Thank you, Nitza.
and all together, overcome These in time. thoughts pandemic. are this out during will or To you dealing and saying this ones must together, with hardships on behalf get health incredibly go times and living Let that unprecedented, the through to loved of and family, by me stick we challenging we we this, our hope are DXL all start are unchartered waters. to we other your prayers
is only be just remarks, today I than our with items. little earnings going will different to approached be our cover in how will brief of the call prepared we've one and X I format The calls past. fairly a be and the
to steps you to liquidity, want capital and XXXX. taken the to COVID-XX preserve to the to of I cover expenditures on impact in inform we've address and our DXL First, expenses of reduce fiscal
and to want the I momentum achievements pandemic. Second, quarter important out of COVID-XX developing touch accomplished talk spite of coming XXXX we've upon February fiscal in cover and in fourth the about
our contains we fourth and detail more Earlier on quarter. filed much release, this our fourth quarter which morning, year-end fiscal press
So COVID-XX. let's with start
be will to This pandemic My address to unprecedented be, to factually, under global continues comments will not a and know I have regards to I what limited experience. could in fluid scenarios we expectations situation. yet what be
elements as considering NACD CEOs and we business all closely from with real-time are interacting by watching learning fellow imagine in our well as We others and can the NRF, retail.
we company, business. which First and stores first we temporarily and On like employees, importantly, our in Tuesday, closed to and overly on corporate is it makes where implemented reopen this associates of for March to XX. planned protect is the communities and most guests, at we believe our we priority every this tentatively the do many optimistic. our our have likely Though sense. point, plan work-from-home a We
We the canceled for have business all future. immediate travel
are and We to using meetings exclusively business. in-person no have teleconferencing do our
our hygiene have distribution still where center in and office, limited driving stores and corporate cleaning our staff site. on we are We and
closed double-digit we our stores online. year. virus last a XX better on X time, too there is the declines moderately only the what this From off, and is and time, and revenue across significantly stores business is web our point, the to our likely no before At from for impact are top it be that to significantly is weeks leading multiple we open on impacted. and early stores. the to the the just significant of a the With of experienced performance is that question financial closed, remains website our the sales At going stores days, standpoint, than this up year for determine line for store's over forecast
early and situation our we to the February, executing hand, and will accelerated greatly X plan With at execute contingency in and efforts began the we this last plan. have have our continue intensified We weeks. of the in part
steps aggressive more experiencing the mitigate very we taken to have quickly in declines meaningfully began very of first March. and much We the acted week
Liquidity, want areas SG&A, are: cover capital to this inventory. four call and The expenditures I on specific
First, liquidity.
in One comp, of ultimately positive flow fiscal and the we had liquidity. better ended it shape position our than struggle year cash with free in of we the $X.X brighter Despite period spots we a ago. our a was financial delivered million had $XX.X the now million We fiscal is last us XXXX million. to credit delivered the end excess our facility starting current the the which under year, reduced year, manage our we -- And had outstanding unused environment. put of a stronger to $XX.X of position borrowings $XX sales $XX.X from capital million in at traffic, million
facility, of loan, $XXX filed is revolver million million comprised which and term $XX does not credit until March expire Our a XXXX.
challenges functions, and are success some across base payments extended supplier our of with outgoing working requesting potential we in terms terms on. early In through
discussions led transparently our proactively have with already bank. lead we finally, And and
often of fluidness and volatility dialogue. will our the active situation, very the we in are reconnecting Given and remain with them
long path a maintain erosion and modeled severe this sales mitigate conversations been capital will and scenario. in they or we we expect to believe within. operating fact great be the downside In the far reducing partners, scenario, impact the partnership. inventory a Which Because positive have how expenses, will know we believe we can is the represent we COVID-XX liquidity through the our purchases. so matter have of of very We don't we expenditures how be,
X. of Let me talk to the each
be any reopen First, we have reopen certainty. coverage operating to as there At normalize. we store reduced furloughed. the sales period will have this as not When expenses. assumed hours and been last cases, of ramp The store In X-month X- know until some staff stores, all the and in up we with cases, for a a will stores back stores, closed time, when point long we over except general our Tuesday. manager, do we the
Given we both this ramp, stores. back will coverage sufficient to returns and scaled until the open scaled hours, back with traffic operating
we and of Where significant and the paid we maintain can, a expect over year efforts eliminated we remainder until the business marketing have normalizes. almost expense reduction will
CAM to have in we are appeal We and discussion. already all our formalized for an and rent relief charges, in landlords
have our stores, a of the programs corporate in instituted the course, have reduction year. eliminated training in place We a and our freeze we for hiring in of office, balance
other in will variable savings due We in realize sales. store commissions expenses boxes, fees, and bags and to decline credit card
have travel We nonessential conference. entire all the year, for and eliminated sales national have we our canceled
no stone unturned. leaving are We
run that eliminating are critical to this absolutely not business. are all We expenses
Next, our capital expenses.
for We fiscal our rebranding store XXXX. of have suspended the program remainder
As you might recall, Male place we Casual to plan DXL in to format. XX stores the convert
capital all our not absolutely as in our expenditures suspended contract. corporate required stores and facility critical well, by have We or that are
liquidity. forward included capital very is an in our implementations be series and system spend, only can critical steps if taken preserve point We move effort deemed now we upgrades to the quickly we which CapEx of Again, infrastructure delayed a requirement. believe have have aggressive on and will virtually and eliminated a acted
inventory. finally, And
merchandise been fall tirelessly spring and cancel planning on and teams Our working have order. sourcing to global both allocation, address
for process the which too balance address million business to believe canceled Given months our the of quicker have we goods we $XX scenario and returns this as are be over we of area to of chosen This and expect will in have an the opportunity the is scenario formulated, we we moved of meaningful have great have and have plenty trying on-order aggressively. and to compared of is as being downside have through have. next we we inventoried, extremely And of the the path if to portion fall couple well. over opportunity a quickly than is chase today, judicious alternative, and downside
our concerned receive any and more we being year. bottom for But in is risk our the material to impact much to not to focused about inventory our With chain, product of on global totality regard much are overbought we the the supply on less seen ability receipts. have line
are and when concerns consumer, reality, again. apparel is buying primarily in interested about in the American be he Our going to
the now a quickly cover A year. DXL a XXXX. company will It to ways This significant that improving the feels sheet. a significant accomplishments, I about. is has were of balance transformation for were examples. transformation couple while good quick was while achieved there our and these win go, And
the transformation. to right through The since the joined I get the right First, to people the in In meaningful the the team. a drive months was priority organizational strategy. company, we've positions gone XX
is a in in marketing made we improving saying front progress very the around thesis has drive have line been and opportunities has and know problem, this have and driven file the team strategically our the making the driven to is The repeat customer digital purchase. You across marketing challenge consistent we growth top sales.
us past and leadership required did was the directors eliminated organizational X his skills in leaders. We X developing global X the quarter of nativity show the named growth. marketing changed recruited year, the foundation Dhoot's and it's to digital high-caliber expect the CEO we position give VPs, Ujjwal and and to the broader transformations, and to the to execute the impact with This a under Now transformation, strategy. regards accelerate fourth and leverage of our number of In X why in further and And we improvement. opportunity executives out managers. capabilities the
liquidation operating to actively which them in By can within They store the the we escalating the real of Closing are not the costs store they targeting costs, let Second, down fate. commanding the same DXL meaningfully the and stores. store. were to store's efficiency. closing profitable, And reduced finest get our we pricing, service lease down occupancy represented Rochester is to declining spacious, Rochester traffic that and the at a store stores expenses. proximity and know DXL these selection the with those live decision productivity inventory was most sealed the upside we and of markets all customers The stores, estate P&L. location. Rochester in and that impacted shut premium grounded unique overly located shut stores and were closings U.K. challenges X have their the the highest These and remaining exit retail close customers
The inventory our success position. is third
our and inventory For the reduced clearance. to year, $XXX.X million have from we $XXX.X our reduced
to a of percent XX.X%. from XX.X% the it As declined total,
sales. end And in change The inventory now the the third policy. tighter quarter, the our tightened of going a standard stock our aging cleaner inventory without aging have forward, keep process. of we aged and fresh we At jeopardizing further market will
$XXX,XXX a I'd is third quarter took we The like Male call result. recall, to a onetime write-off fourth might success, Casual in store you rebranding. As the as out the
stores XX flat to comp This Over stores, XX% slightly X remodeled and returned format. which XL year the the was first an result were past compared the rebranded a Casual Male win. years, DXL In the to of average operations, we these stores of Casual Male negative. sales or
As development level the relocation of $XXX,XXX while DXL a same new rebrand the not and the to cost is $XXX,XXX, approximately versus of return. of providing store
are and win Coast Most the been XXXX now greater chain includes to West new The that cash included customer this that is both in is operations. strong year receiving the us. that believed business DXL. East a for building bringing the of a first accelerate of for generating we product opportunity logistic a importantly, flow high greatest the This to operating capabilities big the market Another This wholesale. has be on debut launched positive supply channel for and ahead ratings. assortment -- developing is plan to full
on compensation want will call in to is Director meeting as This directors elements. in annual serve the we And than term. X I upcoming number reducing company's directors Board that today. elected at their near X have for from out our previously Board nominate our Lastly, no size the down communicated, board X of The to August. suspend and are more
had wins We identify director we These digitally add a will who more because centric fiscal hoping in expertise, and are comp. strategy that year new was positive learn and been are at mission, the full We this lot. not director. We vision a strategy. a digital have test, the time important this developed we and we are pursuing and a of traffic, but as adopted we testing a struggle delivered Despite XXXX moment, learned optimized to approach, a challenge. with a
helps from $XX.X $X.X with now of capital, unused stronger. excess reduced our outstanding cash ended flow to $XX.X Our financial year million position and million which ended delivered the million. free We borrowings liquidity. We of $XX.X million
our from to a last X.X%. quarters XX.X% increase growth up and sequential We last of of direct-to-consumer sales, X.X%, X X comp a year. fourth accelerated quarter, reaching of through a X-year delivered our compared our -- Now retail business, we points quarter XXX fourth stack penetration a improvement basis in
Given manage growth cash in the achievement our sales prudently, greater the to to year. a without year-over-year of XX% was of us promotional adjusted expenses growth positive million as and, helping resulting promotion, environment, delivered the our EBITDA margin and $X.X free mentioned, flow for meaningfully
quarter and adjusted the $X.XX to per share, since share last $X.XX was fourth per a in EPS loss fourth adjusted quarter year, net compares Our income XXXX. of which was strongest
-- clear quarter. was direct-to-consumer which a spot business, the focus Our clear for a in bright a is area
high the We in enhanced up by which dxl.com grew visitors more driven significantly website drove digits were performance features. of the and comps productive combination advertising single quarter, direct company strongest fourth total through a XX%. with spend the website, Our
stores. fourth to significantly finally, leveraged have change the the to from online the also our During shipping ability which center all the we improve demand And fill in shift standards our a enhance through we speed made store direct-to-consumer. from distribution we program in and quarter, capabilities, omnichannel
in growth to a year of with had division, great quarter we And finally, fourth more over XX% $X.X than our million. wholesale
length continue We from which replenishment. remain February, margin despite structure. a XXXX our quick comp significantly our our and to discipline, resulted segment. customer in sales the wholesale and momentum growth We the wholesale is XXXX year-over-year COVID-XX. greater product the wholesale large brands. We Amazon, with seasonal On Amazon was flat forward see has reviews $XX.X with final looking wholesale with going financial ended in impact fiscal meaningful meaningful not excited assortment million at private opportunity to Our voice-over. consolidated was our business growing or and with am in a buys to -- a In wholesale X.X-star our managed but early operations with shifted provide rating. strong about product in for EBITDA believe product from improvement in I has there adjusted talk views, better our
are strategy improving, initiatives. we certain to While built around a are underlying X marketing we the fundamentals of our committed in our and period, business remain
in marketing; and First, digital or data our insights; driving fourth, digital execution CRM third, and customer marketing; analytics operations. of second, relationship customer digital efficiency
this, we plan confident opportunity greater of At time, Beyond in remain the in of reference to wholesale. this I XXXX. that is terms all
like continued just our would say laser-focused thank are I we are understand for liquidity. hope And closing, you the management I team and In My to support. your you on is ahead. short of control very alone of the working future do the DXL. We the COVID-XX over hard -- know to very destiny our the impact not term, and yet months in
that are if by take As Thank day, a changing And executing important, it. all as day we questions, we we literally is there's against we and are acknowledging further evolve is few it know well. but will that plan. And then contingency you. now it any will call a plan. have and you know, we Yet
