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
August 2, 2020.
Highlights for the Second Quarter Ended August 2,
2020
- Net sales increased 12.6% to $137.4 million compared to $122.0
million in the prior-year second quarter
- Direct-to-consumer net sales increased 66.9% and retail store
net sales decreased 40.4% as stores re-opened throughout the first
half of the quarter
- Gross margin decreased to 52.8% compared to 53.1% in the
prior-year second quarter
- Operating income increased to $9.8 million compared to
operating income of $3.7 million in the prior-year second
quarter
- Net income increased to $5.9 million, or $0.18 per diluted
share, compared to net income of $1.9 million, or $0.06 per diluted
share, in the prior-year second quarter
- Adjusted EBITDA1 increased 75.3% to $16.8 million compared to
$9.6 million in the prior-year second quarter
- As of June 15, 2020, we have re-opened all of our 62 retail
stores in some capacity
1See Reconciliation of net income (loss) to EBITDA and EBITDA to
Adjusted EBITDA in the accompanying financial tables.
Management Commentary
“The real success story of the second quarter is the strength of
the Duluth Trading brand and our ecommerce channel. Net sales grew
13% to $137 million driven by a 67% growth in direct sales
year-over-year and more than doubled the first quarter’s strong
direct sales growth rate,” said Steve Schlecht, Executive Chairman
and CEO of Duluth Trading.
“Our solid second quarter results can be attributed to several
factors. First, our spring and summer product assortments had
widespread appeal to both men and women whether staying at home or
venturing outdoors. Second, the technology and infrastructure
investments that we made well before the pandemic were critical in
meeting the sudden shift in consumer shopping trends. Our
enhanced website and mobile capabilities allowed us to easily
accommodate the surge in demand. Third, our shift to more digital
marketing versus traditional media spend generated a 130% lift in
new buyer growth in our direct channel. Finally, the omnichannel
model continued to validate our commitment even in the face of
lower store traffic. Our thesis that having a store in a market
builds overall brand awareness once again proved out in the second
quarter. Direct sales growth in store markets outpaced that of
non-store markets by 21 percentage points.”
“As we move into the fall and holiday seasons, we are doing
everything in our control to keep the momentum going. I am
confident that our team has the talent, agility and conviction to
meet the challenges ahead,” concluded Schlecht.
Operating Results for the Second Quarter Ended
August 2, 2020
Net sales increased 12.6%, to $137.4 million, compared to $122.0
million in the same period a year ago. The increase was attributed
to a 66.9% increase in direct-to-consumer net sales, partially
offset by a 40.4% decrease in retail store net sales. The increase
in the direct-to-consumer net sales was driven by a shift of
existing customers to online, as well as new buyer growth,
particularly within our women’s products. Total new buyer growth
increased 54.6% compared to the same period a year ago. The
decrease in retail store net sales was due to the temporary closure
of all stores due to the COVID-19 pandemic. Retail store
re-openings ranged from the first week in May through the third
week in June.
Net sales in non-store markets increased $17.3 million, or 58.6%
primarily due to an increase in digital advertising to promote
Mother’s Day, Father’s Day and online warehouse clearance events.
Net sales in store markets decreased $1.6 million, or 1.8%, due to
temporary store closures, partially mitigated by a 79.8% increase
in direct-to-consumer sales in store markets. We believe the
difference in the increase in website and catalog sales between
store and non-store markets continues to demonstrate the importance
of our retail stores in building brand awareness and expanding our
loyal customer base.
Men’s business net sales increased 15.3% driven by growth in
men’s underwear, Alaskan Hardgear and apparel newness. Women’s
business net sales increased 9.6% driven by the summer solved
collection, comfortable basics and plus line apparel.
Gross profit increased 11.8%, to $72.5 million, or 52.8% of net
sales, compared to $64.8 million, or 53.1% of net sales, in the
corresponding prior-year period. The decrease in gross margin rate
was primarily driven by promotional, clearance and sitewide sales
events to continue moving inventory during the period of slower
store traffic and uncertainty in customer demand. The decrease was
partially offset by reduced store delivery costs from lower store
sales volumes as well as favorable retail physical inventory count
results as compared to the same period a year ago.
Selling, general and administrative expenses increased 2.6% to
$62.7 million, compared to $61.1 million in the same period a year
ago. As a percentage of net sales, selling, general and
administrative expenses decreased to 45.6%, compared to 50.1% in
the corresponding prior-year period. The positive leverage was
primarily due to shifting to a more efficient digital marketing
approach as customer purchasing patterns migrated to online.
The increase in selling, general and administrative expense was
due to increased shipping costs to support website sales, higher
retail overhead costs driven by new store growth and increased
depreciation expense associated with investments in technology,
partially offset by reduced catalog spend and national TV
advertising.
Balance Sheet and Liquidity
The Company ended the quarter with a cash balance of $19.0
million, an inventory balance of $167.6 million, net working
capital of $117.7 million, $49.5 million outstanding on its $70.5
million term loan, and $30.0 million outstanding on its $80.0
million revolving line of credit.
Fiscal 2020 Outlook
Given the unpredictability of the effects of the COVID-19
pandemic on, among other things, consumer behavior, store
traffic, store operations, production capabilities,
timing of deliveries, our people, economic activity and the market
generally in the coming weeks and months, the Company is unable to
provide specific earnings guidance at this time.
In response to expected impacts to sales plans, the Company has
reduced its planned capital spend levels from the beginning of the
fiscal year by 50% to approximately $15 million primarily by
decreasing fiscal 2020 new store openings to four and deferring
certain technology and infrastructure projects, as well as
continuing to focus on managing expense, extending payment terms
and adjusting inventory receipt plans.
The following table recaps the Company’s fiscal 2020 stores
opened as well as signed new store leases and the anticipated
opening timeframes, which reflects the Company’s plan to reduce
fiscal 2020 store openings to four.
|
|
|
|
Gross |
Location |
|
Timing |
|
Square Footage |
Short Pump, VA |
|
Opened March 5, 2020 |
|
16,828 |
Springfield, OR |
|
Opened August 14, 2020 |
|
20,388 |
Orland Park, IL |
|
Opened August 20, 2020 |
|
10,000 |
Florence, KY |
|
Q3 Fiscal 2020 |
|
11,441 |
Cherry Hill, NJ |
|
Fiscal 2021 |
|
11,441 |
Conference Call Information
A conference call and audio webcast with analysts and investors
will be held on Thursday, September 3, 2020 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 17, 2020:
877-344-7529 (domestic) or 412-317-0088 (international)
- Replay access code: 10147470
- 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
http://dpregister.com/10147470 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 growing 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 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 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 six months ended August 2,
2020, versus the three and six months ended August 4, 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, and statements under the
heading “Fiscal 2020 Outlook.” 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 I, Item 1A “Risk Factors” in the Company’s Annual Report on
Form 10-K filed with the SEC on March 20, 2020 and Part II, Item 1A
“Risk Factors” in the Company’s Quarterly Report on Form 10-Q filed
with the SEC on June 5, 2020, 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: adverse changes in the economy or business
conditions, including the adverse effects of the COVID-19 pandemic;
prolonged effects of the COVID-19 pandemic on store traffic and
disruptions to our distribution network, supply chains and
operations; our ability to maintain and enhance a strong brand
image; our ability to successfully open new stores; effectively
adapting to new challenges associated with our expansion into new
geographic markets; generating adequate cash from our existing
stores to support our growth; the inability to maintain the
performance of a maturing store portfolio; the impact of changes in
corporate tax regulations; identifying and responding to new and
changing customer preferences; the success of the locations in
which our stores are located; our ability to attract and retain
customers in the various retail venues and locations in which our
stores are located; 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; 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; 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.
Investor Contacts:Donni Case (310)
622-8224Margaret Boyce (310) 622-8247Financial Profiles,
Inc.Duluth@finprofiles.com
(Tables Follow)
DULUTH HOLDINGS
INC.Condensed Consolidated Balance
Sheets(Unaudited) (Amounts
in thousands)
|
|
|
|
|
|
|
|
|
August 2, 2020 |
|
February 2, 2020 |
|
|
|
|
|
|
|
ASSETS |
|
|
|
|
|
|
Current Assets: |
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
19,005 |
|
|
$ |
2,189 |
|
Receivables |
|
|
2,095 |
|
|
|
1,470 |
|
Income taxes receivable |
|
|
3,780 |
|
|
|
— |
|
Inventory, net |
|
|
167,584 |
|
|
|
147,849 |
|
Prepaid expenses & other current assets |
|
|
9,075 |
|
|
|
9,503 |
|
Prepaid catalog costs |
|
|
254 |
|
|
|
1,181 |
|
Total current assets |
|
|
201,793 |
|
|
|
162,192 |
|
Property and equipment,
net |
|
|
136,448 |
|
|
|
137,071 |
|
Operating lease right-of-use
assets |
|
|
114,211 |
|
|
|
120,431 |
|
Finance lease right-of-use
assets, net |
|
|
45,920 |
|
|
|
46,677 |
|
Restricted cash |
|
|
163 |
|
|
|
51 |
|
Available-for-sale
security |
|
|
6,004 |
|
|
|
6,432 |
|
Other assets, net |
|
|
1,644 |
|
|
|
1,196 |
|
Total assets |
|
$ |
506,183 |
|
|
$ |
474,050 |
|
LIABILITIES AND SHAREHOLDERS' EQUITY |
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
Trade accounts payable |
|
$ |
40,141 |
|
|
$ |
33,053 |
|
Accrued expenses and other current liabilities |
|
|
28,816 |
|
|
|
29,464 |
|
Income taxes payable |
|
|
— |
|
|
|
3,427 |
|
Current portion of operating lease liabilities |
|
|
10,411 |
|
|
|
10,674 |
|
Current portion of finance lease liabilities |
|
|
1,664 |
|
|
|
1,600 |
|
Current portion of Duluth long-term debt |
|
|
2,500 |
|
|
|
1,000 |
|
Current maturities of TRI long-term debt1 |
|
|
589 |
|
|
|
557 |
|
Total current liabilities |
|
|
84,121 |
|
|
|
79,775 |
|
Operating lease liabilities,
less current maturities |
|
|
101,506 |
|
|
|
106,120 |
|
Finance lease liabilities,
less current maturities |
|
|
36,934 |
|
|
|
37,434 |
|
Duluth long-term debt, less
current maturities |
|
|
77,000 |
|
|
|
38,332 |
|
TRI long-term debt, less
current maturities1 |
|
|
27,512 |
|
|
|
27,778 |
|
Deferred tax liabilities |
|
|
11,710 |
|
|
|
8,505 |
|
Total liabilities |
|
|
338,783 |
|
|
|
297,944 |
|
Commitments and
contingencies |
|
|
|
|
|
|
Shareholders' equity: |
|
|
|
|
|
|
Treasury stock |
|
|
(581 |
) |
|
|
(407 |
) |
Capital stock |
|
|
91,921 |
|
|
|
90,902 |
|
Retained earnings |
|
|
78,395 |
|
|
|
87,589 |
|
Accumulated other
comprehensive income, net |
|
|
(82 |
) |
|
|
188 |
|
Total shareholders' equity of Duluth Holdings Inc. |
|
|
169,653 |
|
|
|
178,272 |
|
Noncontrolling interest |
|
|
(2,253 |
) |
|
|
(2,166 |
) |
Total shareholders' equity |
|
|
167,400 |
|
|
|
176,106 |
|
Total liabilities and shareholders' equity |
|
$ |
506,183 |
|
|
$ |
474,050 |
|
1 Represents debt of the variable interest entity, TRI Holdings,
LLC, that is consolidated in accordance with ASC 810,
Consolidation. Duluth Trading Company 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 |
|
Six Months Ended |
|
|
August 2, 2020 |
|
August 4, 2019 |
|
August 2, 2020 |
|
August 4, 2019 |
Net sales |
|
$ |
137,375 |
|
|
$ |
121,963 |
|
|
$ |
247,292 |
|
|
$ |
236,207 |
|
Cost of goods sold (excluding
depreciation and amortization) |
|
|
64,903 |
|
|
|
57,159 |
|
|
|
122,488 |
|
|
|
110,485 |
|
Gross profit |
|
|
72,472 |
|
|
|
64,804 |
|
|
|
124,804 |
|
|
|
125,722 |
|
Selling, general and
administrative expenses |
|
|
62,680 |
|
|
|
61,069 |
|
|
|
133,986 |
|
|
|
132,091 |
|
Operating income (loss) |
|
|
9,792 |
|
|
|
3,735 |
|
|
|
(9,182 |
) |
|
|
(6,369 |
) |
Interest expense |
|
|
1,778 |
|
|
|
1,203 |
|
|
|
3,128 |
|
|
|
1,631 |
|
Other (loss) income, net |
|
|
(250 |
) |
|
|
(8 |
) |
|
|
(191 |
) |
|
|
196 |
|
Income (loss) before income
taxes |
|
|
7,764 |
|
|
|
2,524 |
|
|
|
(12,501 |
) |
|
|
(7,804 |
) |
Income tax expense
(benefit) |
|
|
1,866 |
|
|
|
678 |
|
|
|
(3,220 |
) |
|
|
(2,005 |
) |
Net income (loss) |
|
|
5,898 |
|
|
|
1,846 |
|
|
|
(9,281 |
) |
|
|
(5,799 |
) |
Less: Net loss attributable to
noncontrolling interest |
|
|
(43 |
) |
|
|
(90 |
) |
|
|
(87 |
) |
|
|
(163 |
) |
Net income (loss) attributable
to controlling interest |
|
$ |
5,941 |
|
|
$ |
1,936 |
|
|
$ |
(9,194 |
) |
|
$ |
(5,636 |
) |
Basic earnings (loss)
per share (Class A and Class B): |
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares of
common stock outstanding |
|
|
32,445 |
|
|
|
32,288 |
|
|
|
32,408 |
|
|
|
32,253 |
|
Net income (loss) per share
attributable to controlling interest |
|
$ |
0.18 |
|
|
$ |
0.06 |
|
|
$ |
(0.28 |
) |
|
$ |
(0.17 |
) |
Diluted earnings
(loss) per share (Class A and Class B): |
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares and
equivalents outstanding |
|
|
32,445 |
|
|
|
32,399 |
|
|
|
32,408 |
|
|
|
32,253 |
|
Net income (loss) per share
attributable to controlling interest |
|
$ |
0.18 |
|
|
$ |
0.06 |
|
|
$ |
(0.28 |
) |
|
$ |
(0.17 |
) |
|
|
DULUTH HOLDINGS
INC.Consolidated Statements of Cash
Flows(Unaudited)(Amounts in
thousands)
|
|
|
|
|
|
|
|
|
Six Months Ended |
|
|
August 2, 2020 |
|
August 4, 2019 |
Cash flows from
operating activities: |
|
|
|
|
|
|
Net loss |
|
$ |
(9,281 |
) |
|
$ |
(5,799 |
) |
Adjustments to reconcile net
loss to net cash used in operating activities: |
|
|
|
|
|
|
Depreciation and
amortization |
|
|
13,292 |
|
|
|
9,405 |
|
Stock based compensation |
|
|
881 |
|
|
|
1,029 |
|
Deferred income taxes |
|
|
3,300 |
|
|
|
(694 |
) |
Loss on disposal of property
and equipment |
|
|
321 |
|
|
|
— |
|
Changes in operating assets
and liabilities: |
|
|
|
|
|
|
Receivables |
|
|
(625 |
) |
|
|
606 |
|
Income taxes receivable |
|
|
(3,780 |
) |
|
|
(2,331 |
) |
Inventory |
|
|
(19,735 |
) |
|
|
(17,164 |
) |
Prepaid expense & other current assets |
|
|
2,594 |
|
|
|
1,508 |
|
Deferred catalog costs |
|
|
927 |
|
|
|
1,935 |
|
Trade accounts payable |
|
|
3,360 |
|
|
|
10,766 |
|
Income taxes payable |
|
|
(3,427 |
) |
|
|
(218 |
) |
Accrued expenses and deferred rent obligations |
|
|
(1,556 |
) |
|
|
(7,088 |
) |
Noncash lease impacts |
|
|
927 |
|
|
|
— |
|
Net cash used in operating
activities |
|
|
(12,802 |
) |
|
|
(8,045 |
) |
Cash flows from
investing activities: |
|
|
|
|
|
|
Purchases of property and
equipment |
|
|
(8,842 |
) |
|
|
(13,773 |
) |
Capital contributions towards
build-to-suit stores |
|
|
(357 |
) |
|
|
(3,013 |
) |
Principal receipts from
available-for-sale security |
|
|
64 |
|
|
|
56 |
|
Change in other assets |
|
|
— |
|
|
|
17 |
|
Net cash used in investing
activities |
|
|
(9,135 |
) |
|
|
(16,713 |
) |
Cash flows from
financing activities: |
|
|
|
|
|
|
Proceeds from line of
credit |
|
|
52,484 |
|
|
|
104,871 |
|
Payments on line of
credit |
|
|
(41,816 |
) |
|
|
(76,413 |
) |
Proceeds from delayed draw
term loan |
|
|
30,000 |
|
|
|
— |
|
Payments on delayed draw term
loan |
|
|
(500 |
) |
|
|
— |
|
Payments on TRI long term
debt |
|
|
(234 |
) |
|
|
(240 |
) |
Payments on finance lease
obligations |
|
|
(793 |
) |
|
|
(273 |
) |
Shares withheld for tax
payments on vested restricted shares |
|
|
(174 |
) |
|
|
(313 |
) |
Other |
|
|
(102 |
) |
|
|
197 |
|
Net cash provided by financing
activities |
|
|
38,865 |
|
|
|
27,829 |
|
Increase in cash, cash
equivalents and restricted cash |
|
|
16,928 |
|
|
|
3,071 |
|
Cash, cash equivalents and
restricted cash at beginning of period |
|
|
2,240 |
|
|
|
3,085 |
|
Cash, cash equivalents and
restricted cash at end of period |
|
$ |
19,168 |
|
|
$ |
6,156 |
|
Supplemental
disclosure of cash flow information: |
|
|
|
|
|
|
Interest paid |
|
$ |
3,151 |
|
|
$ |
1,712 |
|
Income taxes paid |
|
$ |
40 |
|
|
$ |
562 |
|
Supplemental
disclosure of non-cash information: |
|
|
|
|
|
|
Unpaid liability to acquire
property and equipment |
|
$ |
2,451 |
|
|
$ |
509 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DULUTH HOLDINGS
INC.Reconciliation of Net Income (Loss) to EBITDA
and EBITDA to Adjusted
EBITDA(Unaudited)(Amounts in
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Six Months Ended |
|
|
August 2, 2020 |
|
August 4, 2019 |
|
August 2, 2020 |
|
August 4, 2019 |
Net income (loss) |
|
$ |
5,898 |
|
|
$ |
1,846 |
|
|
$ |
(9,281 |
) |
|
$ |
(5,799 |
) |
Depreciation and amortization |
|
|
6,603 |
|
|
|
5,013 |
|
|
|
13,292 |
|
|
|
9,405 |
|
Interest expense |
|
|
1,778 |
|
|
|
1,203 |
|
|
|
3,128 |
|
|
|
1,631 |
|
Amortization of build-to-suit operating leases capital
contribution |
|
|
198 |
|
|
|
265 |
|
|
|
397 |
|
|
|
479 |
|
Income tax expense (benefit) |
|
|
1,866 |
|
|
|
678 |
|
|
|
(3,220 |
) |
|
|
(2,005 |
) |
EBITDA |
|
$ |
16,343 |
|
|
$ |
9,005 |
|
|
$ |
4,316 |
|
|
$ |
3,711 |
|
Stock based compensation |
|
|
418 |
|
|
|
555 |
|
|
|
881 |
|
|
|
1,029 |
|
Adjusted EBITDA |
|
$ |
16,761 |
|
|
$ |
9,560 |
|
|
$ |
5,197 |
|
|
$ |
4,740 |
|
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