Duluth (DLTH)

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Duluth (DLTH) - 2025 Q1 - Quarterly Results
2024-05-30 12:05
Exhibit 99.1 Duluth Holdings Inc. Announces First Quarter 2024 Financial Results Net sales of $116.7 million Inventory composition is healthy with 93% in current products Strong financial condition with $196 million of liquidity Updated Fiscal 2024 outlook for Net Sales, EPS and Adjusted EBITDA MOUNT HOREB, WI – May 30, 2024 – 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 an ...
Duluth Holdings (DLTH) Reports Q1 Loss, Misses Revenue Estimates
ZACKS· 2024-05-30 12:05
Duluth Holdings (DLTH) came out with a quarterly loss of $0.24 per share versus the Zacks Consensus Estimate of a loss of $0.14. This compares to loss of $0.12 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of -71.43%. A quarter ago, it was expected that this clothing and tools supplier would post earnings of $0.27 per share when it actually produced earnings of $0.21, delivering a surprise of -22.22%. Over the last four quarte ...
Duluth Holdings Inc. Announces First Quarter 2024 Financial Results
globenewswire.com· 2024-05-30 09:45
Net sales of $116.7 million Inventory composition is healthy with 93% in current products Strong financial condition with $196 million of liquidity Updated Fiscal 2024 outlook for Net Sales, EPS and Adjusted EBITDA MOUNT HOREB, Wis., May 30, 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 f ...
Duluth Holdings Inc. Announces First Quarter 2024 Financial Results
Newsfilter· 2024-05-30 09:45
MOUNT HOREB, Wis., May 30, 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 first quarter ended April 28, 2024. Summary of the First Quarter Ended April 28, 2024 ¹See Reconciliation of net loss to EBITDA and EBITDA to Adjusted EBITDA in the accompanying financial tables. Management Co ...
Duluth Holdings Inc. to Report First Quarter 2024 Financial Results on May 30
Newsfilter· 2024-05-16 09:45
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 exclusi ...
Duluth Holdings Inc. to Report First Quarter 2024 Financial Results on May 30
globenewswire.com· 2024-05-16 09:45
MOUNT HOREB, Wis., May 16, 2024 (GLOBE NEWSWIRE) -- Duluth Holdings Inc. (dba, Duluth Trading Company) ("Duluth Trading") (NASDAQ:DLTH), a lifestyle brand of men's and women's casual wear, workwear and accessories, today announced that it will report first quarter 2024 financial results before market on Thursday, May 30, 2024. A conference call and audio webcast with analysts and investors will be held on Thursday, May 30, 2024 at 9:30 am Eastern Time, to discuss the results and answer questions. Live confe ...
Duluth Holdings: A Lot Of Untapped Potential
Seeking Alpha· 2024-04-12 15:23
Joe Hendrickson Introduction Duluth Holdings (NASDAQ:DLTH) has clearly seen more and more pessimism from the market since reaching a share price of ~$19 in 2021. Since then, there’s been simply a linear trajectory downwards to their current share price under $5 today. And from a superficial angle, that’s understandable considering the subsequent sales declines and minimal cash flow since. However, I think there's more to the story than what meets the eye of a casual observer. Underlying Duluth is what I ...
Are Investors Undervaluing Duluth Holdings (DLTH) Right Now?
Zacks Investment Research· 2024-04-11 14:46
Here at Zacks, our focus is on the proven Zacks Rank system, which emphasizes earnings estimates and estimate revisions to find great stocks. Nevertheless, we are always paying attention to the latest value, growth, and momentum trends to underscore strong picks.Considering these trends, value investing is clearly one of the most preferred ways to find strong stocks in any type of market. Value investors use fundamental analysis and traditional valuation metrics to find stocks that they believe are being un ...
Looking for a Growth Stock? 3 Reasons Why Duluth Holdings (DLTH) is a Solid Choice
Zacks Investment Research· 2024-04-01 17:46
Growth investors focus on stocks that are seeing above-average financial growth, as this feature helps these securities garner the market's attention and deliver solid returns. But finding a growth stock that can live up to its true potential can be a tough task.By their very nature, these stocks carry above-average risk and volatility. Moreover, if a company's growth story is over or nearing its end, betting on it could lead to significant loss.However, it's pretty easy to find cutting-edge growth stocks w ...
Duluth (DLTH) - 2024 Q4 - Annual Report
2024-03-22 20:42
Part I [Business](index=6&type=section&id=ITEM%201.%20BUSINESS) Duluth Holdings is an omnichannel lifestyle brand for workwear and casual apparel, operating 62 retail stores and three outlets, with a digital-first growth strategy and seasonal sales - Duluth Trading is a lifestyle brand for workwear and casual apparel, operating **62 retail stores and three outlet stores** as of January 28, 2024[20](index=20&type=chunk) - The company's **"Big Dam Blueprint"** growth strategy emphasizes a digital-first approach, optimizing retail channels, evolving into a multi-brand business, and investing in capabilities and infrastructure[23](index=23&type=chunk)[25](index=25&type=chunk) - The company does not own manufacturing facilities and relies on third-party vendors; in fiscal 2023, **59% of purchases** came from its largest supplier, an agent partner in Hong Kong[36](index=36&type=chunk) - As of January 28, 2024, the company employed **950 full-time and 1,373 part-time** and flexible part-time employees[43](index=43&type=chunk) - The business experiences **significant seasonality**, with the highest net sales and net income typically occurring in the **fourth fiscal quarter** due to the holiday sales period[44](index=44&type=chunk) [Risk Factors](index=11&type=section&id=ITEM%201A.%20RISK%20FACTORS) The company faces strategic, operational, financial, and legal risks, including supply chain reliance, data security, consumer spending sensitivity, and internal control weaknesses - Strategic risks include failing to offer products customers want, inability to maintain a strong brand image, challenges with geographic expansion, and intense competition in the apparel industry[49](index=49&type=chunk)[52](index=52&type=chunk)[55](index=55&type=chunk)[63](index=63&type=chunk) - Operational risks include reliance on foreign merchandise sources, potential disruptions in shipping and delivery, dependence on e-commerce, price fluctuations of raw materials, and data security breaches[72](index=72&type=chunk)[74](index=74&type=chunk)[78](index=78&type=chunk) - Financial risks are tied to consumer spending levels, which are sensitive to economic conditions, and the company's dependence on cash generated from operations to support growth[96](index=96&type=chunk)[98](index=98&type=chunk) - The dual-class stock structure concentrates **over 50% of voting power** with the Chairman, Stephen L. Schlecht, limiting the influence of Class B shareholders[114](index=114&type=chunk) - A **material weakness** in internal control over financial reporting was identified for the fiscal year ended January 28, 2024, related to ineffective risk assessment in the financial reporting process[119](index=119&type=chunk)[122](index=122&type=chunk) [Unresolved Staff Comments](index=24&type=section&id=ITEM%201B.%20UNRESOLVED%20STAFF%20COMMENTS) The company reports no unresolved staff comments - None[129](index=129&type=chunk) [Cybersecurity](index=25&type=section&id=ITEM%201C.%20CYBERSECURITY) Cybersecurity governance is overseen by the audit committee, with risk management processes including annual assessments and third-party testing - The audit committee of the board of directors has oversight of cybersecurity risk, reviewing the threat landscape, mitigation strategies, and response plans[132](index=132&type=chunk) - The company uses various measures to manage cybersecurity risk, including self-assessments based on the **ISO/IEC 33004:2015 model**, third-party penetration testing, and vendor risk assessments[135](index=135&type=chunk) - In fiscal 2023, the company did not identify any **no cybersecurity threats** that have materially affected or are reasonably likely to materially affect its business strategy, results of operations, or financial condition[137](index=137&type=chunk) [Properties](index=26&type=section&id=ITEM%202.%20PROPERTIES) As of January 28, 2024, the company operates 62 leased retail stores, 3 outlet stores, and multiple owned and leased fulfillment centers and offices Company Facilities as of January 28, 2024 | Facility Type | Count | Primary Locations | Ownership | | :--- | :--- | :--- | :--- | | Retail Stores | 62 | Nationwide | Leased | | Outlet Stores | 3 | Belleville, WI; Oshkosh, WI; Red Wing, MN | 1 Owned, 2 Leased | | Corporate Headquarters | 1 | Mount Horeb, WI | Leased | | Fulfillment Centers | 4 | Belleville, WI; Dubuque, IA; Adairsville, GA; Salt Lake City, UT | 1 Owned, 3 Leased | [Legal Proceedings](index=27&type=section&id=ITEM%203.%20LEGAL%20PROCEEDINGS) The company is not currently party to any legal proceedings expected to have a material adverse effect on its business - The company is not presently party to any legal proceedings expected to have a material adverse effect on its business[140](index=140&type=chunk) [Mine Safety Disclosures](index=27&type=section&id=ITEM%204.%20MINE%20SAFETY%20DISCLOSURES) This item is not applicable to the company - Not applicable[141](index=141&type=chunk) [Information about our Executive Officers](index=28&type=section&id=Information%20about%20our%20Executive%20Officers) This section provides biographical information for the company's executive officers, including the President and CEO, and the new CFO appointed in February 2024 - Samuel M. Sato serves as the President and Chief Executive Officer[144](index=144&type=chunk) - Heena K. Agrawal was appointed Senior Vice President and Chief Financial Officer in February 2024[144](index=144&type=chunk) Part II [Market for Registrant's Common Equity, Related Shareholder Matters and Issuer Purchases of Equity Securities](index=29&type=section&id=ITEM%205.%20MARKET%20FOR%20THE%20REGISTRANT%27S%20COMMON%20EQUITY%2C%20RELATED%20SHAREHOLDER%20MATTERS%20AND%20ISSUER%20PURCHASES%20OF%20EQUITY%20SECURITIES) The company's Class B common stock trades on NASDAQ under "DLTH", while Class A is not publicly traded, and no cash dividends are anticipated - Class B common stock trades on NASDAQ under the symbol **"DLTH"**; Class A common stock is not traded[147](index=147&type=chunk) - The company has not declared cash dividends and does not anticipate declaring any in the foreseeable future[149](index=149&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=30&type=section&id=ITEM%207.%20MANAGEMENT%27S%20DISCUSSION%20AND%20ANALYSIS%20OF%20FINANCIAL%20CONDITION%20AND%20RESULTS%20OF%20OPERATIONS) Fiscal 2023 saw a 1.0% net sales decrease to $646.7 million and a net loss of $9.4 million, with gross margin declining and operating cash flow improving Fiscal 2023 vs. Fiscal 2022 Performance (in millions) | Metric | Fiscal 2023 ($) | Fiscal 2022 ($) | Change | | :--- | :--- | :--- | :--- | | Net Sales | 646.7 | 653.3 | -1.0% | | Gross Profit | 325.0 | 343.4 | -5.4% | | Gross Margin | 50.3% | 52.6% | -230 bps | | Operating (Loss) Income | (8.8) | 6.2 | -241.7% | | Net (Loss) Income | (9.4) | 2.2 | -517.3% | | Adjusted EBITDA | 33.4 | 43.5 | -23.2% | Cash Flow Summary (in thousands) | Cash Flow Activity | Fiscal 2023 | Fiscal 2022 | | :--- | :--- | :--- | | Net cash provided by (used in) operating activities | $38,673 | ($1,396) | | Net cash used in investing activities | ($48,718) | ($26,873) | | Net cash used in financing activities | ($3,346) | ($3,234) | - The decrease in gross margin was primarily due to a lower mix of full-price sales as customer purchasing activity increased during promotional periods[174](index=174&type=chunk) - The company expects to spend approximately **$25.2 million** on capital expenditures in fiscal 2024, down from **$53.2 million** in fiscal 2023[187](index=187&type=chunk) [Financial Statements and Supplementary Data](index=39&type=section&id=ITEM%208.%20FINANCIAL%20STATEMENTS%20AND%20SUPPLEMENTARY%20DATA) This section presents audited financial statements, an unqualified audit opinion on financials, an adverse opinion on internal controls due to a material weakness, and key financial highlights - The independent auditor, KPMG LLP, issued an **unqualified opinion** on the consolidated financial statements but an **adverse opinion** on the effectiveness of internal control over financial reporting as of January 28, 2024[223](index=223&type=chunk)[234](index=234&type=chunk) - A **material weakness** was identified related to the mapping of general ledger accounts to the consolidated financial statements[236](index=236&type=chunk) - The auditor identified the assessment of the **product return reserve** as a critical audit matter, requiring a high degree of judgment[228](index=228&type=chunk) Consolidated Financial Highlights (in thousands) | Metric | Jan 28, 2024 | Jan 29, 2023 | | :--- | :--- | :--- | | **Balance Sheet** | | | | Cash and cash equivalents | $32,157 | $45,548 | | Inventory, net | $125,757 | $154,922 | | Total Assets | $490,453 | $527,454 | | Total Liabilities | $268,279 | $300,257 | | Total Shareholders' Equity | $222,174 | $227,197 | | **Operations** | | | | Net Sales | $646,681 | $653,307 | | Net (Loss) Income | ($9,373) | $2,246 | | Diluted EPS | ($0.28) | $0.07 | [Changes in and Disagreements with Accountants on Accounting and Financial Disclosure](index=67&type=section&id=ITEM%209.%20CHANGES%20IN%20AND%20DISAGREEMENTS%20WITH%20ACCOUNTANTS%20ON%20ACCOUNTING%20AND%20FINANCIAL%20DISCLOSURE) The company reports no disagreements with its accountants regarding accounting principles, financial disclosure, or auditing scope - None[361](index=361&type=chunk) [Controls and Procedures](index=67&type=section&id=ITEM%209A.%20CONTROLS%20AND%20PROCEDURES) Disclosure controls and procedures were deemed ineffective due to a material weakness in internal control over financial reporting, with a remediation plan initiated - Disclosure controls and procedures were concluded to be **not effective** as of January 28, 2024, due to a **material weakness** in internal control over financial reporting[363](index=363&type=chunk) - The material weakness was identified as an **ineffective risk assessment** related to mapping general ledger accounts to the consolidated financial statements, which created a reasonable possibility of a material misstatement[367](index=367&type=chunk) - Management has initiated a **remediation plan** to simplify the account mapping process and design and implement new process-level controls[372](index=372&type=chunk) [Other Information](index=68&type=section&id=ITEM%209B.%20OTHER%20INFORMATION) The company reports no other information for this item - None[373](index=373&type=chunk) [Disclosure Regarding Foreign Jurisdictions that Prevent Inspections](index=68&type=section&id=ITEM%209C.%20DISCLOSURE%20REGARDING%20FOREIGN%20JURISDICTIONS%20THAT%20PREVENT%20INSPECTIONS) This item is not applicable to the company - Not applicable[373](index=373&type=chunk) Part III [Directors, Executive Officers and Corporate Governance](index=68&type=section&id=ITEM%2010.%20DIRECTORS%2C%20EXECUTIVE%20OFFICERS%20AND%20CORPORATE%20GOVERNANCE) Information on directors, executive officers, and corporate governance is incorporated by reference from the company's 2024 proxy statement - Information is incorporated by reference from the company's 2024 proxy statement[375](index=375&type=chunk) [Executive Compensation](index=68&type=section&id=ITEM%2011.%20EXECUTIVE%20COMPENSATION) Information on executive and director compensation is incorporated by reference from the company's 2024 proxy statement - Information is incorporated by reference from the company's 2024 proxy statement[379](index=379&type=chunk) [Security Ownership of Certain Beneficial Owners and Management and Related Shareholder Matters](index=69&type=section&id=ITEM%2012.%20SECURITY%20OWNERSHIP%20OF%20CERTAIN%20BENEFICIAL%20OWNERS%20AND%20MANAGEMENT%20AND%20RELATED%20SHAREHOLDER%20MATTERS) Information on security ownership by beneficial owners and management is incorporated by reference from the company's 2024 proxy statement - Information is incorporated by reference from the company's 2024 proxy statement[380](index=380&type=chunk) [Certain Relationships and Related Transactions, and Director Independence](index=69&type=section&id=ITEM%2013.%20CERTAIN%20RELATIONSHIPS%20AND%20RELATED%20TRANSACTIONS%20AND%20DIRECTOR%20INDEPENDENCE) Information on certain relationships, related party transactions, and director independence is incorporated by reference from the company's 2024 proxy statement - Information is incorporated by reference from the company's 2024 proxy statement[381](index=381&type=chunk) [Principal Accountant Fees and Services](index=69&type=section&id=ITEM%2014.%20PRINCIPAL%20ACCOUNTANT%20FEES%20AND%20SERVICES) Information on principal accountant fees and services is incorporated by reference from the company's 2024 proxy statement - Information is incorporated by reference from the company's 2024 proxy statement[381](index=381&type=chunk) Part IV [Exhibits, Financial Statement Schedules](index=70&type=section&id=ITEM%2015.%20EXHIBITS%2C%20FINANCIAL%20STATEMENTS%20AND%20SCHEDULE) This section lists financial statements, schedules, and exhibits filed with the Form 10-K, including corporate governance documents and certifications - This section provides an index of all exhibits filed with the Form 10-K, including the consent of the independent registered public accounting firm, certifications by the CEO and CFO, and various material agreements[385](index=385&type=chunk)[386](index=386&type=chunk)[387](index=387&type=chunk) [Form 10-K Summary](index=72&type=section&id=ITEM%2016.%20FORM%2010-K%20SUMMARY) This item is not applicable - Not applicable[388](index=388&type=chunk)