Duluth Holdings Inc. (dba, Duluth Trading Company) (“Duluth
Trading” or the “Company”) (NASDAQ:DLTH), a lifestyle brand of
men’s and women’s casual wear, workwear and accessories, today
announced its financial results for the fiscal second quarter ended
July 31, 2016.
Highlights for the Second Quarter Ended July 31,
2016
- Net sales increased 27.4% to $65.8 million compared to $51.7
million in the prior-year second quarter
- Gross margin increased 20 basis points (bps) to 59.1% compared
to 58.9% in the prior-year second quarter
- Net income was $3.6 million, or $0.11 per diluted share,
compared to $5.7 million, or $0.24 per diluted share in the
prior-year second quarter. Adjusted for income taxes, pro forma net
income for the prior-year second quarter was $3.4 million, or $0.14
per diluted share.
- Adjusted EBITDA1 increased 13.9% to $7.5 million compared to
$6.6 million in the prior-year second quarter
- During the quarter, the Company opened two new retail stores,
one in LaCrosse, Wisconsin, and one in Omaha, Nebraska, for a total
of 9 retail stores and 2 outlet stores
1See reconciliation of net income to EBITDA and EBITDA to
Adjusted EBITDA in the accompanying financial tables.
“Our strong second quarter results marked our 26th consecutive
quarter of increased net sales year-over-year. Net sales growth of
27% reflected solid performance in both our direct and retail
segments as well as our men’s and women’s product lines. With the
momentum gained in the second quarter, we expect to deliver full
year fiscal 2016 results as previously guided,” said Stephanie
Pugliese, Chief Executive Officer of Duluth Trading.
“In July, we completed the 75,000 square feet expansion to our
Belleville distribution center on budget and on time. This
additional distribution capacity allows us to consolidate and
streamline certain inventory and product delivery functions that
will result in greater operating efficiencies as we grow our
company and provide best-in-class customer service.
“This quarter we opened two new stores in LaCrosse, Wisconsin,
and Omaha, Nebraska, and both stores are exceeding our initial
sales expectations. In the third quarter, we are entering the
Chicago metro area with our first build-to-suit store in Hoffman
Estates, which opened in August, and our second location in Downers
Grove, Illinois. Grand openings will be held for both stores in
mid-September.
“Regarding store openings for the remainder of 2016, we are
anticipating a busy fourth quarter. As previously announced, we
signed leases in Independence, Missouri, and King of Prussia,
Pennsylvania, last quarter and we now expect that both of these
stores will open in the fourth quarter. We also recently
signed a lease in Manassas, Virginia, a suburb of Washington D.C.,
and plan to open that store during the fourth quarter. King
of Prussia and Manassas will be strong points of entry into the
Eastern market, where we have our single largest customer
concentration. We are extremely excited about our new retail
store openings in the second half of fiscal 2016 and we look
forward to bringing the unique Duluth retail experience to our fans
in these regions.”
Operating Results for the Second Quarter Ended July 31,
2016
Net sales increased 27.4% to $65.8 million, compared to $51.7
million in the same period a year ago. The net sales increase was
driven by 24.2% growth in direct net sales and 43.8% growth in
retail net sales, with growth achieved across virtually all product
categories. Customers continued to respond positively to the
Company’s national advertising and digital marketing campaigns,
which drove an increase in website visits and increased sales
through the Company’s call center compared to the prior-year second
quarter. The increase in retail net sales was primarily
attributable to the opening of two new retail stores during the
second quarter of fiscal 2016 along with the opening of a retail
store and outlet store in the prior year third and fourth
quarters.
Gross profit increased 27.8% to $38.9 million, or 59.1% of net
sales, compared to $30.5 million, or 58.9% of net sales, in the
corresponding prior-year period. The increase in gross profit was
primarily due to increased net sales. The 20 basis point
improvement in gross margin was primarily attributable to improved
initial product costs due to increased volume and a product mix
shift to higher margin products, coupled with strategic management
of promotions.
Selling, general and administrative expenses increased 33.3% to
$32.9 million, compared to $24.7 million in the same period a year
ago. As a percentage of net sales, selling, general and
administrative expenses increased 220 basis points to 50.0%,
compared to 47.8%, in the corresponding prior-year period. As a
percentage of net sales, advertising and marketing costs increased
160 basis points to 20.8%, compared to 19.2% in the corresponding
prior-year period, primarily due to higher television advertising
expense related to the women’s advertising campaign, which was
partially offset by a decrease in catalog costs primarily due to
the Company’s planned decrease in catalog spend as a percentage of
sales. As a percentage of net sales, selling expense increased 40
basis points to 13.1%, compared to 12.7% in the corresponding
prior-year period, primarily due increase in customer service
attributable to the growth in retail and slight increase in
distribution costs due to the use of two third party logistics
providers (“3PLs”). As a percentage of net sales, general and
administrative expenses increased 20 basis points to 16.1%,
compared to 15.9% in the corresponding prior-year period, primarily
due to increased rent expense and related store opening costs as a
result of growth in retail stores, coupled with an increase in
depreciation expense, due to capital investments, which was
partially offset by decreases in personnel costs and professional
fees, as a percentage of net sales, due to higher net sales.
Adjusted EBITDA was $7.5 million, or 11.3% of net sales,
compared to $6.6 million, or 12.7% of net sales, in the prior-year
period. Duluth Trading defines Adjusted EBITDA as
consolidated net income (loss) before depreciation and
amortization, interest expense and provision for income taxes
adjusted for the impact of certain items, including non-cash and
other items.
Net income was $3.6 million, or $0.11 per diluted share,
compared to $5.7 million, or $0.24 per diluted share, in the
prior-year period. Adjusted for income taxes, pro forma net income
for the prior-year period was $3.4 million, or $0.14 per diluted
share.
The pro forma net income gives effect to the conversion of the
Company to a “C” corporation, which was effective November 25,
2015. Prior to such conversion, the Company was an “S” corporation
and generally not subject to income taxes. The pro forma net
income, therefore, includes an adjustment for income tax expense on
the income attributable to controlling interest as if the Company
had been a “C” corporation as of February 4, 2013 at an assumed
combined federal, state and local effective tax rate of 40%, which
approximates the calculated statutory rate for each period.
Balance Sheet and Liquidity
The Company ended the quarter with a cash balance of
approximately $23.3 million, with net working capital of $62.3
million, and no borrowings on its $40.0 million revolving line of
credit.
Fiscal 2016 Outlook and Long-Term Financial
Targets
The Company reaffirmed its fiscal 2016 outlook as follows:
- Net sales in the range of $370.0 million to $380.0 million
- Adjusted EBITDA in the range of $40.0 million to $42.5
million
- GAAP EPS in the range of $0.66 to $0.70 per diluted share
- Capital expenditures of $24.0 to $25.0 million1
The Company updated its fiscal 2016 retail store openings:
- The Company now expects to open a total of seven new retail
stores, adding 75,000 to 85,000 additional selling square
footage
1Fiscal 2016 capital expenditures include the Company’s plan to
open seven retail stores coupled with the expansion of our
distribution center at the Company’s Belleville location and
information technology investments.
The Company also reaffirmed its long-term financial targets of
approximately 20% net sales growth, 25% adjusted EBITDA growth and
25% net income growth.
Conference Call Information
A conference call and audio webcast with analysts and investors
will be held on Thursday, September 8, 2016 at 4:30 pm 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 September 22, 2016:
877-344-7529 (domestic) or 412-317-0088 (international)
- Replay access code: 10091660
- Live and archived webcast: ir.duluthtrading.com
The Company is enabling investors to pre-register for the
earnings conference call so that they can expedite their entry into
the call and avoid the need to wait for a live operator. In order
to pre-register for the call, investors can visit
http://dpregister.com/10091660 and enter in their contact
information. Investors will then be issued a personalized phone
number and pin to dial into the live conference call. Individuals
can pre-register any time prior to the start of the conference call
on September 8th.
About Duluth Trading
Duluth Trading is a rapidly growing lifestyle brand for the
Modern, Self-Reliant American. Based in Belleville,
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
exclusively 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 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 income to EBITDA and EBITDA to Adjusted
EBITDA,” for a reconciliation of Net Income to EBITDA and EBITDA to
Adjusted EBITDA for the three and six months ended July 31, 2016,
versus the three and six months ended August 2, 2015.
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 are forward-looking
statements, including Duluth Trading’s ability to execute on its
growth strategies and statements under the heading “Fiscal 2016
Outlook and Long-Term Financial Targets.” 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,” “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
“Risk Factors” in the Company’s Annual Report on Form 10-K filed
with the SEC on April 8, 2016. 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) |
|
|
|
|
|
|
|
|
|
July 31, 2016 |
|
January 31, 2016 |
|
|
|
|
|
|
|
ASSETS |
|
|
|
|
|
|
Current Assets: |
|
|
|
|
|
|
Cash |
|
$ |
|
23,302 |
|
|
$ |
|
37,873 |
|
Accounts
receivable |
|
|
|
44 |
|
|
|
|
20 |
|
Other
receivables |
|
|
|
401 |
|
|
|
|
76 |
|
Inventory, net |
|
|
|
66,919 |
|
|
|
|
55,303 |
|
Prepaid
expenses |
|
|
|
3,774 |
|
|
|
|
3,683 |
|
Deferred
catalog costs |
|
|
|
1,411 |
|
|
|
|
1,435 |
|
Total
current assets |
|
|
|
95,851 |
|
|
|
|
98,390 |
|
Property and equipment,
net |
|
|
|
35,926 |
|
|
|
|
21,529 |
|
Restricted cash |
|
|
|
774 |
|
|
|
|
— |
|
Deferred tax
assets |
|
|
|
197 |
|
|
|
|
— |
|
Goodwill |
|
|
|
402 |
|
|
|
|
402 |
|
Other assets, net |
|
|
|
292 |
|
|
|
|
299 |
|
Total
assets |
|
$ |
|
133,442 |
|
|
$ |
|
120,620 |
|
LIABILITIES AND SHAREHOLDERS' EQUITY |
|
|
|
|
|
|
Current
liabilities: |
|
|
|
|
|
|
Trade
accounts payable |
|
$ |
|
17,994 |
|
|
$ |
|
10,611 |
|
Income
taxes payable |
|
|
|
314 |
|
|
|
|
1,308 |
|
Current
maturities of long-term debt |
|
|
|
4,132 |
|
|
|
|
722 |
|
Accrued
expenses: |
|
|
|
|
|
|
Salaries
and benefits |
|
|
|
1,390 |
|
|
|
|
3,649 |
|
Deferred
revenue |
|
|
|
3,341 |
|
|
|
|
2,744 |
|
Freight |
|
|
|
769 |
|
|
|
|
2,089 |
|
Product
returns |
|
|
|
775 |
|
|
|
|
1,244 |
|
Other |
|
|
|
4,861 |
|
|
|
|
2,323 |
|
Total
current liabilities |
|
|
|
33,576 |
|
|
|
|
24,690 |
|
Long-term debt, less
current maturities |
|
|
|
747 |
|
|
|
|
4,301 |
|
Deferred rent
obligations, less current maturities |
|
|
|
1,202 |
|
|
|
|
1,112 |
|
Deferred tax
liabilities |
|
|
|
— |
|
|
|
|
31 |
|
Total
liabilities |
|
|
|
35,525 |
|
|
|
|
30,134 |
|
Commitments and
contingencies |
|
|
|
|
|
|
Shareholders'
equity: |
|
|
|
|
|
|
Capital stock |
|
|
|
85,837 |
|
|
|
|
85,389 |
|
Retained earnings |
|
|
|
10,278 |
|
|
|
|
3,443 |
|
Accumulated other
comprehensive loss |
|
|
|
(15 |
) |
|
|
|
(27 |
) |
Total
shareholders' equity of Duluth Holdings Inc. |
|
|
|
96,100 |
|
|
|
|
88,805 |
|
Noncontrolling
interest |
|
|
|
1,817 |
|
|
|
|
1,681 |
|
Total
shareholders' equity |
|
|
|
97,917 |
|
|
|
|
90,486 |
|
Total
liabilities and shareholders' equity |
|
$ |
|
133,442 |
|
|
$ |
|
120,620 |
|
|
|
|
|
|
|
|
|
|
|
|
DULUTH HOLDING INC. |
Consolidated Statements of
Operations |
(Unaudited) |
(Amounts in thousands, except per share
figures) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Six Months Ended |
|
|
July 31, 2016 |
|
August 2, 2015 |
|
July 31, 2016 |
|
August 2, 2015 |
Net sales |
|
$ |
65,823 |
|
$ |
51,677 |
|
$ |
134,455 |
|
$ |
108,484 |
Cost of goods sold |
|
|
26,901 |
|
|
21,215 |
|
|
55,842 |
|
|
45,359 |
Gross profit |
|
|
38,922 |
|
|
30,462 |
|
|
78,613 |
|
|
63,125 |
Selling, general and
administrative expenses |
|
|
32,936 |
|
|
24,707 |
|
|
67,286 |
|
|
54,616 |
Operating income |
|
|
5,986 |
|
|
5,755 |
|
|
11,327 |
|
|
8,509 |
Interest expense |
|
|
37 |
|
|
60 |
|
|
75 |
|
|
112 |
Other income, net |
|
|
60 |
|
|
26 |
|
|
130 |
|
|
75 |
Income before income
taxes |
|
|
6,009 |
|
|
5,721 |
|
|
11,382 |
|
|
8,472 |
Income tax expense |
|
|
2,325 |
|
|
— |
|
|
4,386 |
|
|
— |
Net income |
|
|
3,684 |
|
|
5,721 |
|
|
6,996 |
|
|
8,472 |
Less: Net income
attributable to noncontrolling interest |
|
|
65 |
|
|
22 |
|
|
136 |
|
|
82 |
Net income attributable
to controlling interest |
|
$ |
3,619 |
|
$ |
5,699 |
|
$ |
6,860 |
|
$ |
8,390 |
Basic earnings
per share (Class A and Class B): |
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares
of common stock outstanding |
|
|
31,520 |
|
|
23,815 |
|
|
31,520 |
|
|
23,815 |
Net income per share
attributable to controlling interest |
|
$ |
0.11 |
|
$ |
0.24 |
|
$ |
0.22 |
|
$ |
0.35 |
Diluted
earnings per share (Class A and Class B): |
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares
and equivalents outstanding |
|
|
32,263 |
|
|
23,970 |
|
|
32,265 |
|
|
24,260 |
Net income per share
attributable to controlling interest |
|
$ |
0.11 |
|
$ |
0.24 |
|
$ |
0.21 |
|
$ |
0.35 |
Pro forma net
income information (Note 1): |
|
|
|
|
|
|
|
|
|
|
|
|
Income attributable to
controlling interest before provision for income taxes |
|
|
|
|
$ |
5,699 |
|
|
|
|
$ |
8,390 |
Pro forma provision for
income taxes |
|
|
|
|
|
2,280 |
|
|
|
|
|
3,356 |
Pro forma net income
attributable to controlling interest |
|
|
|
|
$ |
3,419 |
|
|
|
|
$ |
5,034 |
Pro forma basic net
income per share attributable to controlling interest (Class
A and Class B) |
|
|
|
|
$ |
0.14 |
|
|
|
|
$ |
0.21 |
Pro forma diluted net
income per share attributable to controlling interest (Class A
and Class B) |
|
|
|
|
$ |
0.14 |
|
|
|
|
$ |
0.21 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Note 1: The pro forma net income information
gives effect to the conversion of the Company to a “C” corporation
on November 25, 2015. Prior to such conversion, the Company was an
“S” corporation and generally not subject to income taxes. The pro
forma net income, therefore, includes an adjustment for income tax
expense on the income attributable to controlling interest as if
the Company had been a “C” corporation as of February 4, 2013 at an
assumed combined federal, state and local effective tax rate of
40%, which approximates the calculated statutory rate for each
period. No pro forma income tax expense was calculated on the
income attributable to noncontrolling interest because this entity
did not convert to a “C” corporation. The pro forma basic and
diluted net income per share Class A and Class B common stock is
computed using the pro forma net income, as discussed above.
|
DULUTH HOLDINGS INC. |
Consolidated Statements of Cash
Flows |
(Unaudited) |
(Amounts in thousands) |
|
|
|
|
|
|
|
|
|
Six Months Ended |
|
|
July 31, 2016 |
|
August 2, 2015 |
Cash flows from
operating activities: |
|
|
|
|
|
|
Net income |
|
$ |
|
6,996 |
|
|
$ |
|
8,472 |
|
Adjustments to
reconcile net income to net cash provided by (used in)
operating activities: |
|
|
|
|
|
|
Depreciation and
amortization |
|
|
|
1,951 |
|
|
|
|
1,174 |
|
Amortization of
stock-based compensation |
|
|
|
615 |
|
|
|
|
332 |
|
Deferred income
taxes |
|
|
|
(228 |
) |
|
|
|
— |
|
Changes in operating
assets and liabilities: |
|
|
|
|
|
|
Accounts
receivable |
|
|
|
(24 |
) |
|
|
|
(4 |
) |
Other
receivables |
|
|
|
(325 |
) |
|
|
|
(186 |
) |
Inventory |
|
|
|
(10,855 |
) |
|
|
|
(6,124 |
) |
Prepaid
expense |
|
|
|
(12 |
) |
|
|
|
(797 |
) |
Deferred
catalog costs |
|
|
|
1,067 |
|
|
|
|
(37 |
) |
Trade
accounts payable |
|
|
|
5,641 |
|
|
|
|
584 |
|
Income
taxes payable |
|
|
|
(994 |
) |
|
|
|
— |
|
Accrued
expenses and deferred rent obligations |
|
|
|
(2,760 |
) |
|
|
|
(4,462 |
) |
Net cash provided by
(used in) operating activities |
|
|
|
1,072 |
|
|
|
|
(1,048 |
) |
Cash flows from
investing activities: |
|
|
|
|
|
|
Purchases of property
and equipment |
|
|
|
(14,513 |
) |
|
|
|
(3,842 |
) |
Change in restricted
cash |
|
|
|
(774 |
) |
|
|
|
— |
|
Purchases of other
assets |
|
|
|
(20 |
) |
|
|
|
(15 |
) |
Net cash used in
investing activities |
|
|
|
(15,307 |
) |
|
|
|
(3,857 |
) |
Cash flows from
financing activities: |
|
|
|
|
|
|
Proceeds from line of
credit |
|
|
|
— |
|
|
|
|
34,086 |
|
Payments on line of
credit |
|
|
|
— |
|
|
|
|
(28,160 |
) |
Proceeds from long term
debt |
|
|
|
— |
|
|
|
|
800 |
|
Payments on long term
debt |
|
|
|
(135 |
) |
|
|
|
(468 |
) |
Payments on capital
lease obligations |
|
|
|
(9 |
) |
|
|
|
(251 |
) |
Change in bank
overdrafts |
|
|
|
— |
|
|
|
|
964 |
|
Distributions to
shareholders |
|
|
|
(192 |
) |
|
|
|
(9,915 |
) |
Capital contributions
to variable interest entities |
|
|
|
— |
|
|
|
|
344 |
|
Other |
|
|
|
— |
|
|
|
|
(10 |
) |
Net cash used in
financing activities |
|
|
|
(336 |
) |
|
|
|
(2,610 |
) |
Decrease in cash |
|
|
|
(14,571 |
) |
|
|
|
(7,515 |
) |
Cash at beginning of
period |
|
|
|
37,873 |
|
|
|
|
7,881 |
|
Cash at end of
period |
|
$ |
|
23,302 |
|
|
$ |
|
366 |
|
Supplemental
disclosure of cash flow information |
|
|
|
|
|
|
Interest paid |
|
$ |
|
75 |
|
|
$ |
|
111 |
|
Income taxes paid |
|
$ |
|
5,544 |
|
|
$ |
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
DULUTH HOLDINGS INC. |
Reconciliation of Net Income to EBITDA to
Adjusted EBITDA |
(Unaudited) |
(Amounts in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Six Months Ended |
|
|
July 31, 2016 |
|
August 2, 2015 |
|
July 31, 2016 |
|
August 2, 2015 |
Net income |
|
$ |
3,684 |
|
$ |
5,721 |
|
$ |
6,996 |
|
$ |
8,472 |
Depreciation and amortization |
|
|
1,082 |
|
|
620 |
|
|
1,951 |
|
|
1,174 |
Interest
expense |
|
|
37 |
|
|
60 |
|
|
75 |
|
|
112 |
Income
tax expense |
|
|
2,325 |
|
|
— |
|
|
4,386 |
|
|
— |
EBITDA |
|
$ |
7,128 |
|
$ |
6,401 |
|
$ |
13,408 |
|
$ |
9,758 |
Non-cash
stock based compensation |
|
|
335 |
|
|
152 |
|
|
615 |
|
|
332 |
Payment
of grantees' tax liabilities associated with grant of
restricted stock awards |
|
|
— |
|
|
— |
|
|
— |
|
|
1,115 |
Adjusted EBITDA |
|
$ |
7,463 |
|
$ |
6,553 |
|
$ |
14,023 |
|
$ |
11,205 |
|
|
|
|
|
|
|
|
|
|
|
|
|
DULUTH HOLDINGS INC. |
Segment Information |
(Unaudited) |
(Amounts in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Six Months Ended |
|
|
July 31, 2016 |
|
August 2, 2015 |
|
July 31, 2016 |
|
August 2, 2015 |
Net
sales |
|
|
|
|
|
|
|
|
|
|
|
|
Direct |
|
$ |
53,841 |
|
$ |
43,343 |
|
$ |
114,166 |
|
$ |
94,698 |
Retail |
|
|
11,982 |
|
|
8,334 |
|
|
20,289 |
|
|
13,786 |
Total net
sales |
|
$ |
65,823 |
|
$ |
51,677 |
|
$ |
134,455 |
|
$ |
108,484 |
Operating
income |
|
|
|
|
|
|
|
|
|
|
|
|
Direct |
|
$ |
4,587 |
|
$ |
3,976 |
|
$ |
8,778 |
|
$ |
6,144 |
Retail |
|
|
1,399 |
|
|
1,779 |
|
|
2,549 |
|
|
2,365 |
Total
operating income |
|
|
5,986 |
|
|
5,755 |
|
|
11,327 |
|
|
8,509 |
Interest expense |
|
|
37 |
|
|
60 |
|
|
75 |
|
|
112 |
Other income, net |
|
|
60 |
|
|
26 |
|
|
130 |
|
|
75 |
Income before
income taxes |
|
$ |
6,009 |
|
$ |
5,721 |
|
$ |
11,382 |
|
$ |
8,472 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Investor Contacts:
Donni Case (310) 622-8224
Paige Hart (310) 622-8244
Financial Profiles, Inc.
Duluth@finprofiles.com
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