Destination XL Group Inc. (OTCMKTS: DXLG) Lists on the Nasdaq and announced Q2 2021 Sales Growth of 81%

Destination XL Group Inc. (OTCMKTS: DXLG) announced that its shares will begin grading in the Nasdaq capital market on September 8, 2021, under ticker “DXLG.”

Destination XL to start Nasdaq trading
CEO Harvey Kanter, “We are very excited to be back trading on Nasdaq and to do so with no outstanding long-term debt. The Company’s shares had traded for over 30 years on Nasdaq, but last December we voluntarily transitioned to OTCQX as a result of the impact of the global pandemic on our operations. Our operating results for the first six months of fiscal 2021 and the improvement in our stock price have enabled us to relist with Nasdaq.”

Early this month, the company announced full repayment of the first-in, last-out (FILO) loan facility. In addition, the FILO lender agreed to reduce the prepayment premium amount that would have otherwise been due to the early repayment. As a result, the total amount paid was $18.6 million, including $17.5 million in principal, $1.1 million in accrued interest and prepayment premium, as well as other costs.

Q2 2021 revenue up 81%
In Q2 2021, the company reported 81.3% YoY growth in total sales to $138.6 million. Net income was $24.5 million or $0.36 per diluted share relative to a net loss of $10.7 million or $0.12 per diluted share a year ago. Destination XL had an adjusted EBITDA of $29.8 million, increasing from $4.3 million in Q2 2020.

Kanter said, “We are very pleased to report second quarter results that far surpassed our internal expectations. We believe that we are witnessing a material shift in how consumers are thinking about and engaging with DXL. As a result, we are raising our full year 2021 guidance to reflect the revised outlook we have for the future of DXL, but also caution our optimism given the ongoing surges of the Covid Delta variant and ongoing risk in the supply chain.”