Duluth Holdings Inc. Announces Fourth Quarter and Fiscal 2023 Financial Results
- Net sales increased by 1.6% year-over-year to $245.6 million in the fourth quarter.
- Diluted EPS stood at $0.21 for the same period.
- The women's business experienced significant growth, with a 12% increase in sales.
- Adjusted EBITDA rose to $21.1 million compared to $20.6 million in the prior year.
- For the fiscal year, net sales were $646.7 million, with a net loss of ($9.4) million and diluted EPS of ($0.28).
- The company maintained a healthy inventory composition, with 90% in current products and a 30% decrease in clearance items.
- Direct-to-consumer net sales increased by 8.9% to $172.2 million, with mobile sales growing by 20.0% to become the largest sales channel.
- Gross profit decreased to $118.4 million, primarily due to a lower mix of full price sales.
- Selling, general and administrative expenses decreased to $108.8 million, with a decrease in expenses as a percentage of net sales.
- The company ended the quarter with a cash balance of approximately $32.2 million and no outstanding bank debt.
- The fiscal 2024 outlook includes net sales in the range of $640 million to $660 million and adjusted EBITDA in the range of $39 million to $45 million.
- A conference call and webcast will be held on March 7, 2024, to discuss the results and outlook.
- None.
Insights
The reported 1.6% year-over-year increase in net sales for Duluth Holdings Inc. in the fourth quarter to $245.6 million, coupled with a diluted EPS of $0.21, indicates a slight growth trajectory in the company's revenue. The double-digit growth in the women's business is particularly noteworthy as it suggests a successful expansion in this segment, which could be a strategic move to diversify the brand's traditionally male-dominated product line. However, the overall net loss of ($9.4) million for the fiscal year and a diluted EPS of ($0.28) signal underlying challenges. The reduction in clearance items by 30% and a healthy inventory composition with 90% current products could potentially improve margins going forward.
Looking at the financial position, Duluth's liquidity of $232.2 million is robust, providing a cushion for strategic investments and operations. The capital expenditures of $53.2 million, including investments in software and hosting, indicate a commitment to modernizing operations, which could enhance efficiency and customer experience in the long term. The forecast for fiscal 2024, with net sales ranging from $640 million to $660 million and adjusted EBITDA between $39 million to $45 million, reflects management's cautious optimism. Investors should monitor the company's ability to maintain sales growth while managing costs to improve profitability.
The growth in the women's apparel segment is a significant development, as it shows Duluth Trading's potential to capture a larger share of the women's workwear and casual wear market. The 12% sales growth in this category could indicate a successful alignment with consumer trends and preferences. The introduction of new product lines, such as the AKHG Fitness apparel, suggests innovation and responsiveness to market demands. The company's strategic initiatives, such as the launch of a highly automated fulfillment center, are geared towards improving operational efficiency and enhancing the customer's online shopping experience.
It is also worth noting the shift in consumer behavior towards mobile shopping, as evidenced by the 20% growth in mobile net sales. This trend aligns with broader industry shifts towards digital channels. The decrease in retail store net sales by 12.2% reflects the ongoing challenges brick-and-mortar retailers face in the current retail landscape. Duluth's ability to adapt to these shifts and leverage its largest sales channel—mobile—will be critical for future growth.
The decrease in gross profit margin from 51.2% to 48.2% is a point of concern, as it may reflect pricing pressures or an increased cost of goods sold. This contraction could impact the company's ability to invest in growth initiatives if not managed effectively. The decrease in selling, general and administrative expenses as a percentage of net sales, from 46.8% to 44.3%, however, suggests that the company is finding operational efficiencies, particularly in advertising and fulfillment.
The effective tax rate decrease from 25% to 23% is a positive development, providing some relief to the net income. The absence of outstanding bank debt and a strong cash balance provide Duluth Trading with financial stability and flexibility. As the company continues to invest in strategic initiatives, such as the new fulfillment center, it will be important to track how these investments contribute to long-term profitability and market competitiveness.
Fourth quarter Net Sales increased
Women’s business grew double digits in the fourth quarter across both Duluth and AKHG brands
Strong financial position with
MOUNT HOREB, Wis., March 07, 2024 (GLOBE NEWSWIRE) -- Duluth Holdings Inc. (dba, Duluth Trading Company) (“Duluth Trading” or the “Company”) (NASDAQ: DLTH), a lifestyle brand of men’s and women’s workwear, casual wear, outdoor apparel and accessories, today announced its financial results for the fiscal fourth quarter and fiscal year ended January 28, 2024.
Highlights for the Fourth Quarter Ended January 28, 2024
- Net sales increase to
$245.6 million compared to$241.8 million in the prior-year fourth quarter - Strength of the women’s business continued with
12% sales growth - Net Income of
$7.0 million ; diluted EPS of$0.21 - Adjusted EBITDA1 increased to
$21.1 million compared to$20.6 million in the prior-year
Highlights for the Fiscal Year Ended January 28, 2024
- Net sales of
$646.7 million compared to$653.3 million in the prior year - Net Loss of (
$9.4) million ; diluted EPS of ($0.28) - Adjusted EBITDA1 of
$33.4 million ; reflects5.2% of net sales - Healthy inventory composition with
90% in current products and a30% decrease in clearance items
1See Reconciliation of net income to EBITDA and EBITDA to Adjusted EBITDA in the accompanying financial tables.
Management Commentary
President and CEO Sam Sato commented, “While fiscal 2023 was a challenging year as consumers remained selective in their discretionary spend, our fourth quarter was highlighted by growth in both the Duluth and AKHG brands driven by our women’s business which registered year-over-year growth of
During our peak season, within our core categories and AKHG brand, we introduced more newness than ever before, including a new addition to our iconic Fire Hose pant collection, featuring the strongest flex fabric on the market with a lighter weight than our original Fire Hose. We also launched our first ever fitness apparel category, AKHG Fitness, with an assortment of tanks, shorts, hybrid jackets and after-sweat sweats for both women and men. The customer excitement we are seeing showcases our ability to develop, design and deliver innovative and unique first-to-market fabrications and features that set Duluth apart in the marketplace.”
Sato concluded, “We remain steadfast on our commitment to the pillars outlined in the Big Dam Blueprint and I am extremely proud of the tremendous progress we have made on related key strategic initiatives. We went live with our new highly automated fulfillment center and are achieving our ramp-up plan to process up to
Operating Results for the Fourth Quarter Ended January 28, 2024
Net sales increased
Women’s apparel net sales increased
Gross profit decreased
Selling, general and administrative expenses decreased
The decrease in selling, general and administrative expenses was partially due to lower advertising costs and variable expenses primarily due to efficiencies across the fulfillment center network, partially offset by higher depreciation from strategic investments.
The effective tax rate related to controlling interest was
Balance Sheet and Liquidity
The Company ended the quarter with a cash balance of approximately
Fiscal 2024 Outlook
The Company provided the following fiscal 2024 outlook:
- Net sales in the range of
$640 million to$660 million - Adjusted EBITDA1 in the range of
$39 million to$45 million - EPS in the range of (
$0.22) t o ($0.07) per diluted share - Capital expenditures, inclusive of software hosting implementation costs, of approximately
$25 million
1See Reconciliation of forecasted net income to forecasted EBITDA and forecasted EBITDA to forecasted Adjusted EBITDA in the accompanying financial tables.
Conference Call Information
A conference call and audio webcast with analysts and investors will be held on Thursday, March 7, 2024 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 March 14, 2024: 877-344-7529 (domestic) or 412-317-0088 (international)
- Replay access code: 9707034
- 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 https://dpregister.com/sreg/10185439/fb5294b5e7 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 lifestyle brand for the Modern, Self-Reliant American. Based in Mount Horeb, Wisconsin, we offer high quality, solution-based casual wear, workwear, outdoor apparel 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), Free Cash Flow and Forecasted Adjusted EBITDA. See attached table “Reconciliation of Net (Loss) Income to EBITDA and EBITDA to Adjusted EBITDA,” for a reconciliation of net (loss) income to EBITDA and EBITDA to Adjusted EBITDA for the three months and fiscal year ended January 28, 2024, versus the three months and fiscal year ended January 29, 2023, “Free Cash Flow” as a liquidity measure for the fiscal years ended January 28, 2024 and January 29, 2023 and “Reconciliation of Forecasted Net Income to Forecasted EBITDA and Forecasted EBITDA to Forecasted Adjusted EBITDA” for a forecasted reconciliation of net income to EBITDA and EBITDA to Adjusted EBITDA for the fiscal year ended January 28, 2024.
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.
Management believes Free Cash Flow is a useful measure of performance as an indication of an organization’s financial strength and provides additional perspective on the ability to efficiently use capital in executing growth strategies. Free Cash Flow is used to facilitate a comparison of operating performance on a consistent basis from period-to-period and the ability to generate cash. Free Cash Flow is defined as net cash provided by operating activities less purchase of property and equipment.
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 measurements 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, including statements under the heading “Fiscal 2024 Outlook” 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 March 17, 2023 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: the impact of inflation and measures to control inflation on our results of operations; the prolonged effects of economic uncertainties on store traffic and disruptions to our distribution network, supply chains and operations; our ability to maintain and enhance a strong brand and sub-brand image; adapting to declines in consumer confidence, inflation and decreases in consumer spending; effectively adapting to new challenges associated with our expansion into new geographic markets; our ability to meet customer delivery time expectations; natural disasters, unusually adverse weather conditions, boycotts, prolonged public health crises, epidemics or pandemics and unanticipated events; generating adequate cash from our existing stores and direct sales to support our growth; the impact of changes in corporate tax regulations and sales tax; identifying and responding to new and changing customer preferences; the success of the locations in which our stores are located; effectively relying on sources for merchandise located in foreign markets; transportation delays and interruptions, including port congestion; inability to timely and effectively obtain shipments of products from our suppliers and deliver merchandise to our customers; the inability to maintain the performance of a maturing store portfolio; our inability to deploy marketing tactics to strengthen brand awareness and attract new customers in a cost effective manner; our ability to successfully open new stores; 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 due to global market constraints; the potential for further increases in price and availability of raw materials; our dependence on third-party vendors to provide us with sufficient quantities of merchandise at acceptable prices; the susceptibility of the price and availability of our merchandise to international trade conditions; failure of our vendors and their manufacturing sources to use acceptable labor or other practices; our dependence upon key executive management or our inability to hire or retain the talent required for our business; 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; disruptions in our supply chain and fulfillment centers; our inability to protect our trademarks or other intellectual property rights; infringement on the intellectual property of third parties; acts of war, terrorism or civil unrest; the impact of governmental laws and regulations and the outcomes of legal proceedings; changes in U.S. and non-U.S. laws affecting the importation and taxation of goods, including imposition of unilateral tariffs on imported goods; our ability to secure the personal and/or financial information of our customers and comply with the security standards for the credit card industry; 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.
(Tables Follow)
***
| DULUTH HOLDINGS INC. Condensed Consolidated Balance Sheets (Unaudited) (Amounts in thousands) | ||||||||
| January 28, 2024 | January 29, 2023 | |||||||
| ASSETS | ||||||||
| Current Assets: | ||||||||
| Cash and cash equivalents | $ | 32,157 | $ | 45,548 | ||||
| Receivables | 5,955 | 6,041 | ||||||
| Income taxes receivable | 617 | — | ||||||
| Inventory, net | 125,757 | 154,922 | ||||||
| Prepaid expenses & other current assets | 16,488 | 15,154 | ||||||
| Total current assets | 180,974 | 221,665 | ||||||
| Property and equipment, net | 128,755 | 112,564 | ||||||
| Operating lease right-of-use assets | 121,430 | 131,753 | ||||||
| Finance lease right-of-use assets, net | 44,278 | 47,206 | ||||||
| Available-for-sale security | 4,986 | 5,539 | ||||||
| Other assets, net | 9,020 | 8,727 | ||||||
| Deferred tax asset | 1,010 | — | ||||||
| Total assets | $ | 490,453 | $ | 527,454 | ||||
| LIABILITIES AND SHAREHOLDERS' EQUITY | ||||||||
| Current liabilities: | ||||||||
| Trade accounts payable | $ | 51,122 | $ | 56,547 | ||||
| Accrued expenses and other current liabilities | 30,930 | 40,815 | ||||||
| Income tax payable | — | 1,761 | ||||||
| Current portion of operating lease liabilities | 16,401 | 15,571 | ||||||
| Current portion of finance lease liabilities | 3,149 | 2,842 | ||||||
| Current maturities of TRI long-term debt1 | 847 | 768 | ||||||
| Total current liabilities | 102,449 | 118,304 | ||||||
| Operating lease liabilities, less current portion | 106,413 | 117,366 | ||||||
| Finance lease liabilities, less current portion | 34,276 | 37,425 | ||||||
| TRI long-term debt, less current maturities1 | 25,141 | 25,913 | ||||||
| Deferred tax liabilities | — | 1,249 | ||||||
| Total liabilities | 268,279 | 300,257 | ||||||
| Treasury stock | (1,738 | ) | (1,459 | ) | ||||
| Capital stock | 103,579 | 98,842 | ||||||
| Retained earnings | 123,816 | 133,172 | ||||||
| Accumulated other comprehensive income | (427 | ) | (148 | ) | ||||
| Total shareholders' equity of Duluth Holdings Inc. | 225,230 | 230,407 | ||||||
| Noncontrolling interest | (3,056 | ) | (3,210 | ) | ||||
| Total shareholders' equity | 222,174 | 227,197 | ||||||
| Total liabilities and shareholders' equity | $ | 490,453 | $ | 527,454 | ||||
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.
| DULUTH HOLDING INC. Consolidated Statements of Operations (Unaudited) (Amounts in thousands, except per share figures) | ||||||||||||||
| Three Months Ended | Fiscal Year Ended | |||||||||||||
| January 28, 2024 | January 29, 2023 | January 28, 2024 | January 29, 2023 | |||||||||||
| Net sales | $ | 245,613 | $ | 241,766 | $ | 646,681 | $ | 653,307 | ||||||
| Cost of goods sold (excluding depreciation and amortization) | 127,180 | 117,923 | 321,710 | 309,872 | ||||||||||
| Gross profit | 118,433 | 123,843 | 324,971 | 343,435 | ||||||||||
| Selling, general and administrative expenses | 108,846 | 113,160 | 333,804 | 337,204 | ||||||||||
| Operating income (loss) | 9,587 | 10,683 | (8,833 | ) | 6,231 | |||||||||
| Interest expense | 1,123 | 930 | 4,156 | 3,653 | ||||||||||
| Other income, net | 619 | 196 | 923 | 376 | ||||||||||
| Income (loss) before income taxes | 9,083 | 9,949 | (12,066 | ) | 2,954 | |||||||||
| Income tax expense (benefit) | 2,093 | 2,478 | (2,693 | ) | 708 | |||||||||
| Net income (loss) | 6,990 | 7,471 | (9,373 | ) | 2,246 | |||||||||
| Less: Net income (loss) attributable to noncontrolling interest | 7 | 24 | (17 | ) | (58 | ) | ||||||||
| Net income (loss) attributable to controlling interest | $ | 6,983 | $ | 7,447 | $ | (9,356 | ) | $ | 2,304 | |||||
| Basic earnings per share (Class A and Class B): | ||||||||||||||
| Weighted average shares of common stock outstanding | 33,007 | 32,811 | 32,955 | 32,772 | ||||||||||
| Net income (loss) per share attributable to controlling interest | $ | 0.21 | $ | 0.23 | $ | (0.28 | ) | $ | 0.07 | |||||
| Diluted earnings per share (Class A and Class B): | ||||||||||||||
| Weighted average shares and equivalents outstanding | 33,007 | 32,811 | 32,955 | 32,991 | ||||||||||
| Net income (loss) per share attributable to controlling interest | $ | 0.21 | $ | 0.23 | $ | (0.28 | ) | $ | 0.07 | |||||
| DULUTH HOLDINGS INC. Consolidated Statements of Cash Flows (Unaudited) (Amounts in thousands) | ||||||||
| Fiscal Year Ended | ||||||||
| January 28, 2024 | January 29, 2023 | |||||||
| Cash flows from operating activities: | ||||||||
| Net (loss) income | $ | (9,373 | ) | $ | 2,246 | |||
| Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||
| Depreciation and amortization | 32,159 | 30,810 | ||||||
| Stock-based compensation | 4,195 | 2,711 | ||||||
| Deferred income taxes | (2,166 | ) | (1,403 | ) | ||||
| Loss on disposal of property and equipment | 130 | 1,392 | ||||||
| Changes in operating assets and liabilities: | ||||||||
| Receivables | 86 | (586 | ) | |||||
| Income taxes receivable | (617 | ) | — | |||||
| Inventory | 29,165 | (32,250 | ) | |||||
| Prepaid expense & other assets | (1,675 | ) | 5,101 | |||||
| Software hosting implementation costs, net | (216 | ) | (6,121 | ) | ||||
| Deferred catalog costs | — | 10 | ||||||
| Trade accounts payable | (5,449 | ) | 12,685 | |||||
| Income taxes payable | (1,761 | ) | (5,053 | ) | ||||
| Accrued expenses and deferred rent obligations | (5,141 | ) | (11,768 | ) | ||||
| Other | 58 | (365 | ) | |||||
| Noncash lease impacts | (722 | ) | 1,195 | |||||
| Net cash provided by (used in) operating activities | 38,673 | (1,396 | ) | |||||
| Cash flows from investing activities: | ||||||||
| Purchases of property and equipment | (49,086 | ) | (27,065 | ) | ||||
| Principal receipts from available-for-sale security | 181 | 164 | ||||||
| Change in other assets | 16 | 28 | ||||||
| Changes in the TRI Holdings, LLC consolidation | 171 | — | ||||||
| Net cash used in investing activities | (48,718 | ) | (26,873 | ) | ||||
| Cash flows from financing activities: | ||||||||
| Proceeds from line of credit | 56,000 | — | ||||||
| Payments on line of credit | (56,000 | ) | — | |||||
| Proceeds from delayed draw term loan | — | 25,000 | ||||||
| Payments on delayed draw term loan | — | (25,000 | ) | |||||
| Payments on TRI long term debt | (767 | ) | (692 | ) | ||||
| Payments on finance lease obligations | (2,842 | ) | (2,701 | ) | ||||
| Shares withheld for tax payments on vested restricted stock | (279 | ) | (457 | ) | ||||
| Other | 542 | 616 | ||||||
| Net cash used in financing activities | (3,346 | ) | (3,234 | ) | ||||
| Decrease in cash and cash equivalents | (13,391 | ) | (31,503 | ) | ||||
| Cash and cash equivalents at beginning of period | 45,548 | 77,051 | ||||||
| Cash and cash equivalents at end of period | $ | 32,157 | $ | 45,548 | ||||
| DULUTH HOLDINGS INC. Reconciliation of Net Income (Loss) to EBITDA and EBITDA to Adjusted EBITDA (Unaudited) (Amounts in thousands) | |||||||||||||
| Three Months Ended | Fiscal Year Ended | ||||||||||||
| January 28, 2024 | January 29, 2023 | January 28, 2024 | January 29, 2023 | ||||||||||
| Net (loss) income | $ | 6,990 | $ | 7,471 | $ | (9,373 | ) | $ | 2,246 | ||||
| Depreciation and amortization | 8,725 | 7,864 | 32,159 | 30,810 | |||||||||
| Amortization of internal-use software hosting subscription implementation costs | 1,314 | 1,189 | 4,961 | 3,392 | |||||||||
| Interest expense | 1,123 | 930 | 4,156 | 3,653 | |||||||||
| Income tax expense (benefit) | 2,093 | 2,478 | (2,693 | ) | 708 | ||||||||
| EBITDA (non-GAAP) | $ | 20,245 | $ | 19,932 | $ | 29,210 | $ | 40,809 | |||||
| Stock based compensation | 890 | 711 | 4,195 | 2,711 | |||||||||
| Adjusted EBITDA (non-GAAP) | $ | 21,135 | $ | 20,643 | $ | 33,405 | $ | 43,520 | |||||
| DULUTH HOLDINGS INC. Free Cash Flow (Unaudited) (Amounts in thousands) | ||||||||
| Fiscal Year Ended | ||||||||
| January 28, 2024 | January 29, 2023 | |||||||
| (in thousands) | ||||||||
| Net cash provided by (used in) operating activities | $ | 38,673 | $ | (1,396 | ) | |||
| Purchases of property and equipment | (49,086 | ) | (27,065 | ) | ||||
| Free Cash Flow (non-GAAP) | $ | (10,413 | ) | $ | (28,461 | ) | ||
| DULUTH HOLDINGS INC. Reconciliation of Forecasted Net Loss to Forecasted EBITDA and Forecasted EBITDA to Forecasted Adjusted EBITDA For the Fiscal Year Ended January 28, 2024 (Unaudited) (Amounts in thousands) | ||||||||
| Low | High | |||||||
| Forecasted | ||||||||
| Net loss | $ | (7,400 | ) | $ | (2,300 | ) | ||
| Depreciation and amortization | 34,000 | 34,000 | ||||||
| Amortization of internal-use software hosting subscription implementation costs | 5,000 | 5,000 | ||||||
| Interest expense | 5,550 | 4,800 | ||||||
| Income tax expense | (2,400 | ) | (750 | ) | ||||
| EBITDA (non-GAAP) | $ | 34,750 | $ | 40,750 | ||||
| Stock based compensation | 4,250 | 4,250 | ||||||
| Adjusted EBITDA (non-GAAP) | $ | 39,000 | $ | 45,000 | ||||
Photos accompanying this announcement are available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/bb9fcddb-6fd2-4ccf-aa20-ac9b3aee3a62
https://www.globenewswire.com/NewsRoom/AttachmentNg/ac8f4fb5-148d-4595-87b7-91fe6565bf28
FAQ
What was Duluth Holdings Inc.'s diluted EPS in the fourth quarter?
How much did the women's business grow in the fourth quarter?
What was the net loss for Duluth Holdings Inc. in the fiscal year?
What was the percentage increase in direct-to-consumer net sales in the fourth quarter?
What was the gross profit margin rate in the fourth quarter?
What was the cash balance for Duluth Holdings Inc. at the end of the quarter?
What is the fiscal 2024 outlook for Duluth Holdings Inc. in terms of net sales?
When will the conference call and webcast be held to discuss the results and outlook?
