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 29, 2018.
Highlights for the Second Quarter Ended July 29,
2018
- Net sales increased 28.3% to $110.7 million compared to $86.2
million in the prior-year second quarter
- Gross margin decreased 50 basis points to 56.2% compared to
56.7% in the prior-year second quarter
- Operating income increased 33.9% to $9.9 million compared to
operating income of $7.4 million in the prior-year second
quarter
- Net income increased 48.9% to $6.4 million, or $0.20 per
diluted share compared to net income of $4.3 million, or $0.13 per
diluted share in the prior-year second quarter
- Adjusted EBITDA1 increased 38.6% to $13.1 million compared to
$9.5 million in the prior-year second quarter
- The Company opened six retail stores in Colorado Springs, CO;
Lubbock, TX; Denton, TX; Portland, OR; Columbus, OH and Arlington,
TX, totaling approximately 92,000 gross square feet
- 34th consecutive quarter of increased net sales
year-over-year
1See Reconciliation of net income to EBITDA and EBITDA to
Adjusted EBITDA in the accompanying financial tables.
Management Commentary
“We posted strong results for the second quarter and achieved
our 34th consecutive quarter of increased net sales year-over-year.
Our 28% top-line growth was fueled by new stores, a growing
contribution from our women’s business and customer demand for our
spring and summer products,” said Stephanie Pugliese, Chief
Executive Officer of Duluth Trading.
“Our team achieved some significant milestones this quarter. We
opened six stores, bringing our total store count to eight new
stores this year. Three of the stores opened this quarter were in
the state of Texas, one of our top three direct states. All six
stores opened strong and we are on track to open seven more stores
during the remainder of the year, for a total of 15 new stores in
fiscal 2018 as planned. We also successfully implemented two major
IT projects. Our order management system went live in May and our
ecommerce platform was launched to our customers the first week of
August.”
“These results demonstrate the strength of the Duluth Trading
brand and validate the investments we have made in building our
omnichannel presence over the past few years. For the balance of
the year, we plan to focus on product innovation, digital
marketing, opening the remaining seven stores, and the completion
of key technology and infrastructure projects to prepare us for our
peak selling season. We are pleased with our first half results and
optimistic about the rest of the year. We expect to deliver on our
fiscal 2018 guidance.”
Operating Results for the Second Quarter Ended
July 29, 2018
Net sales increased 28.3% to $110.7 million, compared to $86.2
million in the same period a year ago. The net sales increase was
driven by a 5.5% growth in direct net sales and a 74.4% growth in
retail net sales, with growth in virtually all product categories
and in both men’s and women’s business. The increase in retail net
sales was primarily due to having 16 more stores during the second
quarter of 2018 as compared to the same period a year ago.
Gross profit increased 27.2% to $62.2 million, or 56.2% of net
sales, compared to $48.9 million, or 56.7% of net sales, in the
corresponding prior-year period. The 50 basis point decrease in
gross margin was primarily attributable to a slight increase in
product margin, which was more than offset by a decline in shipping
revenues and an increase in freight cost.
Selling, general and administrative expenses increased 26.0% to
$52.3 million, compared to $41.5 million in the same period a year
ago. As a percentage of net sales, selling, general and
administrative expenses decreased 90 basis points to 47.3%,
compared to 48.2% in the corresponding prior-year period. As a
percentage of net sales, advertising and marketing costs decreased
310 basis points to 14.3% compared to 17.4% in the corresponding
prior-year period, primarily due to a decrease in catalog expense
due to a planned decrease in catalog spend as a percentage of net
sales, coupled with leverage gained from a higher mix of retail
sales. As a percentage of net sales, selling expenses increased 60
basis points to 14.7%, compared to 14.1% in the corresponding
prior-year period, primarily due to an increase in customer service
expense as a result of growth in the number of retail stores,
partially offset by leverage in shipping expenses due to increased
retail net sales. As a percentage of net sales, general and
administrative expenses increased 160 basis points to 18.3%
compared to 16.7% in the corresponding prior-year period, primarily
due to depreciation and occupancy expenses due to growth in the
business.
Balance Sheet and Liquidity
The Company ended the quarter with a cash balance of
approximately $2.4 million, with net working capital of $73.9
million, and $35.0 million outstanding on its $80.0 million
revolving line of credit.
Fiscal 2018 Outlook
The Company reiterated its previously issued fiscal 2018
outlook. Its fiscal 2018 outlook is provided on a 53-week period,
compared to a 52-week period in fiscal 2017.
- Net sales in the range of $555.0 million to $575.0 million
- Adjusted EBITDA1 in the range of $51.0 million to $54.0
million
- EPS in the range of $0.79 to $0.84 per diluted share, with an
effective tax rate of 26%
- Capital expenditures, net of proceeds from finance lease
obligations, of $45.0 million to $55.0 million2
- 15 new store openings, adding approximately 250,000 of
additional gross square footage
1See Reconciliation of forecasted net income to forecasted
EBITDA and forecasted EBITDA to forecasted Adjusted EBITDA in the
accompanying financial tables.
2Fiscal 2018 capital expenditures primarily include the
Company’s plan to open 15 retail stores, investments in technology
and infrastructure improvements.
The table below recaps the Company’s fiscal 2018 stores opened
and signed new store leases and the anticipated opening
timeframe.
|
|
|
|
|
|
|
|
|
Gross |
Location |
|
Timing |
|
Square Footage |
Anchorage, AK1 |
|
Opened March 1,
2018 |
|
25,409 |
West Fargo, ND |
|
Opened March 22,
2018 |
|
14,557 |
Colorado Springs,
CO |
|
Opened May 3, 2018 |
|
12,410 |
Lubbock, TX |
|
Opened May 10,
2018 |
|
15,536 |
Denton, TX |
|
Opened May 17,
2018 |
|
14,557 |
Portland, OR |
|
Opened May 24,
2018 |
|
19,075 |
Columbus, OH |
|
Opened June 7,
2018 |
|
14,749 |
Arlington, TX |
|
Opened July 12,
2018 |
|
15,536 |
Golden, CO |
|
Q3 Fiscal 2018 |
|
20,415 |
Ramsey, NJ |
|
Q3 Fiscal 2018 |
|
13,300 |
Canton, OH |
|
Q3 Fiscal 2018 |
|
14,557 |
Greensboro, NC1 |
|
Q3 Fiscal 2018 |
|
30,508 |
Oklahoma City, OK |
|
Q4 Fiscal 2018 |
|
15,536 |
South Portland, ME |
|
Q4 Fiscal 2018 |
|
12,964 |
Cary, NC |
|
Q4 Fiscal 2018 |
|
11,164 |
Friendswood, TX |
|
First half Fiscal
2019 |
|
16,026 |
Katy, TX |
|
First half Fiscal
2019 |
|
16,000 |
Wichita, KS |
|
First half Fiscal
2019 |
|
15,385 |
Spokane Valley, WA |
|
First half Fiscal
2019 |
|
15,656 |
1Gross square footage includes space used for direct-to-customer
fulfillment
Conference Call Information
A conference call and audio webcast with analysts and investors
will be held on Wednesday, September 5, 2018 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 September 19, 2018:
877-344-7529 (domestic) or 412-317-0088 (international)
- Replay access code: 10123240
- 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/10123240 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.
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 29,
2018, versus the three and six months ended July 30, 2017. See
also attached Table “Reconciliation of Forecasted Net Income to
Forecasted EBITDA and Forecasted EBITDA to Forecasted Adjusted
EBITDA,” for a reconciliation of forecasted net income to
forecasted EBITDA and forecasted EBITDA to forecasted adjusted
EBITDA for the fiscal year ending February 3, 2019. 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 statements regarding Duluth Trading’s ability
to execute on its growth strategies, statements under the heading
“Fiscal 2018 Outlook” and the forecasted results of operations in
the Table “Reconciliation of Forecasted Net Income to Forecasted
EBITDA and Forecasted EBITDA to Forecasted Adjusted EBITDA.” 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 21, 2018, and other factors as may be periodically
described in Duluth Trading’s subsequent filings with the SEC.
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.
Investor Contacts:Donni Case (310)
622-8224Johan Yokay (310) 622-8241Financial Profiles,
Inc.Duluth@finprofiles.com
(Tables Follow)
DULUTH HOLDINGS
INC.Condensed Consolidated Balance
Sheets(Unaudited) (Amounts
in thousands)
|
|
|
|
|
|
|
|
|
July 29, 2018 |
|
January 28, 2018 |
|
|
|
|
|
|
|
ASSETS |
|
|
|
|
|
|
Current Assets: |
|
|
|
|
|
|
Cash |
|
$ |
2,423 |
|
|
$ |
2,865 |
|
Accounts
receivable |
|
|
46 |
|
|
|
52 |
|
Other
receivables |
|
|
336 |
|
|
|
273 |
|
Inventory, net |
|
|
102,365 |
|
|
|
89,548 |
|
Prepaid
expenses & other current assets |
|
|
10,256 |
|
|
|
7,642 |
|
Deferred
catalog costs |
|
|
1,213 |
|
|
|
1,446 |
|
Total
current assets |
|
|
116,639 |
|
|
|
101,826 |
|
Property and equipment,
net |
|
|
144,800 |
|
|
|
109,705 |
|
Restricted cash |
|
|
1,154 |
|
|
|
4,218 |
|
Available-for-sale
security |
|
|
6,323 |
|
|
|
6,323 |
|
Goodwill |
|
|
402 |
|
|
|
402 |
|
Other assets, net |
|
|
1,120 |
|
|
|
628 |
|
Total
assets |
|
$ |
270,438 |
|
|
$ |
223,102 |
|
LIABILITIES AND SHAREHOLDERS' EQUITY |
|
|
|
|
|
|
Current
liabilities: |
|
|
|
|
|
|
Trade
accounts payable |
|
$ |
19,455 |
|
|
$ |
17,320 |
|
Accrued
expenses and other current liabilities |
|
|
20,522 |
|
|
|
25,261 |
|
Income
taxes payable |
|
|
2,236 |
|
|
|
7,631 |
|
Bank
overdrafts |
|
|
481 |
|
|
|
— |
|
Current
maturities of long-term debt |
|
|
85 |
|
|
|
84 |
|
Total
current liabilities |
|
|
42,779 |
|
|
|
50,296 |
|
Finance lease
obligations under build-to-suit leases |
|
|
40,485 |
|
|
|
26,578 |
|
Long-term debt, less
current maturities |
|
|
36,382 |
|
|
|
1,424 |
|
Deferred rent
obligations, less current maturities |
|
|
4,099 |
|
|
|
3,355 |
|
Deferred tax
liabilities |
|
|
1,400 |
|
|
|
2,100 |
|
Total
liabilities |
|
|
125,145 |
|
|
|
83,753 |
|
Commitments and
contingencies |
|
|
|
|
|
|
Shareholders'
equity: |
|
|
|
|
|
|
Treasury stock |
|
|
(92 |
) |
|
|
(57 |
) |
Capital stock |
|
|
88,901 |
|
|
|
88,043 |
|
Retained earnings |
|
|
53,122 |
|
|
|
48,084 |
|
Total
shareholders' equity of Duluth Holdings Inc. |
|
|
141,931 |
|
|
|
136,070 |
|
Noncontrolling
interest |
|
|
3,362 |
|
|
|
3,279 |
|
Total
shareholders' equity |
|
|
145,293 |
|
|
|
139,349 |
|
Total
liabilities and shareholders' equity |
|
$ |
270,438 |
|
|
$ |
223,102 |
|
DULUTH HOLDING
INC.Consolidated Statements of
Operations(Unaudited)(Amounts in
thousands, except per share figures)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Six Months Ended |
|
|
July 29, 2018 |
|
July 30, 2017 |
|
July 29, 2018 |
|
July 30, 2017 |
Net sales |
|
$ |
110,653 |
|
$ |
86,226 |
|
$ |
210,860 |
|
$ |
169,913 |
Cost of goods sold
(excluding depreciation and amortization) |
|
|
48,413 |
|
|
37,303 |
|
|
92,680 |
|
|
72,347 |
Gross profit |
|
|
62,240 |
|
|
48,923 |
|
|
118,180 |
|
|
97,566 |
Selling, general and
administrative expenses |
|
|
52,344 |
|
|
41,534 |
|
|
108,541 |
|
|
89,428 |
Operating income |
|
|
9,896 |
|
|
7,389 |
|
|
9,639 |
|
|
8,138 |
Interest expense |
|
|
1,234 |
|
|
372 |
|
|
2,055 |
|
|
538 |
Other income, net |
|
|
2 |
|
|
45 |
|
|
165 |
|
|
102 |
Income before income
taxes |
|
|
8,664 |
|
|
7,062 |
|
|
7,749 |
|
|
7,702 |
Income tax expense |
|
|
2,212 |
|
|
2,709 |
|
|
1,980 |
|
|
2,934 |
Net income |
|
|
6,452 |
|
|
4,353 |
|
|
5,769 |
|
|
4,768 |
Less: Net income
attributable to noncontrolling interest |
|
|
75 |
|
|
69 |
|
|
83 |
|
|
129 |
Net income attributable
to controlling interest |
|
$ |
6,377 |
|
$ |
4,284 |
|
$ |
5,686 |
|
$ |
4,639 |
Basic earnings
per share (Class A and Class B): |
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares
of common stock outstanding |
|
|
32,065 |
|
|
31,828 |
|
|
32,056 |
|
|
31,825 |
Net income per share
attributable to controlling interest |
|
$ |
0.20 |
|
$ |
0.13 |
|
$ |
0.18 |
|
$ |
0.15 |
Diluted
earnings per share (Class A and Class B): |
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares
and equivalents outstanding |
|
|
32,414 |
|
|
32,318 |
|
|
32,439 |
|
|
32,344 |
Net income per share
attributable to controlling interest |
|
$ |
0.20 |
|
$ |
0.13 |
|
$ |
0.18 |
|
$ |
0.14 |
DULUTH HOLDINGS
INC.Consolidated Statements of Cash
Flows(Unaudited)(Amounts in
thousands)
|
|
|
|
|
|
|
|
|
Six Months Ended |
|
|
July 29, 2018 |
|
July 30, 2017 |
Cash flows from
operating activities: |
|
|
|
|
|
|
Net income |
|
$ |
5,769 |
|
|
$ |
4,768 |
|
Adjustments to
reconcile net income to net cash used in operating activities: |
|
|
|
|
|
|
Depreciation and
amortization |
|
|
5,069 |
|
|
|
3,280 |
|
Amortization of
stock-based compensation |
|
|
858 |
|
|
|
617 |
|
Deferred income
taxes |
|
|
(323 |
) |
|
|
(418 |
) |
Changes in operating
assets and liabilities: |
|
|
|
|
|
|
Accounts
receivable |
|
|
6 |
|
|
|
11 |
|
Other
receivables |
|
|
(63 |
) |
|
|
(70 |
) |
Inventory |
|
|
(12,130 |
) |
|
|
(12,879 |
) |
Prepaid
expense & other current assets |
|
|
(2,265 |
) |
|
|
(2,749 |
) |
Deferred
catalog costs |
|
|
(1,483 |
) |
|
|
1,050 |
|
Trade
accounts payable |
|
|
818 |
|
|
|
6,641 |
|
Income
taxes payable |
|
|
(5,544 |
) |
|
|
(4,924 |
) |
Accrued
expenses and deferred rent obligations |
|
|
(3,297 |
) |
|
|
(7,495 |
) |
Net cash used in
operating activities |
|
|
(12,585 |
) |
|
|
(12,168 |
) |
Cash flows from
investing activities: |
|
|
|
|
|
|
Purchases of property
and equipment |
|
|
(26,798 |
) |
|
|
(20,054 |
) |
Change in other
assets |
|
|
(527 |
) |
|
|
(6,495 |
) |
Purchases of other
assets |
|
|
— |
|
|
|
(68 |
) |
Net cash used in
investing activities |
|
|
(27,325 |
) |
|
|
(26,617 |
) |
Cash flows from
financing activities: |
|
|
|
|
|
|
Proceeds from line of
credit |
|
|
57,093 |
|
|
|
17,395 |
|
Payments on line of
credit |
|
|
(22,093 |
) |
|
|
(5,452 |
) |
Proceeds from long term
debt |
|
|
— |
|
|
|
800 |
|
Payments on long term
debt |
|
|
(39 |
) |
|
|
(20 |
) |
Payments on capital
lease obligations |
|
|
(2 |
) |
|
|
(10 |
) |
Change in bank
overdrafts |
|
|
481 |
|
|
|
2,350 |
|
Proceeds from finance
lease obligations |
|
|
941 |
|
|
|
1,310 |
|
Capital contributions
to variable interest entity |
|
|
— |
|
|
|
794 |
|
Shares withheld for tax
payments on vested restricted shares |
|
|
(35 |
) |
|
|
— |
|
Other |
|
|
58 |
|
|
|
21 |
|
Net cash provided by
financing activities |
|
|
36,404 |
|
|
|
17,188 |
|
Decrease in cash and
restricted cash |
|
|
(3,506 |
) |
|
|
(21,597 |
) |
Cash and restricted
cash at beginning of period |
|
|
7,083 |
|
|
|
25,477 |
|
Cash and restricted
cash at end of period |
|
$ |
3,577 |
|
|
$ |
3,880 |
|
Supplemental
disclosure of cash flow information: |
|
|
|
|
|
|
Interest paid |
|
$ |
1,925 |
|
|
$ |
472 |
|
Income taxes paid |
|
$ |
7,852 |
|
|
$ |
8,340 |
|
Supplemental
disclosure of non-cash information: |
|
|
|
|
|
|
Property and equipment
acquired under build-to-suit leases |
|
$ |
12,907 |
|
|
$ |
2,090 |
|
Unpaid liability to
acquire property and equipment |
|
$ |
2,452 |
|
|
$ |
4,411 |
|
DULUTH HOLDINGS
INC.Reconciliation of Net Income to EBITDA and
EBITDA to Adjusted
EBITDA(Unaudited)(Amounts in
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Six Months Ended |
|
|
July 29, 2018 |
|
July 30, 2017 |
|
July 29, 2018 |
|
July 30, 2017 |
Net income |
|
$ |
6,452 |
|
$ |
4,353 |
|
$ |
5,769 |
|
$ |
4,768 |
Depreciation and amortization |
|
|
2,760 |
|
|
1,728 |
|
|
5,069 |
|
|
3,280 |
Interest
expense |
|
|
1,234 |
|
|
372 |
|
|
2,055 |
|
|
538 |
Income
tax expense |
|
|
2,212 |
|
|
2,709 |
|
|
1,980 |
|
|
2,934 |
EBITDA |
|
$ |
12,658 |
|
$ |
9,162 |
|
$ |
14,873 |
|
$ |
11,520 |
Non-cash
stock based compensation |
|
|
449 |
|
|
293 |
|
|
858 |
|
|
617 |
Adjusted EBITDA |
|
$ |
13,107 |
|
$ |
9,455 |
|
$ |
15,731 |
|
$ |
12,137 |
DULUTH HOLDINGS
INC.Segment
Information(Unaudited)(Amounts in
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Six Months Ended |
|
|
July 29, 2018 |
|
July 30, 2017 |
|
July 29, 2018 |
|
July 30, 2017 |
Net
sales |
|
|
|
|
|
|
|
|
|
|
|
|
Direct |
|
$ |
60,833 |
|
$ |
57,667 |
|
$ |
127,045 |
|
|
$ |
121,442 |
Retail |
|
|
49,820 |
|
|
28,559 |
|
|
83,815 |
|
|
|
48,471 |
Total net
sales |
|
$ |
110,653 |
|
$ |
86,226 |
|
$ |
210,860 |
|
|
$ |
169,913 |
Operating
income (loss) |
|
|
|
|
|
|
|
|
|
|
|
|
Direct |
|
$ |
1,123 |
|
$ |
3,125 |
|
$ |
(1,005 |
) |
|
$ |
2,968 |
Retail |
|
|
8,773 |
|
|
4,264 |
|
|
10,644 |
|
|
|
5,170 |
Total
operating income |
|
|
9,896 |
|
|
7,389 |
|
|
9,639 |
|
|
|
8,138 |
Interest expense |
|
|
1,234 |
|
|
372 |
|
|
2,055 |
|
|
|
538 |
Other income, net |
|
|
2 |
|
|
45 |
|
|
165 |
|
|
|
102 |
Income before
income taxes |
|
$ |
8,664 |
|
$ |
7,062 |
|
$ |
7,749 |
|
|
$ |
7,702 |
DULUTH HOLDINGS INC.Net
Sales by
Business(Unaudited)(Amounts in
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Six Months Ended |
|
|
July 29, 2018 |
|
July 30, 2017 |
|
July 29, 2018 |
|
July 30, 2017 |
Net
sales |
|
|
|
|
|
|
|
|
|
|
|
|
Men's |
|
$ |
75,434 |
|
$ |
59,872 |
|
$ |
143,354 |
|
$ |
118,506 |
Women's |
|
|
29,625 |
|
|
21,557 |
|
|
56,785 |
|
|
42,363 |
Hard goods/other |
|
|
5,594 |
|
|
4,797 |
|
|
10,721 |
|
|
9,044 |
Total net
sales |
|
$ |
110,653 |
|
$ |
86,226 |
|
$ |
210,860 |
|
$ |
169,913 |
DULUTH HOLDINGS
INC.Reconciliation of Forecasted Net Income to
Forecasted EBITDA and Forecasted EBITDA to Forecasted Adjusted
EBITDAFor the Fiscal Year Ending February 3,
2019(Unaudited)(Amounts in
thousands)
|
|
|
|
|
|
|
|
|
Low |
|
High |
Forecasted |
|
|
|
|
|
|
Net income |
|
$ |
26,000 |
|
$ |
27,500 |
Depreciation and amortization |
|
|
10,600 |
|
|
11,000 |
Interest
expense |
|
|
3,950 |
|
|
4,450 |
Income
tax expense |
|
|
9,000 |
|
|
9,550 |
EBITDA |
|
$ |
49,550 |
|
$ |
52,500 |
Non-cash
stock based compensation |
|
|
1,450 |
|
|
1,500 |
Adjusted EBITDA |
|
$ |
51,000 |
|
$ |
54,000 |
Duluth (NASDAQ:DLTH)
Historical Stock Chart
From Aug 2024 to Sep 2024
Duluth (NASDAQ:DLTH)
Historical Stock Chart
From Sep 2023 to Sep 2024