Duluth Holdings Inc. (dba, Duluth Trading Company) (“Duluth
Trading” or the “Company”) (NASDAQ: DLTH), an omnichannel lifestyle
brand of men’s and women’s casual wear, workwear and accessories,
today announced its financial results for the fiscal third quarter
ended November 1, 2020.
Highlights for the Third
Quarter Ended November 1,
2020
- Net sales increased 13.2% to $135.5 million compared to $119.8
million in the prior-year third quarter
- Direct-to-consumer net sales increased 40.3% and retail store
net sales decreased 15.5% compared to prior-year third quarter
- Gross margin decreased to 52.4% compared to 54.6% in the
prior-year third quarter
- Operating income increased to $2.8 million compared to
operating income of $1.3 million in the prior-year third
quarter
- Net income increased to $0.9 million, or $0.03 per diluted
share, compared to net income of $0.2 million, or $0.01 per diluted
share, in the prior-year third quarter
- Adjusted EBITDA1 increased 57.4% to $11.4 million compared to
$7.3 million in the prior-year third quarter
- The Company opened three retail stores in Springfield OR,
Orland Park IL and Florence KY, adding approximately 32,800 gross
square feet
1See Reconciliation of net income (loss) to EBITDA and EBITDA to
Adjusted EBITDA in the accompanying financial tables.
Management Commentary
“We’re pleased to report third quarter net sales growth of 13%
to $136 million, largely driven by a 40% growth in direct sales
year-over-year. Effective and timely brand messaging, coupled with
strong product lines, drove top line sales momentum during the
third quarter,” said Steve Schlecht, Executive Chairman and CEO of
Duluth Trading. “Customer traffic from our digital channel
continued at the same strong pace as the second quarter with 15
million site visits, up 30% to last year. All 65 of our retail
stores were open during the quarter. Retail store sales declined
just 16% year-over-year, which was the best store performance we’ve
seen since the pandemic began."
Schlecht continued, “While the remainder of the holiday shopping
season is difficult to predict, we’ve done everything within our
control to be prepared for our peak fourth quarter. We are fully
staffed across all our operations; inventory levels are in good
shape, and we’re fortunate to have customer-centric technologies in
place like buy-on-line, pick-up in store. We remain confident in
our brand, the strength of our omni-channel model and our team’s
ability to provide an exceptional customer experience this holiday
season and beyond.”
Operating Results for the
Third Quarter Ended
November 1, 2020
Net sales increased 13.2%, to $135.5 million, compared to $119.8
million in the same period a year ago. The increase was attributed
to a 40.3% increase in direct-to-consumer net sales, partially
offset by a 15.5% decrease in retail store net sales. The increase
in the direct-to-consumer net sales was driven by a shift of
existing customers to online, as well as new buyer growth. Total
new buyer growth increased 22.9% compared to the same period a year
ago. The decrease in retail store net sales was due to continued
COVID-19 safety concerns keeping store traffic at subdued
levels.
Net sales in non-store markets increased 37.5%, to $40.6
million, compared to $29.5 million in the same period a year ago.
The increase was driven by new buyer growth and effective digital
advertising to promote Pink Buck Naked, Big Dam Birthday and global
sales events. Net sales in store markets increased 5.6%, to $93.8
million, compared to $88.8 million in the same period a year ago.
The increase was driven by growth in online sales from both
existing customers and new buyers, with direct-to-consumer sales in
store markets increasing 45.9%, partially offset by a decline in
in-store sales. We believe the difference in the increase in
website and catalog sales between store and non-store markets
continues to demonstrate the importance of our retail stores in
building brand awareness and expanding our loyal customer base.
Men’s business net sales increased 12.4% driven by growth in
core products, Alaskan Hardgear and apparel newness. Women’s
business net sales increased 15.1% driven by comfortable basics,
workwear essentials and plus line apparel.
Gross profit increased 8.7%, to $71.0 million, or 52.4% of net
sales, compared to $65.4 million, or 54.6% of net sales, in the
corresponding prior-year period. The decrease in gross margin rate
was primarily driven by promotional, clearance and sitewide sales
events to continue moving inventory during the period of slower
store traffic and drive top-line growth. The decrease was partially
offset by reduced store delivery costs from lower store sales
volumes.
Selling, general and administrative expenses increased 6.5% to
$68.2 million, compared to $64.0 million in the same period a year
ago. As a percentage of net sales, selling, general and
administrative expenses decreased to 50.3%, compared to 53.5% in
the corresponding prior-year period. The positive leverage was
primarily due to shifting to a more efficient digital marketing
approach as customer purchasing patterns migrated to online.
The increase in selling, general and administrative expense was
due to increased shipping costs to support website sales, higher
retail overhead costs driven by new store growth and increased
depreciation expense associated with investments in technology,
partially offset by reduced catalog spend and national TV
advertising.
Balance Sheet and Liquidity
The Company ended the quarter with a cash balance of $12.8
million, an inventory balance of $213.4 million, net working
capital of $136.6 million, $48.9 million outstanding on its $70.5
million term loan, and $43.0 million outstanding on its $80.0
million revolving line of credit.
Fiscal 2020
Outlook
Given the unpredictability of the effects of the COVID-19
pandemic on, among other things, consumer behavior, store
traffic, store operations, 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 has
reduced its planned capital spend levels from the beginning of the
fiscal year by 40% to approximately $17.0 million primarily by
decreasing fiscal 2020 new store openings to four and deferring
certain technology and infrastructure projects, as well as
continuing to focus on managing expense, extending payment terms
and adjusting inventory receipt plans.
The following table recaps the Company’s fiscal 2020 stores
opened, which reflects the Company’s plan to reduce fiscal 2020
store openings, as well as the one signed new store lease for 2021
and the anticipated opening timeframe.
|
|
|
|
|
|
|
|
|
Gross |
Location |
|
Timing |
|
Square Footage |
Short Pump, VA |
|
Opened March 5, 2020 |
|
16,828 |
Springfield, OR |
|
Opened August 14, 2020 |
|
20,388 |
Orland Park, IL |
|
Opened August 20, 2020 |
|
10,000 |
Florence, KY |
|
Opened October 1, 2020 |
|
11,441 |
Cherry Hill, NJ |
|
Fiscal 2021 |
|
11,441 |
Conference Call Information
A conference call and audio webcast with analysts and investors
will be held on Thursday, December 3, 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 December 17, 2020:
877-344-7529 (domestic) or 412-317-0088 (international)
- Replay access code: 10150142
- 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/10150142 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 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 (Loss) to EBITDA and EBITDA to
Adjusted EBITDA,” for a reconciliation of net income (loss) to
EBITDA and EBITDA to Adjusted EBITDA for the three and nine months
ended November 1, 2020, versus the three and nine months ended
November 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, including statements regarding Duluth Trading’s ability
to execute on its growth strategies, and statements under the
heading “Fiscal 2020 Outlook.” 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 I, Item 1A “Risk Factors” in the Company’s Annual Report on
Form 10-K filed with the SEC on March 20, 2020 and Part II, Item 1A
“Risk Factors” in the Company’s Quarterly Report on Form 10-Q filed
with the SEC on June 5, 2020 and September 4, 2020, 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: adverse changes in
the economy or business conditions, including the adverse effects
of the COVID-19 pandemic; prolonged effects of the COVID-19
pandemic on store traffic and disruptions to our distribution
network, supply chains and operations; 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)
|
|
|
|
|
|
|
|
|
November 1, 2020 |
|
February 2, 2020 |
|
|
|
|
|
|
|
ASSETS |
|
|
|
|
|
|
Current Assets: |
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
12,800 |
|
|
$ |
2,189 |
|
Receivables |
|
|
1,534 |
|
|
|
1,470 |
|
Income taxes receivable |
|
|
3,549 |
|
|
|
— |
|
Inventory, net |
|
|
213,403 |
|
|
|
147,849 |
|
Prepaid expenses & other current assets |
|
|
10,515 |
|
|
|
9,503 |
|
Prepaid catalog costs |
|
|
1,087 |
|
|
|
1,181 |
|
Total current assets |
|
|
242,888 |
|
|
|
162,192 |
|
Property and equipment,
net |
|
|
129,938 |
|
|
|
137,071 |
|
Operating lease right-of-use
assets |
|
|
120,420 |
|
|
|
120,431 |
|
Finance lease right-of-use
assets, net |
|
|
54,208 |
|
|
|
46,677 |
|
Restricted cash |
|
|
— |
|
|
|
51 |
|
Available-for-sale
security |
|
|
6,022 |
|
|
|
6,432 |
|
Other assets, net |
|
|
1,271 |
|
|
|
1,196 |
|
Total assets |
|
$ |
554,747 |
|
|
$ |
474,050 |
|
LIABILITIES AND SHAREHOLDERS' EQUITY |
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
Trade accounts payable |
|
$ |
57,051 |
|
|
$ |
33,053 |
|
Accrued expenses and other current liabilities |
|
|
32,392 |
|
|
|
29,464 |
|
Income taxes payable |
|
|
— |
|
|
|
3,427 |
|
Current portion of operating lease liabilities |
|
|
11,132 |
|
|
|
10,674 |
|
Current portion of finance lease liabilities |
|
|
2,594 |
|
|
|
1,600 |
|
Current portion of Duluth long-term debt |
|
|
2,500 |
|
|
|
1,000 |
|
Current maturities of TRI long-term debt1 |
|
|
606 |
|
|
|
557 |
|
Total current liabilities |
|
|
106,275 |
|
|
|
79,775 |
|
Operating lease liabilities,
less current maturities |
|
|
107,082 |
|
|
|
106,120 |
|
Finance lease liabilities,
less current maturities |
|
|
43,968 |
|
|
|
37,434 |
|
Duluth long-term debt, less
current maturities |
|
|
89,400 |
|
|
|
38,332 |
|
TRI long-term debt, less
current maturities1 |
|
|
27,376 |
|
|
|
27,778 |
|
Deferred tax liabilities |
|
|
11,886 |
|
|
|
8,505 |
|
Total liabilities |
|
|
385,987 |
|
|
|
297,944 |
|
Commitments and
contingencies |
|
|
|
|
|
|
Shareholders' equity: |
|
|
|
|
|
|
Treasury stock |
|
|
(622 |
) |
|
|
(407 |
) |
Capital stock |
|
|
92,385 |
|
|
|
90,902 |
|
Retained earnings |
|
|
79,335 |
|
|
|
87,589 |
|
Accumulated other
comprehensive (loss) income, net |
|
|
(44 |
) |
|
|
188 |
|
Total shareholders' equity of Duluth Holdings Inc. |
|
|
171,054 |
|
|
|
178,272 |
|
Noncontrolling interest |
|
|
(2,294 |
) |
|
|
(2,166 |
) |
Total shareholders' equity |
|
|
168,760 |
|
|
|
176,106 |
|
Total liabilities and shareholders' equity |
|
$ |
554,747 |
|
|
$ |
474,050 |
|
1 Represents 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.
DULUTH HOLDING
INC.Consolidated Statements of
Operations(Unaudited)(Amounts in
thousands, except per share figures)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Nine Months Ended |
|
|
November 1, 2020 |
|
November 3, 2019 |
|
November 1, 2020 |
|
November 3, 2019 |
Net sales |
|
$ |
135,531 |
|
|
$ |
119,768 |
|
|
$ |
382,823 |
|
|
$ |
355,975 |
|
Cost of goods sold (excluding
depreciation and amortization) |
|
|
64,494 |
|
|
|
54,403 |
|
|
|
186,982 |
|
|
|
164,888 |
|
Gross profit |
|
|
71,037 |
|
|
|
65,365 |
|
|
|
195,841 |
|
|
|
191,087 |
|
Selling, general and
administrative expenses |
|
|
68,189 |
|
|
|
64,037 |
|
|
|
202,175 |
|
|
|
196,128 |
|
Operating income (loss) |
|
|
2,848 |
|
|
|
1,328 |
|
|
|
(6,334 |
) |
|
|
(5,041 |
) |
Interest expense |
|
|
1,643 |
|
|
|
1,500 |
|
|
|
4,771 |
|
|
|
3,131 |
|
Other income (loss), net |
|
|
87 |
|
|
|
58 |
|
|
|
(104 |
) |
|
|
254 |
|
Income (loss) before income
taxes |
|
|
1,292 |
|
|
|
(114 |
) |
|
|
(11,209 |
) |
|
|
(7,918 |
) |
Income tax expense
(benefit) |
|
|
393 |
|
|
|
(203 |
) |
|
|
(2,827 |
) |
|
|
(2,209 |
) |
Net income (loss) |
|
|
899 |
|
|
|
89 |
|
|
|
(8,382 |
) |
|
|
(5,709 |
) |
Less: Net loss attributable to
noncontrolling interest |
|
|
(41 |
) |
|
|
(93 |
) |
|
|
(128 |
) |
|
|
(256 |
) |
Net income (loss) attributable
to controlling interest |
|
$ |
940 |
|
|
$ |
182 |
|
|
$ |
(8,254 |
) |
|
$ |
(5,453 |
) |
Basic earnings (loss)
per share (Class A and Class B): |
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares of
common stock outstanding |
|
|
32,476 |
|
|
|
32,322 |
|
|
|
32,431 |
|
|
|
32,299 |
|
Net income (loss) per share
attributable to controlling interest |
|
$ |
0.03 |
|
|
$ |
0.01 |
|
|
$ |
(0.25 |
) |
|
$ |
(0.17 |
) |
Diluted earnings
(loss) per share (Class A and Class B): |
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares and
equivalents outstanding |
|
|
32,606 |
|
|
|
32,322 |
|
|
|
32,431 |
|
|
|
32,299 |
|
Net income (loss) per share
attributable to controlling interest |
|
$ |
0.03 |
|
|
$ |
0.01 |
|
|
$ |
(0.25 |
) |
|
$ |
(0.17 |
) |
DULUTH HOLDINGS
INC.Consolidated Statements of Cash
Flows(Unaudited)(Amounts in
thousands)
|
|
|
|
|
|
|
|
|
Nine Months Ended |
|
|
November 1, 2020 |
|
November 3, 2019 |
Cash flows from
operating activities: |
|
|
|
|
|
|
Net loss |
|
$ |
(8,382 |
) |
|
$ |
(5,709 |
) |
Adjustments to reconcile net
loss to net cash used in operating activities: |
|
|
|
|
|
|
Depreciation and
amortization |
|
|
21,209 |
|
|
|
15,934 |
|
Stock based compensation |
|
|
1,263 |
|
|
|
282 |
|
Deferred income taxes |
|
|
3,463 |
|
|
|
(914 |
) |
Loss on disposal of property
and equipment |
|
|
304 |
|
|
|
— |
|
Changes in operating assets
and liabilities: |
|
|
|
|
|
|
Receivables |
|
|
(64 |
) |
|
|
(103 |
) |
Income taxes receivable |
|
|
(3,549 |
) |
|
|
(2,157 |
) |
Inventory |
|
|
(65,554 |
) |
|
|
(85,430 |
) |
Prepaid expense & other current assets |
|
|
1,154 |
|
|
|
2,568 |
|
Deferred catalog costs |
|
|
94 |
|
|
|
1,611 |
|
Trade accounts payable |
|
|
21,424 |
|
|
|
29,862 |
|
Income taxes payable |
|
|
(3,427 |
) |
|
|
(218 |
) |
Accrued expenses and deferred rent obligations |
|
|
2,667 |
|
|
|
(3,350 |
) |
Noncash lease impacts |
|
|
784 |
|
|
|
— |
|
Net cash used in operating
activities |
|
|
(28,614 |
) |
|
|
(47,624 |
) |
Cash flows from
investing activities: |
|
|
|
|
|
|
Purchases of property and
equipment |
|
|
(11,059 |
) |
|
|
(20,899 |
) |
Capital contributions towards
build-to-suit stores |
|
|
(520 |
) |
|
|
(3,712 |
) |
Principal receipts from
available-for-sale security |
|
|
96 |
|
|
|
85 |
|
Change in other assets |
|
|
— |
|
|
|
(15 |
) |
Net cash used in investing
activities |
|
|
(11,483 |
) |
|
|
(24,541 |
) |
Cash flows from
financing activities: |
|
|
|
|
|
|
Proceeds from line of
credit |
|
|
84,588 |
|
|
|
225,079 |
|
Payments on line of
credit |
|
|
(60,894 |
) |
|
|
(171,152 |
) |
Proceeds from delayed draw
term loan |
|
|
32,500 |
|
|
|
20,000 |
|
Payments on delayed draw term
loan |
|
|
(3,625 |
) |
|
|
— |
|
Payments on TRI long term
debt |
|
|
(354 |
) |
|
|
(362 |
) |
Payments on finance lease
obligations |
|
|
(1,325 |
) |
|
|
(528 |
) |
Shares withheld for tax
payments on vested restricted shares |
|
|
(215 |
) |
|
|
(314 |
) |
Other |
|
|
(18 |
) |
|
|
320 |
|
Net cash provided by financing
activities |
|
|
50,657 |
|
|
|
73,043 |
|
Increase in cash, cash
equivalents and restricted cash |
|
|
10,560 |
|
|
|
878 |
|
Cash, cash equivalents and
restricted cash at beginning of period |
|
|
2,240 |
|
|
|
3,085 |
|
Cash, cash equivalents and
restricted cash at end of period |
|
$ |
12,800 |
|
|
$ |
3,963 |
|
Supplemental
disclosure of cash flow information: |
|
|
|
|
|
|
Interest paid |
|
$ |
4,730 |
|
|
$ |
3,301 |
|
Income taxes paid |
|
$ |
40 |
|
|
$ |
555 |
|
Supplemental
disclosure of non-cash information: |
|
|
|
|
|
|
Unpaid liability to acquire
property and equipment |
|
$ |
657 |
|
|
$ |
378 |
|
DULUTH HOLDINGS
INC.Reconciliation
of Net Income (Loss)
to EBITDA and
EBITDA to Adjusted
EBITDA(Unaudited)(Amounts in
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Nine Months Ended |
|
|
November 1, 2020 |
|
November 3, 2019 |
|
November 1, 2020 |
|
November 3, 2019 |
Net income (loss) |
|
$ |
899 |
|
$ |
89 |
|
|
$ |
(8,382 |
) |
|
$ |
(5,709 |
) |
Depreciation and amortization |
|
|
7,917 |
|
|
6,529 |
|
|
|
21,209 |
|
|
|
15,934 |
|
Interest expense |
|
|
1,643 |
|
|
1,500 |
|
|
|
4,771 |
|
|
|
3,131 |
|
Amortization of build-to-suit operating leases capital
contribution |
|
|
199 |
|
|
94 |
|
|
|
596 |
|
|
|
573 |
|
Income tax expense (benefit) |
|
|
393 |
|
|
(203 |
) |
|
|
(2,827 |
) |
|
|
(2,209 |
) |
EBITDA |
|
$ |
11,051 |
|
$ |
8,009 |
|
|
$ |
15,367 |
|
|
$ |
11,720 |
|
Stock based compensation |
|
|
382 |
|
|
(747 |
) |
|
|
1,263 |
|
|
|
282 |
|
Adjusted EBITDA |
|
$ |
11,433 |
|
$ |
7,262 |
|
|
$ |
16,630 |
|
|
$ |
12,002 |
|
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