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
third quarter ended October 29, 2023.
Summary of the Third Quarter Ended October 29,
2023
- Net sales of $138.2 million compared to $147.1 million in the
prior year third quarter
- Women’s AKHG sub-brand net sales increase 19.0% compared to
prior year third quarter
- Inventory composition healthy and well managed, down 15.0%
compared to prior year third quarter
- Adjusted EBITDA1 of ($1.6) million
1See Reconciliation of net loss to EBITDA and EBITDA to Adjusted
EBITDA in the accompanying financial tables.
Management Commentary
President and CEO, Sam Sato commented, “Reflecting on what has
remained a dynamic consumer environment in which we continued to
see customers gravitating to value, our third quarter performance
was hampered by lower traffic in both our direct and retail
channels, as well as an underpenetrated position in spring-summer
goods following strong unit sell throughs during the second
quarter. That said, our overall inventory mix is strong with a
significantly higher level of newness and 30% less clearance
inventory. In addition to managing the business prudently on both
the inventory and expense fronts, we strategically pulsed a higher
than planned level of events combined with select pull forward
of fall-winter receipts enabling us to maintain high levels of
shopper conversion in-store, as well as improve our conversion and
retention rates in our direct channel.
We are not satisfied with our third quarter performance,
however, I am pleased to report that we have experienced a solid
trend improvement in our business over the Black Friday through
Cyber Monday period. Our decisive actions to improve the business,
including introducing more newness than we ever have, pulling
forward select spring 2024 product, and chasing targeted best
sellers to capitalize on winning products is paying off.”
Sato concluded, “Looking forward, we remain resolute on
executing the pillars of our Big Dam Blueprint. In fact, our new,
highly automated fulfillment center in Adairsville, GA is already
processing up to 60% of all online orders and store replenishment
volume. In addition to shortening delivery times, the enhanced
capabilities in this center will provide both labor and shipping
efficiency gains that will continue to build over time. Regarding
our sourcing and product innovation initiative, following the
onboarding of several team members, I am pleased to share
that we have recently hired a new Vice President of Sourcing;
someone with deep and extensive sourcing experience who previously
led large sourcing functions, including at J. Crew. This will
enable us to further accelerate this initiative to continue
bringing to market high quality, innovative products more
frequently, while increasing our speed to market at a reduced
cost.”
Operating Results for the Third Quarter Ended October
29, 2023
Net sales decreased 6.1% to $138.2 million, compared to $147.1
million in the same period a year ago. Direct to-consumer net sales
decreased by 4.4% to $87.0 million primarily driven by a slight
decline in site visits, partially offset by improved conversion
rates compared to the prior year. Retail store net sales decreased
by 8.8% to $51.2 million due to slower store traffic, partially
offset by a higher average transaction value during the
quarter.
Gross profit decreased to $69.4 million, or 50.2% of net sales,
compared to $76.9 million, or 52.3% of net sales, in the
corresponding prior year period. The decrease in gross profit
margin rate was primarily due to a lower mix of full price sales
amidst the continued promotional retail environment.
Selling, general and administrative expenses decreased 2.9% to
$81.8 million, compared to $84.3 million in the same period a year
ago. As a percentage of net sales, selling, general and
administrative expenses increased to 59.2%, compared to 57.3% in
the corresponding prior year period.
The decrease in selling, general and administrative expense was
due to a slight decrease in advertising spend and efficiencies
across the fulfillment center network, partially offset by higher
personnel costs and higher depreciation from foundational strategic
investments.
Balance Sheet and Liquidity
The Company ended the quarter with a cash balance of $8.2
million, net working capital of $62.3 million, and a $36 million
outstanding balance on the Duluth Trading $200 million revolving
line of credit.
End of period inventory of $174.0 million represented a 15.0%
decrease compared to prior period third quarter.
Updated Fiscal 2023 Outlook
The Company’s updated fiscal 2023 outlook is as follows:
- Net sales in the range of $640 million to $655 million
- Adjusted EBITDA1 in the range of $35 million to $39
million
- EPS in the range of ($0.25) to ($0.15) per diluted share
- Capital expenditures, inclusive of software hosting
implementation costs, of approximately $55 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, November 30, 2023 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 December 7, 2023: 877-344-7529 (domestic)
or 412-317-0088 (international)
- Replay access code:
2264991
- 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/10183402/fab2d33666 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 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 are
available 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). See attached Table
“Reconciliation of Net Loss to EBITDA and EBITDA to Adjusted
EBITDA,” for a reconciliation of net loss to EBITDA and EBITDA to
Adjusted EBITDA for the three and nine months ended October 29,
2023, versus the three and nine months ended October 30, 2022.
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.
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 adjusted results 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 “Updated Fiscal 2023 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) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
October 29, 2023 |
|
January 29, 2023 |
|
October 30, 2022 |
|
|
|
|
|
|
|
|
|
|
ASSETS |
|
|
|
|
|
|
|
|
|
Current Assets: |
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
8,177 |
|
|
$ |
45,548 |
|
|
$ |
9,407 |
|
Receivables |
|
|
5,679 |
|
|
|
6,041 |
|
|
|
6,466 |
|
Income tax receivable |
|
|
99 |
|
|
|
— |
|
|
|
1,452 |
|
Inventory, net |
|
|
173,966 |
|
|
|
154,922 |
|
|
|
204,717 |
|
Prepaid expenses & other current assets |
|
|
15,597 |
|
|
|
15,154 |
|
|
|
17,975 |
|
Total current assets |
|
|
203,518 |
|
|
|
221,665 |
|
|
|
240,017 |
|
Property and equipment,
net |
|
|
133,946 |
|
|
|
112,564 |
|
|
|
112,800 |
|
Operating lease right-of-use
assets |
|
|
125,125 |
|
|
|
131,753 |
|
|
|
135,164 |
|
Finance lease right-of-use
assets, net |
|
|
45,010 |
|
|
|
47,206 |
|
|
|
47,938 |
|
Available-for-sale
security |
|
|
4,867 |
|
|
|
5,539 |
|
|
|
5,285 |
|
Other assets, net |
|
|
9,861 |
|
|
|
8,727 |
|
|
|
6,446 |
|
Deferred tax assets |
|
|
3,686 |
|
|
|
— |
|
|
|
— |
|
Total assets |
|
$ |
526,013 |
|
|
$ |
527,454 |
|
|
$ |
547,650 |
|
LIABILITIES AND SHAREHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
|
|
|
Trade accounts payable |
|
$ |
53,522 |
|
|
$ |
56,547 |
|
|
$ |
77,842 |
|
Accrued expenses and other current liabilities |
|
|
31,776 |
|
|
|
40,815 |
|
|
|
34,795 |
|
Income taxes payable |
|
|
— |
|
|
|
1,761 |
|
|
|
— |
|
Current portion of operating lease liabilities |
|
|
16,067 |
|
|
|
15,571 |
|
|
|
15,095 |
|
Current portion of finance lease liabilities |
|
|
3,047 |
|
|
|
2,842 |
|
|
|
2,802 |
|
Duluth line of credit |
|
|
36,000 |
|
|
|
— |
|
|
|
10,000 |
|
Current maturities of TRI long-term debt1 |
|
|
827 |
|
|
|
768 |
|
|
|
749 |
|
Total current liabilities |
|
|
141,239 |
|
|
|
118,304 |
|
|
|
141,283 |
|
Operating lease liabilities,
less current maturities |
|
|
110,450 |
|
|
|
117,366 |
|
|
|
120,908 |
|
Finance lease liabilities,
less current maturities |
|
|
35,104 |
|
|
|
37,425 |
|
|
|
38,151 |
|
TRI long-term debt, less
current maturities1 |
|
|
25,346 |
|
|
|
25,913 |
|
|
|
26,099 |
|
Deferred tax liabilities |
|
|
— |
|
|
|
1,249 |
|
|
|
2,572 |
|
Total liabilities |
|
|
312,139 |
|
|
|
300,257 |
|
|
|
329,013 |
|
Shareholders' equity: |
|
|
|
|
|
|
|
|
|
Treasury stock |
|
|
(1,737 |
) |
|
|
(1,459 |
) |
|
|
(1,459 |
) |
Capital stock |
|
|
102,565 |
|
|
|
98,842 |
|
|
|
97,977 |
|
Retained earnings |
|
|
116,833 |
|
|
|
133,172 |
|
|
|
125,725 |
|
Accumulated other
comprehensive income, net |
|
|
(553 |
) |
|
|
(148 |
) |
|
|
(372 |
) |
Total shareholders' equity of Duluth Holdings Inc. |
|
|
217,108 |
|
|
|
230,407 |
|
|
|
221,871 |
|
Noncontrolling interest |
|
|
(3,234 |
) |
|
|
(3,210 |
) |
|
|
(3,234 |
) |
Total shareholders' equity |
|
|
213,874 |
|
|
|
227,197 |
|
|
|
218,637 |
|
Total liabilities and shareholders' equity |
|
$ |
526,013 |
|
|
$ |
527,454 |
|
|
$ |
547,650 |
|
1Represents debt of the variable interest entity, TRI Holdings,
LLC, that is consolidated in accordance with ASC 810,
Consolidation. Duluth Holdings Inc. 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 |
|
Nine Months Ended |
|
|
October 29, 2023 |
|
October 30, 2022 |
|
October 29, 2023 |
|
October 30, 2022 |
Net sales |
|
$ |
138,210 |
|
|
$ |
147,126 |
|
|
$ |
401,068 |
|
|
$ |
411,541 |
|
Cost of goods sold (excluding
depreciation and amortization) |
|
|
68,806 |
|
|
|
70,205 |
|
|
|
194,530 |
|
|
|
191,949 |
|
Gross profit |
|
|
69,404 |
|
|
|
76,921 |
|
|
|
206,538 |
|
|
|
219,592 |
|
Selling, general and
administrative expenses |
|
|
81,832 |
|
|
|
84,311 |
|
|
|
224,958 |
|
|
|
224,044 |
|
Operating loss |
|
|
(12,428 |
) |
|
|
(7,390 |
) |
|
|
(18,420 |
) |
|
|
(4,452 |
) |
Interest expense |
|
|
1,219 |
|
|
|
968 |
|
|
|
3,033 |
|
|
|
2,723 |
|
Other income, net |
|
|
47 |
|
|
|
56 |
|
|
|
304 |
|
|
|
180 |
|
Loss before income taxes |
|
|
(13,600 |
) |
|
|
(8,302 |
) |
|
|
(21,149 |
) |
|
|
(6,995 |
) |
Income tax benefit |
|
|
(3,126 |
) |
|
|
(2,059 |
) |
|
|
(4,786 |
) |
|
|
(1,770 |
) |
Net loss |
|
|
(10,474 |
) |
|
|
(6,243 |
) |
|
|
(16,363 |
) |
|
|
(5,225 |
) |
Less: Net loss attributable to
noncontrolling interest |
|
|
(8 |
) |
|
|
(26 |
) |
|
|
(24 |
) |
|
|
(82 |
) |
Net loss attributable to
controlling interest |
|
$ |
(10,466 |
) |
|
$ |
(6,217 |
) |
|
$ |
(16,339 |
) |
|
$ |
(5,143 |
) |
Basic earnings per
share (Class A and Class B): |
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares of
common stock outstanding |
|
|
32,987 |
|
|
|
32,792 |
|
|
|
32,937 |
|
|
|
32,759 |
|
Net loss per share
attributable to controlling interest |
|
$ |
(0.32 |
) |
|
$ |
(0.19 |
) |
|
$ |
(0.50 |
) |
|
$ |
(0.16 |
) |
Diluted earnings per
share (Class A and Class B): |
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares and
equivalents outstanding |
|
|
32,987 |
|
|
|
32,792 |
|
|
|
32,937 |
|
|
|
32,759 |
|
Net loss per share
attributable to controlling interest |
|
$ |
(0.32 |
) |
|
$ |
(0.19 |
) |
|
$ |
(0.50 |
) |
|
$ |
(0.16 |
) |
DULUTH HOLDINGS INC.Consolidated
Statements of Cash
Flows(Unaudited)(Amounts in
thousands) |
|
|
|
|
|
|
|
|
|
Nine Months Ended |
|
|
October 29, 2023 |
|
October 30, 2022 |
Cash flows from
operating activities: |
|
|
|
|
|
|
Net loss |
|
$ |
(16,363 |
) |
|
$ |
(5,225 |
) |
Adjustments to reconcile net
income to net cash used in operating activities: |
|
|
|
|
|
|
Depreciation and
amortization |
|
|
23,434 |
|
|
|
22,946 |
|
Stock based compensation |
|
|
3,305 |
|
|
|
2,000 |
|
Deferred income taxes |
|
|
(4,800 |
) |
|
|
(8 |
) |
Loss on disposal of property
and equipment |
|
|
37 |
|
|
|
40 |
|
Changes in operating assets
and liabilities: |
|
|
|
|
|
|
Receivables |
|
|
362 |
|
|
|
(1,011 |
) |
Income taxes receivable |
|
|
(99 |
) |
|
|
(1,452 |
) |
Inventory |
|
|
(19,044 |
) |
|
|
(82,045 |
) |
Prepaid expense & other current assets |
|
|
(952 |
) |
|
|
(1,107 |
) |
Software hosting implementation costs, net |
|
|
(800 |
) |
|
|
(318 |
) |
Deferred catalog costs |
|
|
— |
|
|
|
(1 |
) |
Trade accounts payable |
|
|
(10,171 |
) |
|
|
34,719 |
|
Income taxes payable |
|
|
(1,761 |
) |
|
|
(6,814 |
) |
Accrued expenses and deferred rent obligations |
|
|
(3,691 |
) |
|
|
(13,377 |
) |
Other assets |
|
|
20 |
|
|
|
(436 |
) |
Noncash lease impacts |
|
|
(483 |
) |
|
|
1,081 |
|
Net cash used in operating
activities |
|
|
(31,006 |
) |
|
|
(51,008 |
) |
Cash flows from
investing activities: |
|
|
|
|
|
|
Purchases of property and
equipment |
|
|
(39,958 |
) |
|
|
(24,245 |
) |
Principal receipts from
available-for-sale security |
|
|
133 |
|
|
|
120 |
|
Proceeds from disposals |
|
|
— |
|
|
|
8 |
|
Net cash used in investing
activities |
|
|
(39,825 |
) |
|
|
(24,117 |
) |
Cash flows from
financing activities: |
|
|
|
|
|
|
Proceeds from line of
credit |
|
|
53,000 |
|
|
|
10,000 |
|
Payments on line of
credit |
|
|
(17,000 |
) |
|
|
— |
|
Payments on TRI long term
debt |
|
|
(564 |
) |
|
|
(509 |
) |
Payments on finance lease
obligations |
|
|
(2,116 |
) |
|
|
(2,015 |
) |
Payments of tax withholding on
vested restricted shares |
|
|
(278 |
) |
|
|
(457 |
) |
Other |
|
|
418 |
|
|
|
462 |
|
Net cash provided by financing
activities |
|
|
33,460 |
|
|
|
7,481 |
|
Decrease in cash and cash
equivalents |
|
|
(37,371 |
) |
|
|
(67,644 |
) |
Cash and cash equivalents at
beginning of period |
|
|
45,548 |
|
|
|
77,051 |
|
Cash and cash equivalents at
end of period |
|
$ |
8,177 |
|
|
$ |
9,407 |
|
Supplemental
disclosure of cash flow information: |
|
|
|
|
|
|
Interest paid |
|
$ |
3,033 |
|
|
$ |
2,723 |
|
Income taxes paid |
|
$ |
1,875 |
|
|
$ |
6,626 |
|
Supplemental
disclosure of non-cash information: |
|
|
|
|
|
|
Unpaid liability to acquire
property and equipment |
|
$ |
8,391 |
|
|
$ |
1,540 |
|
DULUTH HOLDINGS INC.Reconciliation of Net
Loss to EBITDA and EBITDA to Adjusted EBITDAFor
the Fiscal Quarter and Nine Months Ended October 29, 2023 and
October 30,
2022(Unaudited)(Amounts in
thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Nine Months Ended |
|
|
October 29, 2023 |
|
October 30, 2022 |
|
October 29, 2023 |
|
October 30, 2022 |
(in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
Net loss |
|
$ |
(10,474 |
) |
|
$ |
(6,243 |
) |
|
$ |
(16,363 |
) |
|
$ |
(5,225 |
) |
Depreciation and amortization |
|
|
8,566 |
|
|
|
7,572 |
|
|
|
23,434 |
|
|
|
22,946 |
|
Amortization of internal-use software hosting |
|
|
|
|
|
|
|
|
|
|
|
|
subscription implementation costs |
|
|
1,227 |
|
|
|
783 |
|
|
|
3,647 |
|
|
|
2,203 |
|
Interest expense |
|
|
1,219 |
|
|
|
968 |
|
|
|
3,033 |
|
|
|
2,723 |
|
Income tax benefit |
|
|
(3,126 |
) |
|
|
(2,059 |
) |
|
|
(4,786 |
) |
|
|
(1,770 |
) |
EBITDA |
|
$ |
(2,588 |
) |
|
$ |
1,021 |
|
|
$ |
8,965 |
|
|
$ |
20,877 |
|
Stock based compensation |
|
|
1,021 |
|
|
|
726 |
|
|
|
3,305 |
|
|
|
2,000 |
|
Adjusted EBITDA |
|
$ |
(1,567 |
) |
|
$ |
1,747 |
|
|
$ |
12,270 |
|
|
$ |
22,877 |
|
DULUTH HOLDINGS INC.Reconciliation of
Forecasted Net Loss to Forecasted EBITDA and Forecasted EBITDA to
Forecasted Adjusted EBITDAFor the Fiscal Year
Ending January 28,
2024(Unaudited)(Amounts in
thousands) |
|
|
|
|
|
|
|
|
|
Low |
|
High |
Forecasted |
|
|
|
|
|
|
Net loss |
|
$ |
(8,150 |
) |
|
$ |
(5,100 |
) |
Depreciation and amortization |
|
|
32,700 |
|
|
|
32,700 |
|
Amortization of internal-use software hosting subscription
implementation costs |
|
|
4,000 |
|
|
|
4,000 |
|
Interest expense |
|
|
4,350 |
|
|
|
4,300 |
|
Income tax expense |
|
|
(2,600 |
) |
|
|
(1,600 |
) |
EBITDA |
|
$ |
30,300 |
|
|
$ |
34,300 |
|
Stock based compensation |
|
|
4,700 |
|
|
|
4,700 |
|
Adjusted EBITDA |
|
$ |
35,000 |
|
|
$ |
39,000 |
|
Photos accompanying this announcement are available
at:https://www.globenewswire.com/NewsRoom/AttachmentNg/d64fdd54-4a37-44d6-918a-50789c4c6402https://www.globenewswire.com/NewsRoom/AttachmentNg/ab066b95-e543-4a45-9b3b-6f2ae3406da3
Investor Contacts:
Tom Filandro
ICR, Inc.
(646) 277-1200
DuluthIR@icrinc.com
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