
The filing includes financial statements for the year, showing a decrease in sales to $467.0 million from $521.8 million in the previous year. The decrease is attributed to a reduction in consumer demand within the men's apparel sector.
Gross margin for the year was 46.5%, down from 48.4% in the prior year, primarily due to increased occupancy costs and a shift in product mix.
Selling, general, and administrative expenses increased to 42.5% of sales from 37.7% in the previous year, with the increase attributed to higher marketing and healthcare costs.
Net income for the year was $3.1 million, down from $27.9 million in the previous year. The decrease is attributed to lower sales and increased costs.
Cash flow from operating activities was $29.6 million, while cash used for capital expenditures was $27.7 million, resulting in free cash flow of $1.9 million.
The company repurchased approximately 4.9 million shares of its common stock during the year, at a total cost of $13.7 million.
Destination XL Group Inc. continues to focus on its long-term strategic growth initiatives, including new store openings and enhancements to its e-commerce platform, despite current market challenges.
The company identified a material weakness in its internal controls over financial reporting due to a lack of resources with SEC financial reporting experience.
The filing also details various financial agreements, including a credit facility with Citizens Bank, N.A., which provides for a $125.0 million secured, asset-based credit facility.
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. annual 10-K report dated March 20, 2025. To report an error, please email earnings@qz.com.