dxlg-10q_20181103.htm

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

 

FORM 10-Q

 

(Mark One)

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended November 3, 2018

OR

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

 

Commission File Number: 01-34219

 

DESTINATION XL GROUP, INC.

(Exact Name of Registrant as Specified in its Charter)

 

 

Delaware

04-2623104

(State or other jurisdiction of

incorporation or organization)

(I.R.S. Employer
Identification No.)

555 Turnpike Street

Canton, MA

02021

(Address of principal executive offices)

(Zip Code)

Registrant’s telephone number, including area code: (781) 828-9300

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.     Yes      No  

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes      No  

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer

 

  

Accelerated filer

 

 

 

 

 

Non-accelerated filer

 

  

  

Smaller reporting company

 

 

 

 

 

 

 

 

Emerging growth company

 

 

 

 

 

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes      No  

As of November 16, 2018, the registrant had 49,478,819 shares of common stock, $0.01 par value per share, outstanding.

 

 

 

 

 


PART I. FINANCIAL INFORMATION

Item 1. Financial Statements.

DESTINATION XL GROUP, INC.

CONSOLIDATED BALANCE SHEETS

(In thousands, except share data)

(Unaudited)

 

 

 

November 3, 2018

 

 

February 3, 2018

 

 

 

(Fiscal 2018)

 

 

(Fiscal 2017)

 

 

 

 

 

 

 

 

 

 

ASSETS

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

6,376

 

 

$

5,362

 

Accounts receivable

 

 

1,438

 

 

 

3,046

 

Inventories

 

 

116,371

 

 

 

103,332

 

Prepaid expenses and other current assets

 

 

11,275

 

 

 

9,927

 

Total current assets

 

 

135,460

 

 

 

121,667

 

 

 

 

 

 

 

 

 

 

Property and equipment, net of accumulated depreciation and amortization

 

 

98,286

 

 

 

111,032

 

 

 

 

 

 

 

 

 

 

Other assets:

 

 

 

 

 

 

 

 

Intangible assets

 

 

1,573

 

 

 

1,821

 

Other assets

 

 

5,716

 

 

 

5,885

 

Total assets

 

$

241,035

 

 

$

240,405

 

 

 

 

 

 

 

 

 

 

LIABILITIES AND STOCKHOLDERS' EQUITY

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

Current portion of long-term debt

 

$

-

 

 

$

1,392

 

Current portion of deferred gain on sale-leaseback

 

 

1,465

 

 

 

1,465

 

Accounts payable

 

 

29,717

 

 

 

33,987

 

Accrued expenses and other current liabilities

 

 

26,854

 

 

 

25,585

 

Borrowings under credit facility

 

 

57,290

 

 

 

47,385

 

Total current liabilities

 

 

115,326

 

 

 

109,814

 

 

 

 

 

 

 

 

 

 

Long-term liabilities:

 

 

 

 

 

 

 

 

Long-term debt, net of current portion

 

 

14,743

 

 

 

10,669

 

Deferred rent and lease incentives

 

 

32,938

 

 

 

35,718

 

Deferred gain on sale-leaseback, net of current portion

 

 

9,159

 

 

 

10,258

 

Other long-term liabilities

 

 

3,238

 

 

 

3,960

 

Total long-term liabilities

 

 

60,078

 

 

 

60,605

 

 

 

 

 

 

 

 

 

 

Commitments and contingencies

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Stockholders' equity:

 

 

 

 

 

 

 

 

Preferred stock, $0.01 par value, 1,000,000 shares  authorized, none issued

 

 

 

 

 

 

Common stock, $0.01 par value, 100,000,000 shares authorized,  62,209,305 and  61,485,882 shares issued at November 3, 2018 and February 3, 2018, respectively

 

 

622

 

 

 

615

 

Additional paid-in capital

 

 

309,338

 

 

 

307,557

 

Treasury stock at cost, 12,755,873 shares at November 3, 2018 and February 3, 2018

 

 

(92,658

)

 

 

(92,658

)

Accumulated deficit

 

 

(145,585

)

 

 

(139,285

)

Accumulated other comprehensive loss

 

 

(6,086

)

 

 

(6,243

)

Total stockholders' equity

 

 

65,631

 

 

 

69,986

 

Total liabilities and stockholders' equity

 

$

241,035

 

 

$

240,405

 

 

The accompanying notes are an integral part of the consolidated financial statements.

 

 

2


DESTINATION XL GROUP, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands, except per share data)

(Unaudited)

 

 

 

For the Three Months Ended

 

 

For the Nine Months Ended

 

 

 

November 3, 2018

 

 

October 28, 2017

 

 

November 3, 2018

 

 

October 28, 2017

 

 

 

(Fiscal 2018)

 

 

(Fiscal 2017)

 

 

(Fiscal 2018)

 

 

(Fiscal 2017)

 

 

 

 

 

Sales

 

$

107,069

 

 

$

103,700

 

 

$

342,606

 

 

$

332,454

 

Cost of goods sold including occupancy costs

 

 

60,009

 

 

 

58,887

 

 

 

188,333

 

 

 

183,136

 

Gross profit

 

 

47,060

 

 

 

44,813

 

 

 

154,273

 

 

 

149,318

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Selling, general and administrative

 

 

40,436

 

 

 

41,968

 

 

 

133,631

 

 

 

137,204

 

Corporate restructuring and CEO transition costs

 

 

692

 

 

 

 

 

 

2,452

 

 

 

 

Impairment of assets

 

 

 

 

 

 

 

 

 

 

 

1,718

 

Depreciation and amortization

 

 

7,161

 

 

 

7,680

 

 

 

21,867

 

 

 

23,337

 

Total expenses

 

 

48,289

 

 

 

49,648

 

 

 

157,950

 

 

 

162,259

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating loss

 

 

(1,229

)

 

 

(4,835

)

 

 

(3,677

)

 

 

(12,941

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense, net

 

 

(798

)

 

 

(871

)

 

 

(2,642

)

 

 

(2,497

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loss before provision (benefit) for income taxes

 

 

(2,027

)

 

 

(5,706

)

 

 

(6,319

)

 

 

(15,438

)

Provision (benefit) for income taxes

 

 

(22

)

 

 

-

 

 

 

(19

)

 

 

64

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net loss

 

$

(2,005

)

 

$

(5,706

)

 

$

(6,300

)

 

$

(15,502

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net loss per share - basic and diluted

 

$

(0.04

)

 

$

(0.12

)

 

$

(0.13

)

 

$

(0.32

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted-average number of common shares outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

49,352

 

 

 

48,607

 

 

 

49,068

 

 

 

48,966

 

Diluted

 

 

49,352

 

 

 

48,607

 

 

 

49,068

 

 

 

48,966

 

 

The accompanying notes are an integral part of the consolidated financial statements.

 

 

 

3


DESTINATION XL GROUP, INC.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

(In thousands)

(Unaudited)

 

 

 

For the Three Months Ended

 

 

For the Nine Months Ended

 

 

 

 

November 3, 2018

 

 

October 28, 2017

 

 

November 3, 2018

 

 

October 28, 2017

 

 

 

 

(Fiscal 2018)

 

 

(Fiscal 2017)

 

 

(Fiscal 2018)

 

 

(Fiscal 2017)

 

 

Net loss

 

$

(2,005

)

 

$

(5,706

)

 

$

(6,300

)

 

$

(15,502

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other comprehensive income before taxes:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign currency translation

 

 

(7

)

 

 

(52

)

 

 

(246

)

 

 

164

 

 

Pension plans

 

 

165

 

 

 

210

 

 

 

495

 

 

 

631

 

 

Other comprehensive income before taxes

 

 

158

 

 

 

158

 

 

 

249

 

 

 

795

 

 

Tax provision related to items of other comprehensive income

 

 

(45

)

 

 

 

 

 

(92

)

 

 

 

 

Other comprehensive income, net of tax

 

 

113

 

 

 

158

 

 

 

157

 

 

 

795

 

 

Comprehensive loss

 

$

(1,892

)

 

$

(5,548

)

 

$

(6,143

)

 

$

(14,707

)

 

 

The accompanying notes are an integral part of the consolidated financial statements.

 

 

 

4


DESTINATION XL GROUP, INC.

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY

(In thousands)

(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accumulated

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Additional

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other

 

 

 

 

 

 

 

Common Stock

 

 

Paid-in

 

 

Treasury Stock

 

 

Accumulated

 

 

Comprehensive

 

 

 

 

 

 

 

Shares

 

 

Amounts

 

 

Capital

 

 

Shares

 

 

Amounts

 

 

Deficit

 

 

Income (Loss)

 

 

Total

 

Balance at February 3, 2018

 

 

61,486

 

 

$

615

 

 

$

307,557

 

 

 

(12,755

)

 

$

(92,658

)

 

$

(139,285

)

 

$

(6,243

)

 

$

69,986

 

Board of Directors compensation

 

 

146

 

 

 

1

 

 

 

448

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

449

 

Stock compensation expense

 

 

 

 

 

 

 

 

 

 

1,094

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,094

 

Restricted stock units (RSUs) granted for achievement of performance-based compensation, reclassified from liability to equity (Note 4)

 

 

 

 

 

 

 

 

 

 

381

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

381

 

Issuance of common stock upon RSUs release

 

 

627

 

 

 

6

 

 

 

(6

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Shares withheld for taxes related to net share settlement of RSUs

 

 

(54

)

 

 

 

 

 

(136

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(136

)

Cancellation of restricted stock, net of issuances

 

 

(3

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deferred stock vested

 

 

7

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accumulated other comprehensive income (loss):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pension plan, net of taxes

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

367

 

 

 

367

 

Foreign currency, net of taxes

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(210

)

 

 

(210

)

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(6,300

)

 

 

 

 

 

 

(6,300

)

Balance at November 3, 2018

 

 

62,209

 

 

$

622

 

 

$

309,338

 

 

 

(12,755

)

 

$

(92,658

)

 

$

(145,585

)

 

$

(6,086

)

 

$

65,631

 

 

The accompanying notes are an integral part of the consolidated financial statements.

 

 

 

5


DESTINATION XL GROUP, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands)

(Unaudited)

 

 

 

For the Nine Months Ended

 

 

 

November 3, 2018

 

 

October 28, 2017

 

 

 

(Fiscal 2018)

 

 

(Fiscal 2017)

 

Cash flows from operating activities:

 

 

 

 

 

 

 

 

Net loss

 

$

(6,300

)

 

$

(15,502

)

Adjustments to reconcile net loss to net cash (used for) provided by operating activities:

 

 

 

 

 

 

 

 

Amortization of deferred gain on sale-leaseback

 

 

(1,099

)

 

 

(1,099

)

Amortization of deferred debt issuance costs

 

 

136

 

 

 

206

 

Write-off of deferred debt issuance costs

 

 

186

 

 

 

 

Depreciation and amortization

 

 

21,867

 

 

 

23,337

 

Impairment of assets

 

 

 

 

 

1,718

 

Stock compensation expense

 

 

1,094

 

 

 

1,306

 

Board of Directors stock compensation

 

 

449

 

 

 

421

 

 

 

 

 

 

 

 

 

 

Changes in operating assets and liabilities:

 

 

 

 

 

 

 

 

Accounts receivable

 

 

1,608

 

 

 

2,882

 

Inventories

 

 

(13,039

)

 

 

(2,432

)

Prepaid expenses and other current assets

 

 

(1,348

)

 

 

(2,930

)

Other assets

 

 

169

 

 

 

(151

)

Accounts payable

 

 

(4,270

)

 

 

1,492

 

Deferred rent and lease incentives

 

 

(2,780

)

 

 

654

 

Accrued expenses and other liabilities

 

 

2,054

 

 

 

(4,654

)

Net cash (used for) provided by operating activities

 

 

(1,273

)

 

 

5,248

 

 

 

 

 

 

 

 

 

 

Cash flows from investing activities:

 

 

 

 

 

 

 

 

Additions to property and equipment, net

 

 

(9,842

)

 

 

(18,429

)

Net cash used for investing activities

 

 

(9,842

)

 

 

(18,429

)

 

 

 

 

 

 

 

 

 

Cash flows from financing activities:

 

 

 

 

 

 

 

 

Repurchase of common stock

 

 

 

 

 

(4,681

)

Costs associated with new credit facility

 

 

(553

)

 

 

 

Proceeds from the issuance of long-term debt

 

 

15,000

 

 

 

 

Principal payments on long-term debt

 

 

(12,251

)

 

 

(5,930

)

Net borrowings under credit facility

 

 

10,069

 

 

 

24,011

 

Tax withholdings paid related to net share settlements of RSUs

 

 

(136

)

 

 

-

 

Net cash provided by financing activities

 

 

12,129

 

 

 

13,400

 

Net increase in cash and cash equivalents

 

 

1,014

 

 

 

219

 

Cash and cash equivalents:

 

 

 

 

 

 

 

 

Beginning of period

 

 

5,362

 

 

 

5,572

 

End of period

 

$

6,376

 

 

$

5,791

 

 

The accompanying notes are an integral part of the consolidated financial statements.

 

 

 

6


DESTINATION XL GROUP, INC.

Notes to Consolidated Financial Statements

 

 

1. Basis of Presentation

In the opinion of management of Destination XL Group, Inc., a Delaware corporation (formerly known as Casual Male Retail Group, Inc. and, collectively with its subsidiaries, referred to as the “Company”), the accompanying unaudited consolidated financial statements contain all adjustments necessary for a fair presentation of the interim financial statements. These financial statements do not include all disclosures associated with annual financial statements and, accordingly, should be read in conjunction with the notes to the Company’s audited consolidated financial statements for the fiscal year ended February 3, 2018 included in the Company’s Annual Report on Form 10-K, which was filed with the Securities and Exchange Commission on March 23, 2018.

The information set forth in these statements may be subject to normal year-end adjustments. The information reflects all adjustments that, in the opinion of management, are necessary to present fairly the Company’s results of operations, financial position and cash flows for the periods indicated. The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. The Company’s business historically has been seasonal in nature, and the results of the interim periods presented are not necessarily indicative of the results to be expected for the full year.

The Company’s fiscal year is a 52- or 53- week period ending on the Saturday closest to January 31. Fiscal 2018 is a 52-week period ending on February 2, 2019 and fiscal 2017 was a 53-week period ended on February 3, 2018.

Segment Information

The Company reports its operations as one reportable segment, Big & Tall Men’s Apparel, which consists of two principal operating segments: its retail business and its direct business. The Company considers its operating segments to be similar in terms of economic characteristics, production processes and operations, and has therefore aggregated them into a single reporting segment, consistent with its omni-channel business approach.

 

Reclassification

In the second quarter of fiscal 2017, the Company incurred an impairment charge of $1.7 million for the write-off of certain store assets. This amount was previously included in “Depreciation and Amortization” in the Consolidated Statements of Operations for the first nine months of fiscal 2017 but was reclassified to “Impairment of Assets” in the Consolidated Statement of Operations for the fiscal year ended February 3, 2018. The prior year comparison in the Consolidated Statements of Operations for the first nine months of fiscal 2018 reflect this reclassification.

 

For the first nine months of fiscal 2018, the Company has reclassified $190,228 in costs, incurred in the first quarter of fiscal 2018, to “Corporate Restructuring and CEO Transition Costs.” These costs were initially reported in “Selling, General and Administrative” expenses for the first quarter and first six months of fiscal 2018.

Intangibles

At November 3, 2018, the “Casual Male” trademark had a carrying value of $0.1 million and is considered a definite-lived asset. The Company is amortizing the remaining carrying value on an accelerated basis, consistent with projected cash flows through fiscal 2018, its estimated remaining useful life.

The Company’s “Rochester” trademark is considered an indefinite-lived intangible asset and has a carrying value of $1.5 million. During the nine months ended November 3, 2018, no event or circumstance occurred which would cause a reduction in the fair value of the Company’s reporting units, requiring interim testing of the Company’s “Rochester” trademark.

 

Fair Value of Financial Instruments

ASC Topic 825, Financial Instruments, requires disclosure of the fair value of certain financial instruments. ASC Topic 820, “Fair Value Measurements and Disclosures,” defines fair value, establishes a framework for measuring fair value and enhances disclosures about fair value measurements.

7


The valuation techniques utilized are based upon observable and unobservable inputs. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect internal market assumptions. These two types of inputs create the following fair value hierarchy:

Level 1 – Quoted prices in active markets for identical assets or liabilities.

Level 2 – Observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the related assets or liabilities.

Level 3 – Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of assets or liabilities.

The Company utilizes observable market inputs (quoted market prices) when measuring fair value whenever possible.

The fair value of long-term debt is classified within Level 2 of the valuation hierarchy. At November 3, 2018, the fair value approximated the carrying amount based upon terms available to the Company for borrowings with similar arrangements and remaining maturities.

The fair value of indefinite-lived assets, which consists of the Company’s “Rochester” trademark, is measured on a non-recurring basis in connection with the Company’s annual impairment test. The fair value of the trademark is determined using a projected discounted cash flow analysis based on unobservable inputs and is classified within Level 3 of the valuation hierarchy. See Intangibles above.

The carrying amounts of cash and cash equivalents, accounts receivable, accounts payable, accrued expenses and short-term borrowings approximate fair value because of the short maturity of these instruments.

 

Accumulated Other Comprehensive Income (Loss) - (“AOCI”)

Other comprehensive income (loss) includes amounts related to foreign currency and pension plans and is reported in the Consolidated Statements of Comprehensive Income (Loss). Other comprehensive income (loss) and reclassifications from AOCI for the three and nine months ended November 3, 2018 and October 28, 2017, respectively, were as follows:

 

 

 

November 3, 2018

 

 

October 28, 2017

 

For the three months ended:

 

(in thousands)

 

 

 

Pension

Plans

 

 

Foreign

Currency

 

 

Total

 

 

Pension

Plans

 

 

Foreign

Currency

 

 

Total

 

Balance at beginning of the quarter

 

$

(5,595

)

 

$

(604

)

 

$

(6,199

)

 

$

(4,816

)

 

$

(565

)

 

$

(5,381

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other comprehensive income (loss) before

   reclassifications, net of taxes

 

 

58

 

 

 

(9

)

 

 

49

 

 

 

43

 

 

 

(52

)

 

 

(9

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Amounts reclassified from accumulated other

   comprehensive income, net of taxes  (1)

 

 

64

 

 

 

 

 

 

64

 

 

 

167

 

 

 

 

 

 

167

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other comprehensive income (loss) for the period

 

 

122

 

 

 

(9

)

 

 

113

 

 

 

210

 

 

 

(52

)

 

 

158

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at end of quarter

 

$

(5,473

)

 

$

(613

)

 

$

(6,086

)

 

$

(4,606

)

 

$

(617

)

 

$

(5,223

)

 

 

 

November 3, 2018

 

 

October 28, 2017

 

For the nine months ended:

 

(in thousands)

 

 

 

Pension

Plans

 

 

Foreign

Currency

 

 

Total

 

 

Pension

Plans

 

 

Foreign

Currency

 

 

Total

 

Balance at beginning of fiscal year

 

$

(5,840

)

 

$

(403

)

 

$

(6,243

)

 

$

(5,237

)

 

$

(781

)

 

$

(6,018

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other comprehensive income (loss) before

   reclassifications, net of taxes

 

 

173

 

 

 

(210

)

 

 

(37

)

 

 

128

 

 

 

164

 

 

 

292

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Amounts reclassified from accumulated other

   comprehensive income, net of taxes  (1)

 

 

194

 

 

 

 

 

 

194

 

 

 

503

 

 

 

 

 

 

503

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other comprehensive income (loss) for the period

 

 

367

 

 

 

(210

)

 

 

157

 

 

 

631

 

 

 

164

 

 

 

795

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at end of quarter

 

$

(5,473

)

 

$

(613

)

 

$

(6,086

)

 

$

(4,606

)

 

$

(617

)

 

$

(5,223

)

8


 

(1)

Includes the amortization of the unrecognized loss on pension plans, which was charged to “Selling, General and Administrative” Expense on the Consolidated Statements of Operations for all periods presented. The amortization of the unrecognized loss, before tax, was $87,000 and $264,000 for the three and nine months ended November 3, 2018, respectively, and $167,000 and $503,000 for the three and nine months ended October 28, 2017, respectively.