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 fourth quarter and
fiscal year ended February 2, 2020.
Highlights for the Fourth Quarter Ended February 2, 2020
(13 weeks compared to 14 weeks last year)
- Net sales increased 3.6% to $259.6 million compared to $250.5
million in the prior-year fourth quarter, which included $7.7
million of net sales from the 14th week
- Gross margin increased to 52.8% compared to 52.4% in the
prior-year fourth quarter
- Operating income increased 10.1% to $33.1 million, or 12.8% of
net sales, compared to $30.1 million, or 12.0% of net sales in the
prior-year fourth quarter
- Net income was $24.4 million, or $0.75 per diluted share,
compared to $20.6 million, or $0.64 per diluted share in the
prior-year fourth quarter
- Adjusted EBITDA1 increased 13.7% to $39.9 million compared to
$35.1 million in the prior-year fourth quarter
- The Company opened three new retail stores in Bloomington, MN;
Franklin, TN and Knoxville, TN, totaling approximately 29,000 gross
square feet
- 40th 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.
Highlights for the Fiscal Year Ended February 2, 2020
(52 weeks compared to 53 weeks last year)
- Net sales increased 8.4% to $615.6 million compared to $568.1
million in the prior year, which included $7.7 million of net sales
from the 53rd week
- Gross margin decreased to 53.3% compared to 54.6% in the prior
year
- Operating income decreased to $28.1 million, or 4.6% of net
sales, compared to $37.2 million, or 6.5% of net sales in the prior
year
- Net income was $18.9 million, or $0.58 per diluted share,
compared to $23.2 million, or $0.72 per diluted share in the prior
year
- Adjusted EBITDA1 was flat compared to the prior year at $51.9
million
- The Company opened 15 retail stores, totaling approximately
215,000 gross square feet, and ended the year with a total of 61
stores
1See Reconciliation of net income to EBITDA and EBITDA to
Adjusted EBITDA in the accompanying financial tables.
Management Commentary
“We entered the fourth quarter well prepared to serve our
customers during the peak holiday season, yet like many retailers,
significant headwinds of a shortened holiday shopping season and
unseasonably warm weather limited our fourth quarter potential. Net
sales grew 7% on a comparable 13-week basis and due to our intense
focus on managing expenses, reported operating margin improved 80
basis points year-over-year,” said Stephen L. Schlecht, Founder and
Chief Executive Officer of Duluth Trading.
Operating Results for the Fourth Quarter Ended February
2, 2020 (13 weeks compared to 14 weeks last year)
Net sales increased 3.6% to $259.6 million, compared to $250.5
million in the same period a year ago. The increase was driven by a
11.6% growth in retail net sales, partially offset by a 0.6%
decline in direct net sales. The inclusion of the 53rd week in
fiscal 2018 amounted to an additional $7.7 million of net sales.
The increase in retail net sales was attributed to the opening of
15 new retail stores during fiscal 2019, partially offset by a
decline in existing store sales. Direct net sales growth in
established markets with a store continued to outpace markets
without a store.
Women’s business net sales increased 9.2% driven by fall and
winter gear and the expansion of the women’s plus line. Men’s
business net sales increased 2.1% driven by new products and growth
in Alaskan Hardgear, partially offset by lower outerwear sales due
to unseasonably warm weather in many parts of the country.
Gross profit increased 4.4% to $137.1 million, or 52.8% of net
sales, compared to $131.2 million, or 52.4% of net sales, in the
corresponding prior-year period. The increase in gross margin rate
was primarily due to leverage gained from higher retail sales,
partially offset by global promotions and clearance activity
throughout the quarter.
Selling, general and administrative expenses increased 2.7% to
$103.9 million, compared to $101.1 million in the same period a
year ago. As a percentage of net sales, selling, general and
administrative expenses decreased to 40.0%, compared to 40.4% in
the corresponding prior-year period.
The increase in selling, general and administrative expenses was
primarily due to increased occupancy, equipment and personnel costs
to support the growth in the number of retail stores and increased
demand during the peak season. The leverage gained was primarily
driven by net sales growth and further benefited from reduced
catalog spend, improved shipping rates and efficiencies gained at
our distribution centers and call center. Contributing to these
efficiencies was the ability to leverage the new distribution
center in Dubuque, IA allowing the Company to lessen its reliance
on more costly third-party logistics companies during the peak
season. The Company also benefited from further omnichannel
momentum with 10.7% of direct orders fulfilled and shipped directly
from a retail store.
Balance Sheet and Liquidity
The Company ended the quarter with a cash balance of
approximately $0.5 million, with net working capital of $83.4
million, $20.0 million outstanding on its $50.0 million term loan,
$19.3 million outstanding on its $80.0 million line of credit and
$30.8 million in fiscal 2019 of capital expenditures.
Fiscal 2020 OutlookGiven the unpredictability
of the effects of the coronavirus on, among other things, consumer
behavior, store traffic, store closings, production capabilities,
timing of deliveries, our people, economic activity and the market
generally in the coming weeks and months, the Company is unable to
provide specific earnings guidance at this time.
In response to expected impacts to sales plans, the Company is
focusing on managing expense and capital spending levels by
reducing new store openings; deferring certain technology and
infrastructure projects; adjusting inventory receipt plans, and
evaluating its bank line of credit to confirm access to the maximum
capacity and commitment available.
The table below recaps the Company’s fiscal 2019 stores and
signed new store leases along with the opening timeframe.
|
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|
|
|
|
|
|
FISCAL 2019 STORES |
|
EXECUTED LEASES as of March 19, 2020 |
|
|
Gross |
|
|
|
|
|
Gross |
Location |
|
Square Footage |
|
Location |
|
Timing |
|
Square Footage |
Friendswood, TX |
|
16,026 |
|
Short Pump, VA |
|
Opened March 5, 2020 |
|
16,828 |
Katy, TX |
|
16,000 |
|
Springfield, OR |
|
Q3 Fiscal 2020 |
|
20,388 |
Wichita, KS |
|
15,385 |
|
Orland Park, IL |
|
Q3 Fiscal 2020 |
|
10,000 |
Spokane Valley, WA |
|
15,656 |
|
Florence, KY |
|
Q3 Fiscal 2020 |
|
11,441 |
Jacksonville, FL |
|
14,557 |
|
Roseville, CA |
|
Fiscal 2021 |
|
15,000 |
Rogers, AR |
|
15,656 |
|
Cherry Hill, NJ |
|
Fiscal 2021 |
|
11,441 |
Danbury, CT |
|
9,792 |
|
|
|
|
|
|
Madison, AL |
|
15,656 |
|
|
|
|
|
|
Kennesaw, GA |
|
20,041 |
|
|
|
|
|
|
Round Rock, TX |
|
15,536 |
|
|
|
|
|
|
Hoover, AL |
|
15,656 |
|
|
|
|
|
|
Sandy, UT |
|
15,602 |
|
|
|
|
|
|
Bloomington, MN |
|
1,663 |
|
|
|
|
|
|
Franklin, TN |
|
11,940 |
|
|
|
|
|
|
Knoxville, TN |
|
15,385 |
|
|
|
|
|
|
Conference Call Information
A conference call and audio webcast with analysts and investors
will be held on Thursday, March 19, 2020 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 April 2, 2020:
877-344-7529 (domestic) or 412-317-0088 (international)
- Replay access code: 10139930
- 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/10139930 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 http://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 and fiscal year ended February
2, 2020, versus the three months and fiscal year ended February 3,
2019. 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. 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. 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
(Tables Follow)
DULUTH HOLDINGS
INC.Condensed Consolidated Balance
Sheets(Unaudited) (Amounts
in thousands)
|
|
|
|
|
|
|
|
|
February 2, 2020 |
|
February 3, 2019 |
ASSETS |
|
|
|
|
|
|
Current Assets: |
|
|
|
|
|
|
Cash |
|
$ |
538 |
|
|
$ |
731 |
|
Receivables |
|
|
3,121 |
|
|
|
4,639 |
|
Inventory, net |
|
|
147,849 |
|
|
|
97,685 |
|
Prepaid expenses & other current assets |
|
|
9,503 |
|
|
|
12,640 |
|
Prepaid catalog costs |
|
|
1,181 |
|
|
|
2,503 |
|
Total current assets |
|
|
162,192 |
|
|
|
118,198 |
|
Property and equipment,
net |
|
|
137,071 |
|
|
|
167,109 |
|
Operating lease right-of-use
assets |
|
|
120,431 |
|
|
|
— |
|
Finance lease right-of-use
assets, net |
|
|
46,677 |
|
|
|
— |
|
Restricted cash |
|
|
51 |
|
|
|
2,354 |
|
Available-for-sale
security |
|
|
6,432 |
|
|
|
6,295 |
|
Other assets, net |
|
|
1,196 |
|
|
|
1,349 |
|
Total assets |
|
$ |
474,050 |
|
|
$ |
295,305 |
|
LIABILITIES AND SHAREHOLDERS' EQUITY |
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
Trade accounts payable |
|
$ |
33,053 |
|
|
$ |
25,363 |
|
Accrued expenses and other current liabilities |
|
|
29,464 |
|
|
|
26,530 |
|
Income tax payable |
|
|
3,427 |
|
|
|
218 |
|
Current portion of operating lease liabilities |
|
|
10,674 |
|
|
|
— |
|
Current portion of finance lease liabilities |
|
|
1,600 |
|
|
|
— |
|
Current maturities of long-term debt1 |
|
|
557 |
|
|
|
500 |
|
Total current liabilities |
|
|
78,775 |
|
|
|
52,611 |
|
Operating lease liabilities,
less current maturities |
|
|
106,120 |
|
|
|
— |
|
Finance lease liabilities,
less current maturities |
|
|
37,434 |
|
|
|
— |
|
Long-term debt, less current
maturities2 |
|
|
67,110 |
|
|
|
44,825 |
|
Deferred tax liabilities |
|
|
8,505 |
|
|
|
9,722 |
|
Finance lease obligations
under build-to-suit leases |
|
|
— |
|
|
|
23,034 |
|
Deferred rent obligations,
less current maturities |
|
|
— |
|
|
|
5,003 |
|
Total liabilities |
|
|
297,944 |
|
|
|
135,195 |
|
Treasury stock |
|
|
(407 |
) |
|
|
(92 |
) |
Capital stock |
|
|
90,902 |
|
|
|
89,849 |
|
Retained earnings |
|
|
87,589 |
|
|
|
70,592 |
|
Accumulated other
comprehensive loss |
|
|
188 |
|
|
|
— |
|
Total shareholders' equity of Duluth Holdings Inc. |
|
|
178,272 |
|
|
|
160,349 |
|
Noncontrolling interest |
|
|
(2,166 |
) |
|
|
(239 |
) |
Total shareholders' equity |
|
|
176,106 |
|
|
|
160,110 |
|
Total liabilities and shareholders' equity |
|
$ |
474,050 |
|
|
$ |
295,305 |
|
1Represents debt of the variable interest entity, TRI Holdings,
LLC, that is consolidated in accordance with ASC 810,
Consolidation. Duluth Trading Company is not the guarantor nor the
obligor of this debt.2Includes $27.8 million of TRI Holdings, LLC
long-term debt.
DULUTH HOLDING
INC.Consolidated Statements of
Operations(Unaudited)(Amounts in
thousands, except per share figures)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Fiscal Year Ended |
|
|
February 2, 2020 |
|
February 3, 2019 |
|
February 2, 2020 |
|
February 3, 2019 |
Net sales |
|
$ |
259,649 |
|
|
$ |
250,541 |
|
|
$ |
615,624 |
|
|
$ |
568,102 |
Cost of goods sold (excluding
depreciation and amortization) |
|
|
122,587 |
|
|
|
119,290 |
|
|
|
287,475 |
|
|
|
257,700 |
Gross profit |
|
|
137,062 |
|
|
|
131,251 |
|
|
|
328,149 |
|
|
|
310,402 |
Selling, general and
administrative expenses |
|
|
103,913 |
|
|
|
101,146 |
|
|
|
300,041 |
|
|
|
273,221 |
Operating income |
|
|
33,149 |
|
|
|
30,105 |
|
|
|
28,108 |
|
|
|
37,181 |
Interest expense |
|
|
1,340 |
|
|
|
2,311 |
|
|
|
4,471 |
|
|
|
5,949 |
Other income, net |
|
|
37 |
|
|
|
215 |
|
|
|
291 |
|
|
|
383 |
Income before income
taxes |
|
|
31,846 |
|
|
|
28,009 |
|
|
|
23,928 |
|
|
|
31,615 |
Income tax expense |
|
|
7,638 |
|
|
|
7,537 |
|
|
|
5,429 |
|
|
|
8,450 |
Net income |
|
|
24,208 |
|
|
|
20,472 |
|
|
|
18,499 |
|
|
|
23,165 |
Less: Net (loss) income
attributable to noncontrolling interest |
|
|
(167 |
) |
|
|
(148 |
) |
|
|
(422 |
) |
|
|
9 |
Net income attributable to
controlling interest |
|
$ |
24,375 |
|
|
$ |
20,620 |
|
|
$ |
18,921 |
|
|
$ |
23,156 |
Basic earnings per
share (Class A and Class B): |
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares of
common stock outstanding |
|
|
32,336 |
|
|
|
32,130 |
|
|
|
32,309 |
|
|
|
32,086 |
Net income per share
attributable to controlling interest |
|
$ |
0.75 |
|
|
$ |
0.64 |
|
|
$ |
0.59 |
|
|
$ |
0.72 |
Diluted earnings per
share (Class A and Class B): |
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares and
equivalents outstanding |
|
|
32,336 |
|
|
|
32,344 |
|
|
|
32,371 |
|
|
|
32,317 |
Net income per share
attributable to controlling interest |
|
$ |
0.75 |
|
|
$ |
0.64 |
|
|
$ |
0.58 |
|
|
$ |
0.72 |
DULUTH HOLDINGS
INC.Consolidated Statements of Cash
Flows(Unaudited)(Amounts in
thousands)
|
|
|
|
|
|
|
|
|
Fiscal Year Ended |
|
|
February 2, 2020 |
|
February 3, 2019 |
Cash flows from
operating activities: |
|
|
|
|
|
|
Net income |
|
$ |
18,499 |
|
|
$ |
23,165 |
|
Adjustments to reconcile net
income to net cash provided by operating activities: |
|
|
|
|
|
|
Depreciation and
amortization |
|
|
22,083 |
|
|
|
12,594 |
|
Stock-based compensation |
|
|
647 |
|
|
|
1,668 |
|
Deferred income taxes |
|
|
(1,151 |
) |
|
|
7,999 |
|
Loss on disposal of property
and equipment |
|
|
— |
|
|
|
162 |
|
Changes in operating assets
and liabilities: |
|
|
|
|
|
|
Receivables |
|
|
1,518 |
|
|
|
(4,329 |
) |
Inventory |
|
|
(50,164 |
) |
|
|
(11,013 |
) |
Prepaid expense & other current assets |
|
|
5,429 |
|
|
|
(5,618 |
) |
Prepaid catalog costs |
|
|
1,322 |
|
|
|
(3,261 |
) |
Trade accounts payable |
|
|
7,564 |
|
|
|
10,282 |
|
Income taxes payable |
|
|
3,209 |
|
|
|
(7,562 |
) |
Accrued expenses and deferred rent obligations |
|
|
(2,260 |
) |
|
|
7,008 |
|
Net cash provided by operating
activities |
|
|
6,696 |
|
|
|
31,095 |
|
Cash flows from
investing activities: |
|
|
|
|
|
|
Purchases of property and
equipment |
|
|
(24,435 |
) |
|
|
(53,036 |
) |
Capital contributions towards
build-to-suit stores |
|
|
(6,354 |
) |
|
|
— |
|
Principal receipts from
available-for-sale security |
|
|
117 |
|
|
|
28 |
|
Change in other assets |
|
|
(15 |
) |
|
|
(438 |
) |
Consolidation of TRI Holdings,
LLC |
|
|
— |
|
|
|
217 |
|
Deconsolidation of Schlecht
Retail Ventures LLC |
|
|
— |
|
|
|
(506 |
) |
Net cash used in investing
activities |
|
|
(30,687 |
) |
|
|
(53,735 |
) |
Cash flows from
financing activities: |
|
|
|
|
|
|
Proceeds from line of
credit |
|
|
271,754 |
|
|
|
130,086 |
|
Payments on line of
credit |
|
|
(268,965 |
) |
|
|
(113,544 |
) |
Proceeds from other
borrowings |
|
|
20,000 |
|
|
|
— |
|
Payments on long term
debt |
|
|
(495 |
) |
|
|
(416 |
) |
Payments on finance lease
obligations under build-to-suit leases |
|
|
(891 |
) |
|
|
— |
|
Proceeds from finance lease
obligations |
|
|
— |
|
|
|
2,281 |
|
Shares withheld for tax
payments on vested restricted stock |
|
|
(315 |
) |
|
|
(35 |
) |
Capital contributions to
variable interest entities |
|
|
— |
|
|
|
— |
|
Other |
|
|
407 |
|
|
|
270 |
|
Net cash provided by financing
activities |
|
|
21,495 |
|
|
|
18,642 |
|
Decrease in cash and
restricted cash |
|
|
(2,496 |
) |
|
|
(3,998 |
) |
Cash and restricted cash at
beginning of period |
|
|
3,085 |
|
|
|
7,083 |
|
Cash and restricted cash at
end of period |
|
$ |
589 |
|
|
$ |
3,085 |
|
DULUTH HOLDINGS
INC.Reconciliation of Net Income to EBITDA and
EBITDA to Adjusted
EBITDA(Unaudited)(Amounts in
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Fiscal Year Ended |
|
|
February 2, 2020 |
|
February 3, 2019 |
|
February 2, 2020 |
|
February 3, 2019 |
Net income |
|
$ |
24,208 |
|
$ |
20,472 |
|
$ |
18,499 |
|
$ |
23,165 |
Depreciation and amortization |
|
|
6,149 |
|
|
4,407 |
|
|
22,083 |
|
|
12,594 |
Interest expense |
|
|
1,340 |
|
|
2,311 |
|
|
4,471 |
|
|
5,949 |
Amortization of build-to-suit operating leases capital
contributions |
|
|
211 |
|
|
— |
|
|
784 |
|
|
— |
Income tax expense |
|
|
7,638 |
|
|
7,537 |
|
|
5,429 |
|
|
8,450 |
EBITDA |
|
$ |
39,546 |
|
$ |
34,727 |
|
$ |
51,266 |
|
$ |
50,158 |
Stock based compensation |
|
|
365 |
|
|
363 |
|
|
647 |
|
|
1,668 |
Adjusted EBITDA |
|
$ |
39,911 |
|
$ |
35,090 |
|
$ |
51,913 |
|
$ |
51,826 |
DULUTH HOLDINGS
INC.Segment
Information(Unaudited)(Amounts in
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Fiscal Year Ended |
|
|
February 2, 2020 |
|
February 3, 2019 |
|
February 2, 2020 |
|
February 3, 2019 |
Net
sales |
|
|
|
|
|
|
|
|
|
|
|
|
Direct |
|
$ |
162,822 |
|
$ |
163,766 |
|
$ |
350,371 |
|
|
$ |
350,638 |
|
Retail |
|
|
96,827 |
|
|
86,775 |
|
|
265,253 |
|
|
|
217,464 |
|
Total net sales |
|
$ |
259,649 |
|
$ |
250,541 |
|
$ |
615,624 |
|
|
$ |
568,102 |
|
Operating income
(loss) |
|
|
|
|
|
|
|
|
|
|
|
|
Direct |
|
$ |
11,851 |
|
$ |
8,981 |
|
$ |
(10,203 |
) |
|
$ |
(381 |
) |
Retail |
|
|
21,298 |
|
|
21,124 |
|
|
38,311 |
|
|
|
37,562 |
|
Total operating income |
|
|
33,149 |
|
|
30,105 |
|
|
28,108 |
|
|
|
37,181 |
|
Interest expense |
|
|
1,340 |
|
|
2,311 |
|
|
4,471 |
|
|
|
5,949 |
|
Other income, net |
|
|
37 |
|
|
215 |
|
|
291 |
|
|
|
383 |
|
Income before income
taxes |
|
$ |
31,846 |
|
$ |
28,009 |
|
$ |
23,928 |
|
|
$ |
31,615 |
|
DULUTH HOLDINGS INC.Net
Sales by
Business(Unaudited)(Amounts in
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Fiscal Year Ended |
|
|
February 2, 2020 |
|
February 3, 2019 |
|
February 2, 2020 |
|
February 3, 2019 |
Net
sales |
|
|
|
|
|
|
|
|
|
|
|
|
Men's |
|
$ |
183,183 |
|
$ |
179,393 |
|
$ |
419,122 |
|
$ |
395,536 |
Women's |
|
|
61,143 |
|
|
56,000 |
|
|
162,816 |
|
|
141,244 |
Hard goods/other |
|
|
15,323 |
|
|
15,148 |
|
|
33,686 |
|
|
31,322 |
Total net sales |
|
$ |
259,649 |
|
$ |
250,541 |
|
$ |
615,624 |
|
$ |
568,102 |
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