Duluth (US:DLTH)2025-06-05 12:29Financial Performance - Net sales for the first quarter of fiscal 2025 were $102.7 million, a decrease of 12.0% compared to $116.7 million in the same period last year[6] - The company reported a net loss of $15.3 million, with an adjusted net loss of $10.8 million, compared to a net loss of $7.9 million in the prior year first quarter[6] - Adjusted EBITDA decreased by $5.6 million to ($3.8) million, representing (3.7%) of net sales[6] - Net sales for the three months ended May 4, 2025, were $102,704, a decrease of 12% compared to $116,684 for the same period in 2024[28] - Gross profit for the same period was $53,355, down 13% from $61,624 year-over-year[28] - The company reported a net loss of $15,264 for the three months ended May 4, 2025, compared to a net loss of $7,865 in the prior year[28] - Operating loss for the three months ended May 4, 2025, was $12,352, compared to an operating loss of $8,971 in the same period last year[28] - The company reported a net cash used in operating activities of $56,463 for the three months ended May 4, 2025, compared to $33,666 in the prior year[30] Sales Channels - Direct-to-consumer net sales decreased by 17.1% to $62.6 million, primarily due to lower site traffic[8] - Retail store net sales decreased by 2.6% to $40.2 million, attributed to slower store traffic[8] Profitability Metrics - Gross profit margin decreased by 80 basis points to 52.0%, with gross profit declining to $53.4 million from $61.6 million in the prior year[9] - Adjusted net loss attributable to controlling interest was $10,756, translating to an adjusted net loss per share of $0.32[35] Expenses and Liabilities - Selling, general and administrative expenses decreased by 6.9% to $65.7 million, representing 64.0% of net sales[10] - Total current assets increased to $211,124 as of May 4, 2025, from $191,631 a year earlier, reflecting a growth of 10%[25] - Total liabilities rose to $298,812, up 10% from $272,763 in the previous year[25] - The company experienced a significant increase in interest expense, which rose to $1,481 from $993 year-over-year[28] Cash Position - The company ended the quarter with $8.6 million in cash and cash equivalents and $44.6 million in total liquidity[11] - Cash and cash equivalents at the end of the period were $8,579, an increase from $6,799 at the end of the same period last year[30] Strategic Focus - The company is maintaining its previously issued fiscal 2025 financial guidance, with updates to be provided as macroeconomic conditions change[12] - Management is focused on business simplification and enhancing brand awareness, product innovation, and customer service to drive shareholder value[4]