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 net sales results for the nine-week period from October
31, 2022 through January 1, 2023 (“Holiday Period”).
For updated Investor Presentation, please
visit: https://ir.duluthtrading.com/
Highlights for the Nine-Week Holiday Period Ended
January 1, 2023 Compared to the Same Prior Year Period
- Net sales of $198.2 million compared to $224.3 million
- Direct net sales of $127.0 million compared to $145.3
million
- Retail net sales of $71.2 million compared to $79.0
million
Management Commentary
President and CEO, Sam Sato commented, “We are pleased with our
AKHG brand sales growth of high single digits for the 9-week
holiday selling period and expect to achieve the low end of our
fourth quarter sales guidance. For the year, we anticipate our
Women’s business to outperform relative to the total company sales
results giving us confidence the investments we have made in
product innovation and great brand marketing has cemented Duluth
Trading Company as a co-gender lifestyle brand.”
Sato concluded, “In what evolved into a softer consumer backdrop
during the holiday season, we managed the business well. We expect
to end the fiscal year in a balanced and strong inventory position
with levels up compared to last year’s depressed positioning as a
result of supply chain constraints, and comparable to levels in
2020 and 2019.”
ICR Conference 2023
Members of Duluth Trading’s management team will be meeting with
analysts and investors at the ICR Conference on January 9-11, 2023.
The Company’s presentation is scheduled for 2:00 P.M. Eastern Time
on Tuesday, January 10, 2023. A live audio webcast will be
available at the time of the event and may be accessed through the
investor section of the Company’s website at
https://ir.duluthtrading.com/
A replay of the audio webcast will be available after the
event.
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.
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. 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 25, 2022 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 on our
results of operations; the prolonged effects of COVID-19 on store
traffic and disruptions to our distribution network, supply chains
and operations; our ability to maintain and enhance a strong brand
image; effectively adapting to new challenges associated with our
expansion into new geographic markets; generating adequate cash
from our existing stores to support our growth; 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; 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 in
global market constraints; 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:
ICR, Inc.
(646) 277-1200
DuluthIR@icrinc.com
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