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Duluth Holdings Inc. Announces Fourth Quarter and Fiscal 2024 Financial Results
DLTHDuluth (DLTH) GlobeNewswire·2025-03-13 09:45

Core Insights - Duluth Holdings Inc. reported net sales of 241.3millionforthefourthquarterand241.3 million for the fourth quarter and 626.6 million for the full fiscal year, reflecting a decrease from the previous year [1][6] - The company experienced a net loss of 5.6millioninthefourthquarterand5.6 million in the fourth quarter and 43.6 million for the full fiscal year, compared to a net income of 6.8millionintheprior−yearfourthquarter[6][10]−DuluthTradingendedthequarterwithliquidityof6.8 million in the prior-year fourth quarter [6][10] - Duluth Trading ended the quarter with liquidity of 103.3 million and no debt on its credit facility [1] Financial Performance - Fourth quarter net sales decreased by 1.8% to 241.3millionfrom241.3 million from 245.6 million in the same period last year [10] - Direct-to-consumer net sales increased by 0.4% to 172.9million,whileretailstorenetsalesdecreasedby6.9172.9 million, while retail store net sales decreased by 6.9% to 68.4 million [10] - Gross profit for the fourth quarter decreased by 10.1% to 106.5million,representing44.1106.5 million, representing 44.1% of net sales, down from 48.2% in the prior year [11] - Selling, general and administrative expenses increased by 1.5% to 110.7 million, with a notable increase in expenses as a percentage of net sales [12] Adjusted Metrics - Adjusted net loss for the fourth quarter was 1.5million,excludingsoftwareimpairmentanddeferredtaxassetvaluationallowance[6]−AdjustedEBITDAforthefourthquarterwas1.5 million, excluding software impairment and deferred tax asset valuation allowance [6] - Adjusted EBITDA for the fourth quarter was 8.5 million, down from 20.9millionintheprioryear[6]−Forthefullfiscalyear,adjustednetlosswas20.9 million in the prior year [6] - For the full fiscal year, adjusted net loss was 23.6 million, with adjusted EBITDA of 14.6million,reflecting2.314.6 million, reflecting 2.3% of net sales [6] Inventory and Operational Strategy - Total inventory increased compared to last year, but a higher unit velocity during peak sales periods helped reduce seasonal and clearance inventory [7] - The company plans to expand its product offerings, including new collections and collaborations, to enhance its market presence [8][9] Future Outlook - Duluth Trading provided a fiscal 2025 outlook with projected net sales in the range of 570 million to 595millionandadjustedEBITDAbetween595 million and adjusted EBITDA between 20 million and $25 million [20] - The company aims to focus on strategic initiatives and operational improvements to enhance performance in the upcoming year [9]