Duluth Holdings Inc. (dba, Duluth Trading Company) (“Duluth
Trading” or the “Company”) (NASDAQ: DLTH), a lifestyle brand of
men’s and women’s casual wear, workwear and accessories, today
announced its financial results for the fiscal first quarter ended
May 5, 2019.
Highlights for the First Quarter Ended May 5,
2019
- Net sales increased 14.0% to $114.2 million compared to $100.2
million in the prior-year first quarter
- Gross margin decreased 250 basis points to 53.3% compared to
55.8% in the prior-year first quarter
- Operating loss of $9.7 million compared to operating loss of
$0.3 million in the prior-year first quarter
- Net loss of $7.6 million, or $0.23 per diluted share, compared
to net loss of $0.7 million, or $0.02 per diluted share, in the
prior-year first quarter
- Adjusted EBITDA1 of $(4.4) million compared to $2.6 million in
the prior-year first quarter
- The Company opened five retail stores in Friendswood, TX; Katy,
TX; Wichita, KS; Spokane Valley, WA; and Jacksonville, FL, totaling
approximately 78,000 gross square feet
- 37th consecutive quarter of increased net sales
year-over-year
1See Reconciliation of net income to EBITDA and EBITDA
to Adjusted EBITDA in the accompanying financial tables. |
Management Commentary
“We achieved our 37th consecutive quarter of increased net sales
year-over-year. Our 14% top-line growth was driven by new stores,
ongoing expansion of the women’s business, and new product
introductions, with direct sales in established omnichannel store
markets continuing to outpace that of non-store markets,” said
Stephanie Pugliese, Chief Executive Officer of Duluth Trading.
“From a market perspective, the softer demand trends we experienced
at the end of the fourth quarter persisted through May. In
response, our entire Duluth team is focused on the areas of
improvement that are in our control. They include better
product selection with deeper inventory in new styles, driving
higher traffic to our stores and website through more targeted
spend in marketing, and refining our investments to improve
productivity. We are executing on these areas and expect to see
improving results in the back half of the year.”
Operating Results for the First Quarter Ended
May 5, 2019
Net sales increased 14.0% to $114.2 million, compared to $100.2
million in the same period a year ago. The net sales increase was
driven by a 42.8% growth in retail net sales, offset by a 0.8%
decline in direct net sales, with increases in both the men’s and
women’s businesses. The decrease in direct net sales has continued
into the first five weeks of the second quarter. The increase in
retail net sales was driven by new stores with 51 stores in the
first quarter of 2019 as compared to 33 stores in the same period a
year ago, partially offset by existing stores.
Gross profit increased 8.9% to $60.9 million, or 53.3% of net
sales, compared to $55.9 million, or 55.8% of net sales, in the
corresponding prior-year period. The 250-basis point decrease in
gross margin was primarily attributable to a decrease in product
margins due to product mix on recent clearance activity, coupled
with a slight decrease in shipping revenues.
Selling, general and administrative expenses increased 25.6% to
$70.6 million, compared to $56.2 million in the same period a year
ago. As a percentage of net sales, selling, general and
administrative expenses increased 570 basis points to 61.8%,
compared to 56.1% in the corresponding prior-year period. As a
percentage of net sales, advertising and marketing costs decreased
50 basis points to 21.1%, compared to 21.6% in the corresponding
prior-year period, primarily due to advertising leverage gained
from a higher mix of retail sales as a percentage of net sales. As
a percentage of net sales, selling expenses increased 50 basis
points to 16.6%, compared to 16.1% in the corresponding prior-year
period, primarily due to an increase in customer service expense as
a result of the growth in retail, partially offset by a decrease in
shipping expenses due to leverage from an increase in the
proportion of retail net sales. As a percentage of net sales,
general and administrative expenses increased 570 basis points to
24.1%, compared to 18.4% in the corresponding prior-year period,
primarily due to an increase in occupancy and equipment cost due to
growth in the number of retail stores, an increase in depreciation
expense due to investments in technology and corporate facilities,
and an increase in personnel cost due to an increase in headcount
to support the growth of the business.
Balance Sheet and Liquidity
The Company ended the quarter with a cash balance of $1.0
million, net working capital of $63.4 million, and $39.2 million
outstanding on its $130.0 million revolving line of credit.
Fiscal 2019 Outlook
The Company reaffirmed its fiscal 2019 outlook as follows:
- Net sales in the range of $645.0 million to $655.0 million
- Adjusted EBITDA1 in the range of $60.0 million to $64.0
million
- EPS in the range of $0.74 to $0.80 per diluted share
- Capital expenditures of $40.0 million to $45.0 million2
- 15 new store openings, adding 230,000 to 240,000 of additional
gross square footage
1See Reconciliation of forecasted net income to
forecasted EBITDA and forecasted EBITDA to forecasted Adjusted
EBITDA in the accompanying financial tables. |
|
2Fiscal 2019 capital expenditures
primarily include the opening of 15 retail stores, investments in
technology and infrastructure improvements. |
The table below recaps the Company’s fiscal 2019 stores opened
and signed new store leases and the anticipated opening
timeframe.
|
|
|
|
|
|
|
|
|
Gross |
Location |
|
Timing |
|
Square Footage |
Friendswood, TX |
|
Opened March 7, 2019 |
|
16,026 |
Katy, TX |
|
Opened March 8, 2019 |
|
16,000 |
Wichita, KS |
|
Opened March 21, 2019 |
|
15,385 |
Spokane Valley, WA |
|
Opened April 11, 2019 |
|
15,656 |
Jacksonville, FL |
|
Opened May 2, 2019 |
|
14,557 |
Rogers, AR |
|
Opened May 16, 2019 |
|
15,656 |
Danbury, CT |
|
Opened May 23, 2019 |
|
9,792 |
Madison, AL |
|
Opened June 6, 2019 |
|
15,656 |
Kennesaw, GA |
|
Q2 Fiscal 2019 |
|
19,620 |
Round Rock, TX |
|
Q3 Fiscal 2019 |
|
15,536 |
Sandy, UT |
|
Q3 Fiscal 2019 |
|
15,602 |
Hoover, AL |
|
Q3 Fiscal 2019 |
|
15,656 |
Knoxville, TN |
|
Q4 Fiscal 2019 |
|
15,385 |
Conference Call Information
A conference call and audio webcast with analysts and investors
will be held on Thursday, June 13, 2019 at 9:30 am Eastern
Time, to discuss the results and answer questions.
- Live conference call: 844-875-6915 (domestic) or 412-317-6711
(international)
- Conference call replay available through June 27, 2019:
877-344-7529 (domestic) or 412-317-0088 (international)
- Replay access code: 10132045
- Live and archived webcast: ir.duluthtrading.com
Investors can pre-register for the earnings conference call to
expedite their entry into the call and avoid waiting for a live
operator. To pre-register for the call, please visit
http://dpregister.com/10132045 and enter your contact
information. You will then be issued a personalized phone number
and pin to dial into the live conference call. Investors can
pre-register any time prior to the start of the conference
call.
About Duluth Trading
Duluth Trading is a rapidly growing lifestyle brand for the
Modern, Self-Reliant American. Based in Mount Horeb, Wisconsin, we
offer high quality, solution-based casual wear, workwear and
accessories for men and women who lead a hands-on lifestyle and who
value a job well-done. We provide our customers an engaging and
entertaining experience. Our marketing incorporates humor and
storytelling that conveys the uniqueness of our products in a
distinctive, fun way, and our products are sold exclusively through
our content-rich website, catalogs, and “store like no other”
retail locations. We are committed to outstanding customer service
backed by our “No Bull Guarantee” - if it’s not right, we’ll fix
it. Visit our website at www.duluthtrading.com.
Non-GAAP Measurements
Management believes that non-GAAP financial measures may be
useful in certain instances to provide additional meaningful
comparisons between current results and results in prior operating
periods. Within this release, including the tables attached hereto,
reference is made to adjusted earnings before interest, taxes,
depreciation and amortization (EBITDA). See attached Table
“Reconciliation of Net Income to EBITDA and EBITDA to Adjusted
EBITDA,” for a reconciliation of net income to EBITDA and EBITDA to
Adjusted EBITDA for the three months ended May 5, 2019, versus
the three months ended April 29, 2018. See also attached Table
“Reconciliation of Forecasted Net Income to Forecasted EBITDA and
Forecasted EBITDA to Forecasted Adjusted EBITDA,” for a
reconciliation of forecasted net income to forecasted EBITDA and
forecasted EBITDA to forecasted adjusted EBITDA for the fiscal year
ending February 2, 2020. Adjusted EBITDA is a metric used by
management and frequently used by the financial community, which
provides insight into an organization’s operating trends and
facilitates comparisons between peer companies, since interest,
taxes, depreciation and amortization can differ greatly between
organizations as a result of differing capital structures and tax
strategies. Adjusted EBITDA excludes certain items that are unusual
in nature or not comparable from period to period. The
Company provides this information to investors to assist in
comparisons of past, present and future operating results and to
assist in highlighting the results of on-going operations.
While the Company’s management believes that non-GAAP measurements
are useful supplemental information, such adjusted results are not
intended to replace the Company’s GAAP financial results and should
be read in conjunction with those GAAP results.
Forward-Looking Statements
This press release includes “forward-looking statements” within
the meaning of the Private Securities Litigation Reform Act of
1995. All statements, other than statements of historical facts
included in this press release, including statements concerning
Duluth Trading's plans, objectives, goals, beliefs, business
strategies, future events, business conditions, its results of
operations, financial position and its business outlook, business
trends and certain other information herein are forward-looking
statements, including statements regarding Duluth Trading’s ability
to execute on its growth strategies, statements under the heading
“Fiscal 2019 Outlook” and the forecasted results of operations in
the Table “Reconciliation of Forecasted Net Income to Forecasted
EBITDA and Forecasted EBITDA to Forecasted Adjusted EBITDA.” You
can identify forward-looking statements by the use of words such as
“may,” ”might,” “will,” “should,” “expect,” “plan,” “anticipate,”
“could,” “believe,” “estimate,” “project,” “target,” “predict,”
“intend,” “future,” “budget,” “goals,” “potential,” “continue,”
“design,” “objective,” “forecasted,” “would” and other similar
expressions. The forward-looking statements are not historical
facts, and are based upon Duluth Trading's current expectations,
beliefs, estimates, and projections, and various assumptions, many
of which, by their nature, are inherently uncertain and beyond
Duluth Trading's control. Duluth Trading's expectations, beliefs
and projections are expressed in good faith, and Duluth Trading
believes there is a reasonable basis for them. However, there can
be no assurance that management's expectations, beliefs, estimates,
and projections will be achieved and actual results may vary
materially from what is expressed in or indicated by the
forward-looking statements. Forward-looking statements are subject
to risks and uncertainties that could cause actual performance or
results to differ materially from those expressed in the
forward-looking statements, including, among others, the risks,
uncertainties, and factors set forth under Part 1, Item 1A “Risk
Factors” in the Company’s Annual Report on Form 10-K filed with the
SEC on April 19, 2019, and other factors as may be periodically
described in Duluth Trading’s subsequent filings with the SEC.
These risks and uncertainties include, but are not limited to, the
following: our ability to maintain and enhance a strong brand
image; our ability to successfully open new stores; effectively
adapting to new challenges associated with our expansion into new
geographic markets; generating adequate cash from our existing
stores to support our growth; the inability to maintain the
performance of a maturing store portfolio; the impact of changes in
corporate tax regulations; identifying and responding to new and
changing customer preferences; the success of the locations in
which our stores are located; our ability to attract and retain
customers in the various retail venues and locations in which our
stores are located; competing effectively in an environment of
intense competition; our ability to adapt to significant changes in
sales due to the seasonality of our business; price reductions or
inventory shortages resulting from failure to purchase the
appropriate amount of inventory in advance of the season in which
it will be sold; increases in costs of fuel or other energy,
transportation or utility costs and in the costs of labor and
employment; failure of our information technology systems to
support our current and growing business, before and after our
planned upgrades; and other factors that may be disclosed in our
SEC filings or otherwise. Forward-looking statements speak only as
of the date the statements are made. Duluth Trading assumes no
obligation to update forward-looking statements to reflect actual
results, subsequent events or circumstances or other changes
affecting forward-looking information except to the extent required
by applicable securities laws.
Investor Contacts:Donni Case (310)
622-8224Margaret Boyce (310) 622-8247Financial Profiles,
Inc.Duluth@finprofiles.com
DULUTH HOLDINGS
INC.Condensed Consolidated Balance
Sheets(Unaudited) (Amounts
in thousands)
|
|
|
|
|
|
|
|
|
May 5, 2019 |
|
February 3, 2019 |
|
|
|
|
|
|
|
ASSETS |
|
|
|
|
|
|
Current Assets: |
|
|
|
|
|
|
Cash |
|
$ |
992 |
|
|
$ |
731 |
|
Accounts receivable |
|
|
359 |
|
|
|
28 |
|
Other receivables |
|
|
8,292 |
|
|
|
4,611 |
|
Inventory, net |
|
|
104,289 |
|
|
|
97,685 |
|
Prepaid expenses & other current assets |
|
|
11,977 |
|
|
|
12,640 |
|
Prepaid catalog costs |
|
|
202 |
|
|
|
2,503 |
|
Total current assets |
|
|
126,111 |
|
|
|
118,198 |
|
Property and equipment,
net |
|
|
136,652 |
|
|
|
167,109 |
|
Operating lease right-of-use
assets |
|
|
134,956 |
|
|
|
— |
|
Finance lease right-of-use
assets |
|
|
10,610 |
|
|
|
— |
|
Restricted cash |
|
|
1,578 |
|
|
|
2,354 |
|
Available-for-sale
security |
|
|
6,267 |
|
|
|
6,295 |
|
Goodwill |
|
|
402 |
|
|
|
402 |
|
Other assets, net |
|
|
2,354 |
|
|
|
2,401 |
|
Total assets |
|
$ |
418,930 |
|
|
$ |
296,759 |
|
LIABILITIES AND SHAREHOLDERS' EQUITY |
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
Trade accounts payable |
|
$ |
26,710 |
|
|
$ |
25,363 |
|
Accrued expenses and other current liabilities |
|
|
25,080 |
|
|
|
26,530 |
|
Income taxes payable |
|
|
— |
|
|
|
218 |
|
Current portion of operating lease liabilities |
|
|
10,103 |
|
|
|
— |
|
Current portion of finance lease liabilities |
|
|
315 |
|
|
|
— |
|
Current maturities of long-term debt |
|
|
510 |
|
|
|
500 |
|
Total current liabilities |
|
|
62,718 |
|
|
|
52,611 |
|
Long-term line of credit |
|
|
39,240 |
|
|
|
16,542 |
|
Finance lease obligations
under build-to-suit leases |
|
|
— |
|
|
|
23,034 |
|
Operating lease liabilities,
less current maturities |
|
|
118,475 |
|
|
|
— |
|
Finance lease liabilities,
less current maturities |
|
|
8,670 |
|
|
|
— |
|
Deferred rent obligations,
less current maturities |
|
|
— |
|
|
|
5,003 |
|
Deferred tax liabilities |
|
|
9,420 |
|
|
|
9,722 |
|
Long-term debt, less current
maturities |
|
|
29,576 |
|
|
|
29,737 |
|
Total liabilities |
|
|
268,099 |
|
|
|
136,649 |
|
Commitments and
contingencies |
|
|
|
|
|
|
Shareholders' equity: |
|
|
|
|
|
|
Treasury stock |
|
|
(369 |
) |
|
|
(92 |
) |
Capital stock |
|
|
90,416 |
|
|
|
89,849 |
|
Retained earnings |
|
|
61,096 |
|
|
|
70,592 |
|
Total shareholders' equity of Duluth Holdings Inc. |
|
|
151,143 |
|
|
|
160,349 |
|
Noncontrolling interest |
|
|
(312 |
) |
|
|
(239 |
) |
Total shareholders' equity |
|
|
150,831 |
|
|
|
160,110 |
|
Total liabilities and shareholders' equity |
|
$ |
418,930 |
|
|
$ |
296,759 |
|
DULUTH HOLDING
INC.Consolidated Statements of
Operations(Unaudited)(Amounts in
thousands, except per share figures)
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
May 5, 2019 |
|
April 29, 2018 |
Net sales |
|
$ |
114,244 |
|
|
$ |
100,207 |
|
Cost of goods sold (excluding
depreciation and amortization) |
|
|
53,326 |
|
|
|
44,267 |
|
Gross profit |
|
|
60,918 |
|
|
|
55,940 |
|
Selling, general and
administrative expenses |
|
|
70,609 |
|
|
|
56,197 |
|
Operating loss |
|
|
(9,691 |
) |
|
|
(257 |
) |
Interest expense |
|
|
841 |
|
|
|
821 |
|
Other income, net |
|
|
204 |
|
|
|
163 |
|
Loss before income taxes |
|
|
(10,328 |
) |
|
|
(915 |
) |
Income tax benefit |
|
|
(2,683 |
) |
|
|
(232 |
) |
Net loss |
|
|
(7,645 |
) |
|
|
(683 |
) |
Less: Net (loss) income
attributable to noncontrolling interest |
|
|
(73 |
) |
|
|
8 |
|
Net loss attributable to
controlling interest |
|
$ |
(7,572 |
) |
|
$ |
(691 |
) |
Basic loss per share
(Class A and Class B): |
|
|
|
|
|
|
Weighted average shares of
common stock outstanding |
|
|
32,281 |
|
|
|
32,046 |
|
Net loss per share
attributable to controlling interest |
|
$ |
(0.23 |
) |
|
$ |
(0.02 |
) |
Diluted loss per share
(Class A and Class B): |
|
|
|
|
|
|
Weighted average shares and
equivalents outstanding |
|
|
32,281 |
|
|
|
32,046 |
|
Net loss per share
attributable to controlling interest |
|
$ |
(0.23 |
) |
|
$ |
(0.02 |
) |
DULUTH HOLDINGS
INC.Consolidated Statements of Cash
Flows(Unaudited)(Amounts in
thousands)
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
|
|
|
|
|
|
|
May 5, 2019 |
|
April 29, 2018 |
Cash flows from
operating activities: |
|
|
|
|
|
|
Net loss |
|
$ |
(7,645 |
) |
|
$ |
(683 |
) |
Adjustments to reconcile net
income to net cash used in operating activities: |
|
|
|
|
|
|
Depreciation and
amortization |
|
|
4,392 |
|
|
|
2,309 |
|
Stock based compensation |
|
|
474 |
|
|
|
409 |
|
Deferred income taxes |
|
|
(302 |
) |
|
|
40 |
|
Changes in operating assets
and liabilities: |
|
|
|
|
|
|
Accounts receivable |
|
|
(331 |
) |
|
|
22 |
|
Other receivables |
|
|
(3,681 |
) |
|
|
(308 |
) |
Inventory |
|
|
(6,604 |
) |
|
|
(10,363 |
) |
Prepaid expense & other current assets |
|
|
2,577 |
|
|
|
(1,527 |
) |
Deferred catalog costs |
|
|
2,301 |
|
|
|
(814 |
) |
Trade accounts payable |
|
|
1,221 |
|
|
|
(1,441 |
) |
Income taxes payable |
|
|
(218 |
) |
|
|
(421 |
) |
Accrued expenses and deferred rent obligations |
|
|
(5,295 |
) |
|
|
1,790 |
|
Net cash used in operating
activities |
|
|
(13,111 |
) |
|
|
(10,987 |
) |
Cash flows from
investing activities: |
|
|
|
|
|
|
Purchases of property and
equipment |
|
|
(8,015 |
) |
|
|
(14,000 |
) |
Capital contributions towards
build-to-suit stores |
|
|
(1,788 |
) |
|
|
— |
|
Principal receipts from
available-for-sale security |
|
|
28 |
|
|
|
— |
|
Change in other assets |
|
|
13 |
|
|
|
43 |
|
Net cash used in investing
activities |
|
|
(9,762 |
) |
|
|
(13,957 |
) |
Cash flows from
financing activities: |
|
|
|
|
|
|
Proceeds from line of
credit |
|
|
70,172 |
|
|
|
37,464 |
|
Payments on line of
credit |
|
|
(47,474 |
) |
|
|
(16,214 |
) |
Payments on long term
debt |
|
|
(119 |
) |
|
|
(19 |
) |
Payments on finance lease
obligations |
|
|
(37 |
) |
|
|
(1 |
) |
Change in bank overdrafts |
|
|
— |
|
|
|
478 |
|
Proceeds from finance lease
obligations |
|
|
— |
|
|
|
266 |
|
Shares withheld for tax
payments on vested restricted shares |
|
|
(277 |
) |
|
|
(35 |
) |
Other |
|
|
93 |
|
|
|
24 |
|
Net cash provided by financing
activities |
|
|
22,358 |
|
|
|
21,963 |
|
Decrease in cash and
restricted cash |
|
|
(515 |
) |
|
|
(2,981 |
) |
Cash and restricted cash at
beginning of period |
|
|
3,085 |
|
|
|
7,083 |
|
Cash and restricted cash at
end of period |
|
$ |
2,570 |
|
|
$ |
4,102 |
|
Supplemental
disclosure of cash flow information: |
|
|
|
|
|
|
Interest paid |
|
$ |
986 |
|
|
$ |
737 |
|
Income taxes paid |
|
$ |
2,179 |
|
|
$ |
149 |
|
Supplemental
disclosure of non-cash information: |
|
|
|
|
|
|
Property and equipment
acquired under build-to-suit leases |
|
$ |
— |
|
|
$ |
7,331 |
|
Unpaid liability to acquire
property and equipment |
|
$ |
846 |
|
|
$ |
2,507 |
|
DULUTH HOLDINGS
INC.Reconciliation of Net Income to EBITDA and
EBITDA to Adjusted
EBITDA(Unaudited)(Amounts in
thousands)
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
May 5, 2019 |
|
April 29, 2018 |
Net loss |
|
$ |
(7,645 |
) |
|
$ |
(683 |
) |
Depreciation and amortization |
|
|
4,392 |
|
|
|
2,309 |
|
Interest expense |
|
|
841 |
|
|
|
821 |
|
Amortization of build-to-suit leases capital contribution |
|
|
214 |
|
|
|
— |
|
Income tax benefit |
|
|
(2,683 |
) |
|
|
(232 |
) |
EBITDA |
|
$ |
(4,881 |
) |
|
$ |
2,215 |
|
Stock based compensation |
|
|
474 |
|
|
|
409 |
|
Adjusted EBITDA |
|
$ |
(4,407 |
) |
|
$ |
2,624 |
|
DULUTH HOLDINGS
INC.Segment
Information(Unaudited)(Amounts in
thousands)
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
May 5, 2019 |
|
April 29, 2018 |
Net
sales |
|
|
|
|
|
|
Direct |
|
$ |
65,701 |
|
|
$ |
66,212 |
|
Retail |
|
|
48,543 |
|
|
|
33,995 |
|
Total net sales |
|
$ |
114,244 |
|
|
$ |
100,207 |
|
Operating (loss)
income |
|
|
|
|
|
|
Direct |
|
$ |
(12,266 |
) |
|
$ |
(2,128 |
) |
Retail |
|
|
2,575 |
|
|
|
1,871 |
|
Total operating loss |
|
|
(9,691 |
) |
|
|
(257 |
) |
Interest expense |
|
|
841 |
|
|
|
821 |
|
Other income, net |
|
|
204 |
|
|
|
163 |
|
Loss before income
taxes |
|
$ |
(10,328 |
) |
|
$ |
(915 |
) |
DULUTH HOLDINGS INC.Net
Sales by
Business(Unaudited)(Amounts in
thousands)
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
May 5, 2019 |
|
April 29, 2018 |
Net
sales |
|
|
|
|
|
|
Men's |
|
$ |
75,800 |
|
$ |
67,919 |
Women's |
|
|
32,173 |
|
|
27,161 |
Hard goods/other |
|
|
6,271 |
|
|
5,127 |
Total net sales |
|
$ |
114,244 |
|
$ |
100,207 |
DULUTH HOLDINGS
INC.Reconciliation of Forecasted Net Income to
Forecasted EBITDA and Forecasted EBITDA to Forecasted Adjusted
EBITDAFor the Fiscal Year Ending February 2,
2020(Unaudited)(Amounts in
thousands)
|
|
|
|
|
|
|
|
|
Low |
|
High |
Forecasted |
|
|
|
|
|
|
Net income |
|
$ |
24,000 |
|
$ |
26,000 |
Depreciation and amortization |
|
|
20,325 |
|
|
21,400 |
Interest expense |
|
|
3,700 |
|
|
3,500 |
Amortization of build-to-suit leases capital contribution |
|
|
900 |
|
|
1,200 |
Income tax expense |
|
|
8,875 |
|
|
9,600 |
EBITDA |
|
$ |
57,800 |
|
$ |
61,700 |
Stock based compensation |
|
|
2,200 |
|
|
2,300 |
Adjusted EBITDA |
|
$ |
60,000 |
|
$ |
64,000 |
Duluth (NASDAQ:DLTH)
Historical Stock Chart
From Mar 2024 to Apr 2024
Duluth (NASDAQ:DLTH)
Historical Stock Chart
From Apr 2023 to Apr 2024