MOUNT HOREB, Wis., Feb. 12, 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 that it made an inducement grant to Ms. Heena Agrawal in connection with her employment as the Company's new Senior Vice President and Chief Financial Officer, effective February 12, 2024. The Company granted 94,000 shares of restricted stock wit ...

Duluth Holdings Inc. (NASDAQ:DLTH) Q3 2023 Results Conference Call November 30, 2023 9:30 AM ET Company Participants Nitza McKee - IR Sam Sato - President, CEO and Director Mike Murphy - VP, Chief Accounting Officer & Interim CFO Conference Call Participants Janine Stichter - BTIG Jonathan Komp - Baird Dylan Carden - William Blair Operator Good morning, and welcome to the Duluth Holdings Inc Third Quarter 2023 Earnings Conference Call. All participants are in a listen only mode. [Operator Instructions] Afte ...

Part I—Financial Information [Item 1. Financial Statements](index=3&type=section&id=Item%201.%20Financial%20Statements) The company's financial statements for the period ended October 29, 2023, show a decrease in net sales and an increase in net loss compared to the prior year, with key balance sheet changes including a significant drop in cash, an increase in inventory, and the utilization of the line of credit [Condensed Consolidated Balance Sheets](index=3&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) As of October 29, 2023, total assets were $526.0 million, a slight decrease from $527.5 million at January 29, 2023, with key changes including a decrease in cash and cash equivalents from $45.5 million to $8.2 million, and an increase in inventory from $154.9 million to $174.0 million, alongside a $36.0 million draw on the Duluth line of credit | (Amounts in millions) | October 29, 2023 | January 29, 2023 | | :--- | :--- | :--- | | **Total current assets** | $203.5 | $221.7 | | **Total assets** | **$526.0** | **$527.5** | | **Total current liabilities** | $141.2 | $118.3 | | **Total liabilities** | $312.1 | $300.3 | | **Total shareholders' equity** | $213.9 | $227.2 | | **Total liabilities and shareholders' equity** | **$526.0** | **$527.5** | - Cash and cash equivalents decreased significantly to **$8.2 million** from **$45.5 million** at the beginning of the fiscal year[9](index=9&type=chunk) - Inventory increased to **$174.0 million** from **$154.9 million**, while a **$36.0 million** balance appeared on the Duluth line of credit[9](index=9&type=chunk)[12](index=12&type=chunk) [Condensed Consolidated Statements of Operations](index=5&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) For the third quarter ended October 29, 2023, net sales decreased to $138.2 million from $147.1 million year-over-year, resulting in a net loss of $10.5 million, compared to a $6.2 million loss in the same period last year, with the nine-month period showing net sales falling to $401.1 million from $411.5 million and the net loss widening to $16.4 million from $5.2 million year-over-year | (Amounts in millions) | Three Months Ended Oct 29, 2023 | Three Months Ended Oct 30, 2022 | Nine Months Ended Oct 29, 2023 | Nine Months Ended Oct 30, 2022 | | :--- | :--- | :--- | :--- | :--- | | **Net sales** | $138.2 | $147.1 | $401.1 | $411.5 | | **Gross profit** | $69.4 | $76.9 | $206.5 | $219.6 | | **Operating loss** | $(12.4) | $(7.4) | $(18.4) | $(4.5) | | **Net loss attributable to controlling interest** | $(10.5) | $(6.2) | $(16.3) | $(5.1) | | **Net loss per share (Basic & Diluted)** | $(0.32) | $(0.19) | $(0.50) | $(0.16) | [Condensed Consolidated Statements of Cash Flows](index=9&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) For the nine months ended October 29, 2023, net cash used in operating activities was $31.0 million, a significant outflow driven by a net loss of $16.4 million and a $19.0 million increase in inventory, while net cash used in investing activities was $39.8 million, primarily for property and equipment purchases, and net cash provided by financing activities was $33.5 million, largely from proceeds from the line of credit, resulting in a decrease in cash and cash equivalents of $37.4 million | (Amounts in millions) | Nine Months Ended Oct 29, 2023 | Nine Months Ended Oct 30, 2022 | | :--- | :--- | :--- | | **Net cash used in operating activities** | $(31.0) | $(51.0) | | **Net cash used in investing activities** | $(39.8) | $(24.1) | | **Net cash provided by financing activities** | $33.5 | $7.5 | | **Decrease in cash and cash equivalents** | $(37.4) | $(67.6) | | **Cash and cash equivalents at end of period** | $8.2 | $9.4 | [Notes to Condensed Consolidated Financial Statements](index=10&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) The notes detail the company's accounting policies, business operations, and financial arrangements, including the disaggregation of revenue by channel showing declines in both direct-to-consumer and store sales, and outlining its debt structure, including a $200 million revolving credit facility with $36 million drawn as of the reporting date - The company operates as a single reportable segment with an omnichannel business approach, selling men's and women's casual wear, workwear, and accessories[29](index=29&type=chunk)[30](index=30&type=chunk) | (Amounts in millions) | Three Months Ended Oct 29, 2023 | Three Months Ended Oct 30, 2022 | | :--- | :--- | :--- | | Direct-to-consumer | $87.0 | $91.0 | | Stores | $51.2 | $56.1 | | **Total** | **$138.2** | **$147.1** | - The company's credit agreement provides for borrowings up to **$200.0 million**; as of October 29, 2023, the company had **$36.0 million** outstanding on its line of credit and was in compliance with all covenants[55](index=55&type=chunk)[56](index=56&type=chunk)[51](index=51&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=21&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management attributes the 6.1% decrease in Q3 net sales to declines in store traffic, partially offset by improved online conversion rates, with gross margin contracting from 52.3% to 50.2% due to a lower mix of full-price sales, and SG&A expenses decreasing slightly due to lower advertising spend, resulting in a net loss of $10.5 million for the quarter and an Adjusted EBITDA of negative $1.6 million, while liquidity relies on cash from operations and its credit facility, with approximately $55.0 million in capital expenditures planned for fiscal 2023 [Results of Operations](index=23&type=section&id=Results%20of%20Operations) For the third quarter of fiscal 2023, net sales fell 6.1% to $138.2 million, driven by lower store traffic, with gross margin declining by 210 basis points to 50.2% due to increased promotional activity, and SG&A expenses decreasing by 2.9% to $81.8 million, leading to a net loss of $10.5 million for the quarter and $16.3 million for the nine months - Q3 net sales decreased by **$8.9 million** (6.1%) to **$138.2 million**, primarily due to declines in store traffic[112](index=112&type=chunk) - Q3 gross margin decreased to **50.2%** from **52.3%** in the prior year, driven by a lower mix of full-price sales compared to promotional sales[114](index=114&type=chunk) - Q3 SG&A expenses decreased by **$2.5 million** (2.9%) due to reduced advertising spending and fulfillment efficiencies, partially offset by higher personnel costs and depreciation[115](index=115&type=chunk)[116](index=116&type=chunk) [Reconciliation of Net Loss to Adjusted EBITDA](index=25&type=section&id=Reconciliation%20of%20Net%20Loss%20to%20Adjusted%20EBITDA) Adjusted EBITDA, a non-GAAP measure, decreased to a loss of $1.6 million in the third quarter of 2023 from a positive $1.7 million in the same period of 2022, and for the nine-month period, Adjusted EBITDA fell to $12.3 million from $22.9 million year-over-year, reflecting lower sales and gross profit | (Amounts in millions) | Three Months Ended Oct 29, 2023 | Three Months Ended Oct 30, 2022 | Nine Months Ended Oct 29, 2023 | Nine Months Ended Oct 30, 2022 | | :--- | :--- | :--- | :--- | :--- | | **Net loss** | $(10.5) | $(6.2) | $(16.4) | $(5.2) | | **EBITDA** | $(2.6) | $1.0 | $9.0 | $20.9 | | **Adjusted EBITDA** | **$(1.6)** | **$1.7** | **$12.3** | **$22.9** | [Liquidity and Capital Resources](index=26&type=section&id=Liquidity%20and%20Capital%20Resources) The company's primary liquidity sources are cash from operations and its credit facility, with working capital at $62.3 million as of October 29, 2023, including $8.2 million in cash, and net cash used in operating activities for the first nine months of fiscal 2023 totaling $31.0 million, while capital expenditures for fiscal 2023 are expected to be approximately $55.0 million, focused on logistics and IT investments - The company's primary sources of liquidity are cash from operating activities and its credit facility[130](index=130&type=chunk) - Capital expenditures for fiscal 2023 are expected to be approximately **$55.0 million**, primarily for investments in logistics optimization and information technology[131](index=131&type=chunk) - For the nine months ended October 29, 2023, net cash used in operating activities was **$31.0 million**, while net cash provided by financing activities was **$33.5 million**, mainly from **$36.0 million** in net borrowings under the revolving line of credit[134](index=134&type=chunk)[136](index=136&type=chunk)[140](index=140&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=27&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company states that there have been no significant changes in the market risks described in its Annual Report on Form 10-K for the fiscal year ended January 29, 2023, with the primary market risk relating to interest rate fluctuations on borrowings under its credit agreement - There have been no significant changes in the market risks from those disclosed in the company's 2022 Form 10-K[147](index=147&type=chunk) [Item 4. Controls and Procedures](index=27&type=section&id=Item%204.%20Controls%20and%20Procedures) Based on an evaluation as of the end of the quarter, the Chief Executive Officer and Interim Chief Financial Officer concluded that the company's disclosure controls and procedures were effective, with no material changes in internal control over financial reporting during the quarter - Management, including the CEO and Interim CFO, concluded that as of October 29, 2023, the company's disclosure controls and procedures were effective[148](index=148&type=chunk) - No changes occurred during the quarter that have materially affected, or are reasonably likely to materially affect, the company's internal control over financial reporting[149](index=149&type=chunk) Part II—Other Information [Item 1. Legal Proceedings](index=28&type=section&id=Item%201.%20Legal%20Proceedings) The company is not currently party to any legal proceedings that it believes would have a material adverse effect on its business, financial condition, or results of operations - The company is not presently a party to any legal proceedings expected to have a material adverse effect on its business[150](index=150&type=chunk) [Item 1A. Risk Factors](index=28&type=section&id=Item%201A.%20Risk%20Factors) There have been no material changes to the company's risk factors as previously disclosed in its Annual Report on Form 10-K for the fiscal year 2022 - No material changes to the company's risk factors have occurred since the filing of its fiscal 2022 Annual Report on Form 10-K[151](index=151&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=28&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company did not sell any unregistered equity securities during the quarter, but did acquire 1,702 shares from employees at an average price of $6.10 per share to satisfy minimum tax withholding requirements upon the vesting of restricted stock - During the three months ended October 29, 2023, the company acquired a total of **1,702 shares** from employees to satisfy tax withholding obligations related to vested restricted stock[152](index=152&type=chunk)[153](index=153&type=chunk) [Item 6. Exhibits](index=29&type=section&id=Item%206.%20Exhibits) This section lists the exhibits filed with the Form 10-Q, including CEO and CFO certifications and XBRL data files - The report includes certifications from the CEO and Interim CFO as required by the Sarbanes-Oxley Act, as well as XBRL financial data[155](index=155&type=chunk)

Duluth Holdings Inc. (NASDAQ:DLTH) Q2 2023 Results Conference Call August 31, 2023 9:30 AM ET Company Participants Nitza McKee - IR Sam Sato - President and CEO Dave Loretta - SVP and CFO Conference Call Participants Janine Stichter - BTIG Jonathan Komp - Baird Jim Duffy - Stifel Dylan Carden - William Blair Operator Good morning, and welcome to the Duluth Holdings Second Quarter 2023 Conference Call. [Operator Instructions] Please note, this event is being recorded. I would now like to turn the conference ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 _________________________________________ 201 East Front Street Mount Horeb, Wisconsin 53572 (Address of principal executive offices) (Zip Code) FORM 10-Q _________________________________________ þ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended July 30, 2023 OR o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transi ...

| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |-------|-------|-------|-------|-------|-------|---------------------------------------------------------|-------|-------|-------|-------|-------|-------| | | | | | | | | | | | | | | | | | | | | | Investor Presentation First Quarter 2023 June 1, 2023 | | | | | | | | | | | | | | | | | | | | | Disclaimer Forward-Looking Statements This presentation dated June 1, 2023 includes "forward-looking statements" within the meaning of the ...

Duluth Holdings Inc. (NASDAQ:DLTH) Q1 2023 Earnings Conference Call June 1, 2023 9:30 AM ET Company Participants Nitza McKee - Investor Relations Sam Sato - President and Chief Executive Officer Dave Loretta - Senior Vice President and Chief Financial Officer Conference Call Participants Ethan Saghi - BTIG Jonathan Komp - Baird Peter McGoldrick - Stifel Dylan Carden - William Blair Operator Good day, and welcome to the Duluth Holdings Inc. First Quarter 2023 Conference Call. [Operator Instructions] I would ...

Financial Performance - Net sales increased by $0.9 million, or 0.7%, to $123.8 million in the first quarter of fiscal 2023 compared to $122.9 million in the same period of fiscal 2022[108] - Net loss attributable to controlling interest was $3.9 million in the first quarter of fiscal 2023, compared to a net loss of $1.3 million in the same period of fiscal 2022[114] - Adjusted EBITDA decreased to $5.3 million in the first quarter of fiscal 2023, down from $7.9 million in the same period of fiscal 2022[102] - Gross profit decreased by $1.4 million, or 2.1%, to $65.7 million in the first quarter of fiscal 2023, with a gross margin of 53.0% compared to 54.6% in the prior year[110] - Selling, general and administrative expenses increased by $2.2 million, or 3.2%, to $70.2 million in the first quarter of fiscal 2023, representing 56.7% of net sales[111] - Adjusted EBITDA decreased by $2.6 million to $5.3 million for the three months ended April 30, 2023, compared to $7.9 million for the same period in 2022, representing a decline from 6.4% to 4.3% of net sales[117] - Net loss for the three months ended April 30, 2023, was $3.9 million, compared to a net loss of $1.3 million for the same period in 2022[116] Sales Performance - Store market net sales increased by $0.3 million, or 0.3%, to $85.4 million in the first quarter of fiscal 2023[109] - Non-store market net sales increased by $0.6 million, or 1.7%, to $37.4 million in the first quarter of fiscal 2023[109] Tax and Working Capital - The effective tax rate related to controlling interest was 27% for the first quarter of fiscal 2023, compared to 25% for the same period in fiscal 2022[113] - As of April 30, 2023, the company's net working capital was $88.7 million, including $9.2 million in cash and cash equivalents[118] Cash Flow and Investments - Net cash used in operating activities was $14.0 million for the three months ended April 30, 2023, down from $31.7 million in the same period in 2022[122] - Net cash used in investing activities increased to $21.3 million for the three months ended April 30, 2023, compared to $3.8 million for the same period in 2022, primarily due to investments in the fulfillment network and information technology[126] - The company expects to spend approximately $55.0 million on capital expenditures in fiscal 2023, focusing on logistics optimization and information technology[119] - Cash flow from operating activities is anticipated to be sufficient to cover working capital requirements and capital expenditures for the foreseeable future[120] - Net cash used in financing activities was $1.0 million for the three months ended April 30, 2023, similar to $1.1 million in the same period in 2022[128] Inventory and Payables - The company experienced a $21.1 million decrease in trade accounts payable during the three months ended April 30, 2023[124] - The company reported a $10.0 million decrease in inventory for the three months ended April 30, 2023[124] Operational Outlook - The company anticipates continued high inflation impacting operational and financial performance in the near term[98] - The company operated 62 retail stores and three outlet stores as of April 30, 2023[93]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K x ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Fiscal Year Ended January 29, 2023 OR TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file No. 001-37641 DULUTH HOLDINGS INC. (Exact name of registrant as specified in its charter) | Wisconsin | | 39-1564801 | | --- | --- | --- | | (State or other j ...

Duluth Holdings Inc. (NASDAQ:DLTH) Q4 2022 Earnings Conference Call March 9, 2023 9:30 AM ET Company Participants Nitza McKee - Investor Relations Sam Sato - President and Chief Executive Officer Dave Loretta - Senior Vice President and Chief Financial Officer Conference Call Participants Jonathan Komp - Robert W. Baird & Co. James Duffy - Stifel, Nicolaus & Company, Inc. Janine Stichter - BTIG Dylan Carden - William Blair & Company LLC Operator Good day, and welcome to the Duluth Holdings Fourth Quarter 20 ...