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 fourth quarter and
fiscal year ended January 29, 2023.
Highlights for the Fourth Quarter Ended January 29,
2023
- Net sales of $241.8 million compared to $270.8 million in the
prior-year fourth quarter
- Strategic investment in a new automated Southeast fulfillment
center that is on time and on budget
- Strength of the Women’s business continued with positive sales
growth
- Well balanced inventory composition driven by intentional pull
forward of spring receipts
- Adjusted EBITDA1 of $20.6 million; reflects 8.6% of net
sales
Highlights for the Fiscal Year Ended January 29,
2023
- Net sales of $653.3 million compared to $698.6 million in the
prior year
- AKHG sub-brand expanded with the introduction of Women’s
collection
- Strategic investment to re-platform website with next
generation of e-commerce architecture
- Healthy balance sheet and increased liquidity with expanded
line of credit of $200 million
- Adjusted EBITDA1 of $43.5 million
1See Reconciliation of net income to EBITDA and EBITDA to
Adjusted EBITDA in the accompanying financial tables.
Management Commentary
President and CEO, Sam Sato commented, “While we are not
satisfied with our financial performance for the year, we finished
the fourth quarter with good momentum and continue to see great
progress in our AKHG outdoor recreation brand and our Women’s
business overall, both posting positive sales growth for the
quarter and full year. We ended the year with well-balanced
inventories purposefully receiving new spring goods earlier to
capture the seasonal transition business. Building on the momentum
in our women’s business, we have elevated and expanded on our
multi-year successful garden collection featuring new colors,
prints and benefits, as well as new gear for those that take on
life with their own two hands.
The launch of our AKHG Lost Lake swim collection for Men and
Women is capturing our customers' interest. Our stylish patterns
anchored on the purpose of providing necessary sun protection and
fast drying fabrication features are resonating across genders,
further cementing Duluth Trading Company as a true co-gender
lifestyle brand.”
Sato concluded, “Fiscal 2022 was a dynamic and challenging year.
In the face of many cross currents, our teams remained agile and
flexible navigating with an unwavering focus on servicing our
customers day-in and day-out while controlling the areas of
the business that were in our control. I am truly grateful
for the hard work and dedication across our entire
organization.”
Operating Results for the Fourth Quarter Ended January
29, 2023
Net sales decreased 10.7% to $241.8 million, compared to $270.8
million in the same period a year ago. Retail store net sales
decreased by 8.2% to $83.6 million due to slower store traffic,
partially offset by continued strong conversion rates.
Direct-to-consumer net sales decreased by 12.0% to $158.1 million
compared to the fourth quarter last year.
Net sales in store markets decreased 10.3%, to $167.1 million,
compared to $186.3 million in the same period a year ago. Net sales
in non-store markets decreased 11.8%, to $72.7 million, compared to
$82.5 million in the same period a year ago.
Women’s apparel net sales increased 1.7% due to continued
strength in the AKHG collection. This increase was offset by a
14.1% decrease in Men’s apparel net sales.
Gross profit decreased 15.0% to $123.8 million, or 51.2% of net
sales, compared to $145.7 million, or 53.8% of net sales, in the
corresponding prior-year period. The decrease in gross profit
margin rate was due to a lower mix of full price sales, coupled
with deeper discounts as a response to the heavily promotional
fourth quarter industry environment.
Selling, general and administrative expenses decreased 6.8% to
$113.2 million, compared to $121.4 million in the same period a
year ago. As a percentage of net sales, selling, general and
administrative expenses increased to 46.8%, compared to 44.9% in
the corresponding prior-year period.
The decrease in selling, general and administrative expenses was
primarily due to a prudent pull back of spend during this
promotional industry environment and period of uncertain customer
demand.
The effective tax rate related to controlling interest was 25%
in both the current and prior year periods.
Balance Sheet and Liquidity
The Company ended the quarter with a cash balance of
approximately $45.5 million, net working capital of $107.9 million,
no outstanding Duluth Trading bank debt and $31.5 million of fiscal
2022 capital expenditures, inclusive of $8.7 million of investments
in software hosting implementation costs, which are included in
Prepaid expenses & other current assets on the Company’s
Consolidated Balance Sheets.
End of year inventory of $154.9 million represented an increase
of 26.3% compared to the prior year. This increase was due to the
planned pull forward of spring 2023 receipts in the fourth quarter
to avoid any supply chain constraints. As compared to Q4 2020,
inventory increased $5.9 million, or 3.9%.
Fiscal 2023 Outlook
The Company provided the following fiscal 2023 outlook:
- Net sales in the range of $645 million to $660 million
- Adjusted EBITDA1 in the range of $47 million to $49
million
- EPS in the range of $0.02 to $0.08 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, March 9, 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 March 17, 2022: 877-344-7529 (domestic) or
412-317-0088 (international)
- Replay access code:
6209618
- 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/10175114/f5af6dd17a
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 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
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), Free Cash Flow and
Forecasted Adjusted 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 months and fiscal year ended January 29, 2023,
versus the three months and fiscal year ended January 30, 2022,
“Free Cash Flow” as a liquidity measure for the fiscal years ended
January 29, 2023 and January 30, 2022 and “Reconciliation of
Forecasted Net Income to Forecasted EBITDA and Forecasted EBITDA to
Forecasted Adjusted EBITDA” for a forecasted reconciliation of net
income to EBITDA and EBITDA to Adjusted EBITDA for the fiscal year
ended January 28, 2024.
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.
Management believes Free Cash Flow is a useful measure of
performance as an indication of an organization’s financial
strength and provides additional perspective on the ability to
efficiently use capital in executing growth strategies. Free Cash
Flow is used to facilitate a comparison of operating performance on
a consistent basis from period-to-period and the ability to
generate cash. Free Cash Flow is defined as net cash provided by
operating activities less purchase of property and equipment.
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 measurements 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 “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 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; adapting to declines in consumer confidence,
inflation and decreases in consumer spending; 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 image; effectively adapting to
new challenges associated with our expansion into new geographic
markets; generating adequate cash from our existing stores and
direct sales 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 and to successfully open
new stores; 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; our ability to attract and retain customers in the various
retail venues and locations in which our stores are located;
inability to deploy marketing tactics to strengthen brand awareness
and attract new customers in a cost effective manner; 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.
(Tables Follow)
DULUTH HOLDINGS
INC.Condensed Consolidated Balance
Sheets(Unaudited) (Amounts in
thousands)
|
|
|
|
|
|
|
|
|
January 29, 2023 |
|
January 30, 2022 |
ASSETS |
|
|
|
|
|
|
Current Assets: |
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
45,548 |
|
|
$ |
77,051 |
|
Receivables |
|
|
6,041 |
|
|
|
5,455 |
|
Inventory, net |
|
|
154,922 |
|
|
|
122,672 |
|
Prepaid expenses & other current assets |
|
|
19,386 |
|
|
|
17,333 |
|
Prepaid catalog costs |
|
|
— |
|
|
|
10 |
|
Total current assets |
|
|
225,897 |
|
|
|
222,521 |
|
Property and equipment,
net |
|
|
108,332 |
|
|
|
110,078 |
|
Operating lease right-of-use
assets |
|
|
131,753 |
|
|
|
120,911 |
|
Finance lease right-of-use
assets, net |
|
|
47,206 |
|
|
|
50,133 |
|
Available-for-sale
security |
|
|
5,539 |
|
|
|
6,554 |
|
Other assets, net |
|
|
8,727 |
|
|
|
5,353 |
|
Total assets |
|
$ |
527,454 |
|
|
$ |
515,550 |
|
LIABILITIES AND SHAREHOLDERS' EQUITY |
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
Trade accounts payable |
|
$ |
56,547 |
|
|
$ |
45,402 |
|
Accrued expenses and other current liabilities |
|
|
40,815 |
|
|
|
47,504 |
|
Income tax payable |
|
|
1,761 |
|
|
|
6,814 |
|
Current portion of operating lease liabilities |
|
|
15,571 |
|
|
|
12,882 |
|
Current portion of finance lease liabilities |
|
|
2,842 |
|
|
|
2,701 |
|
Current maturities of Duluth long-term debt |
|
|
— |
|
|
|
— |
|
Current maturities of TRI long-term debt1 |
|
|
768 |
|
|
|
693 |
|
Total current liabilities |
|
|
118,304 |
|
|
|
115,996 |
|
Operating lease liabilities,
less current portion |
|
|
117,366 |
|
|
|
107,094 |
|
Finance lease liabilities,
less current portion |
|
|
37,425 |
|
|
|
40,267 |
|
Duluth long-term debt, less
current maturities |
|
|
— |
|
|
|
— |
|
TRI long-term debt, less
current maturities1 |
|
|
25,913 |
|
|
|
26,608 |
|
Deferred tax liabilities |
|
|
1,249 |
|
|
|
2,867 |
|
Total liabilities |
|
|
300,257 |
|
|
|
292,832 |
|
Treasury stock |
|
|
(1,459 |
) |
|
|
(1,002 |
) |
Capital stock |
|
|
98,842 |
|
|
|
95,515 |
|
Retained earnings |
|
|
133,172 |
|
|
|
130,868 |
|
Accumulated other
comprehensive income |
|
|
(148 |
) |
|
|
489 |
|
Total shareholders' equity of Duluth Holdings Inc. |
|
|
230,407 |
|
|
|
225,870 |
|
Noncontrolling interest |
|
|
(3,210 |
) |
|
|
(3,152 |
) |
Total shareholders' equity |
|
|
227,197 |
|
|
|
222,718 |
|
Total liabilities and shareholders' equity |
|
$ |
527,454 |
|
|
$ |
515,550 |
|
1Represents 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 |
|
Fiscal Year Ended |
|
|
January 29, 2023 |
|
January 30, 2022 |
|
January 29, 2023 |
|
January 30, 2022 |
Net sales |
|
$ |
241,766 |
|
$ |
270,761 |
|
|
$ |
653,307 |
|
|
$ |
698,584 |
|
Cost of goods sold (excluding
depreciation and amortization) |
|
|
117,923 |
|
|
125,056 |
|
|
|
309,872 |
|
|
|
321,260 |
|
Gross profit |
|
|
123,843 |
|
|
145,705 |
|
|
|
343,435 |
|
|
|
377,324 |
|
Selling, general and
administrative expenses |
|
|
113,160 |
|
|
121,446 |
|
|
|
337,204 |
|
|
|
333,225 |
|
Operating income |
|
|
10,683 |
|
|
24,259 |
|
|
|
6,231 |
|
|
|
44,099 |
|
Interest expense |
|
|
930 |
|
|
1,327 |
|
|
|
3,653 |
|
|
|
4,717 |
|
Other income, net |
|
|
196 |
|
|
248 |
|
|
|
376 |
|
|
|
55 |
|
Income before income
taxes |
|
|
9,949 |
|
|
23,180 |
|
|
|
2,954 |
|
|
|
39,437 |
|
Income tax expense |
|
|
2,478 |
|
|
5,839 |
|
|
|
708 |
|
|
|
9,887 |
|
Net income |
|
|
7,471 |
|
|
17,341 |
|
|
|
2,246 |
|
|
|
29,550 |
|
Less: Net income (loss)
attributable to noncontrolling interest |
|
|
24 |
|
|
(18 |
) |
|
|
(58 |
) |
|
|
(152 |
) |
Net income attributable to
controlling interest |
|
$ |
7,447 |
|
$ |
17,359 |
|
|
$ |
2,304 |
|
|
$ |
29,702 |
|
Basic earnings per
share (Class A and Class B): |
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares
of common stock outstanding |
|
|
32,811 |
|
|
32,494 |
|
|
|
32,772 |
|
|
|
32,618 |
|
Net income per share
attributable to controlling interest |
|
$ |
0.23 |
|
$ |
0.53 |
|
|
$ |
0.07 |
|
|
$ |
0.91 |
|
Diluted earnings per
share (Class A and Class B): |
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares
and equivalents outstanding |
|
|
32,811 |
|
|
32,665 |
|
|
|
32,991 |
|
|
|
32,851 |
|
Net income per share
attributable to controlling interest |
|
$ |
0.23 |
|
$ |
0.53 |
|
|
$ |
0.07 |
|
|
$ |
0.90 |
|
DULUTH HOLDINGS
INC.Consolidated Statements of Cash
Flows(Unaudited)(Amounts in
thousands)
|
|
|
|
|
|
|
|
|
Fiscal Year Ended |
|
|
January 29, 2023 |
|
January 30, 2022 |
Cash flows from
operating activities: |
|
|
|
|
|
|
Net income |
|
$ |
2,246 |
|
|
$ |
29,550 |
|
Adjustments to reconcile net
income to net cash provided by operating activities: |
|
|
|
|
|
|
Depreciation and
amortization |
|
|
30,810 |
|
|
|
29,225 |
|
Stock-based compensation |
|
|
2,711 |
|
|
|
2,198 |
|
Deferred income taxes |
|
|
(1,403 |
) |
|
|
(5,483 |
) |
Loss on disposal of property
and equipment |
|
|
1,392 |
|
|
|
398 |
|
Changes in operating assets
and liabilities: |
|
|
|
|
|
|
Receivables |
|
|
(586 |
) |
|
|
(3,185 |
) |
Inventory |
|
|
(32,250 |
) |
|
|
26,380 |
|
Prepaid expense & other assets |
|
|
869 |
|
|
|
(2,438 |
) |
Software hosting implementation costs, net |
|
|
(6,121 |
) |
|
|
(4,701 |
) |
Deferred catalog costs |
|
|
10 |
|
|
|
1,004 |
|
Trade accounts payable |
|
|
12,685 |
|
|
|
10,481 |
|
Income taxes payable |
|
|
(5,053 |
) |
|
|
(765 |
) |
Accrued expenses and deferred rent obligations |
|
|
(11,768 |
) |
|
|
9,865 |
|
Other |
|
|
(365 |
) |
|
|
(845 |
) |
Noncash lease impacts |
|
|
1,195 |
|
|
|
297 |
|
Net cash (used in) provided by
operating activities |
|
|
(5,628 |
) |
|
|
91,981 |
|
Cash flows from
investing activities: |
|
|
|
|
|
|
Purchases of property and
equipment |
|
|
(22,833 |
) |
|
|
(10,352 |
) |
Principal receipts from
available-for-sale security |
|
|
164 |
|
|
|
147 |
|
Change in other assets |
|
|
28 |
|
|
|
55 |
|
Net cash used in investing
activities |
|
|
(22,641 |
) |
|
|
(10,150 |
) |
Cash flows from
financing activities: |
|
|
|
|
|
|
Proceeds from line of
credit |
|
|
— |
|
|
|
5,000 |
|
Payments on line of
credit |
|
|
— |
|
|
|
(5,000 |
) |
Proceeds from delayed draw
term loan |
|
|
25,000 |
|
|
|
— |
|
Payments on delayed draw term
loan |
|
|
(25,000 |
) |
|
|
(48,250 |
) |
Payments on TRI long term
debt |
|
|
(692 |
) |
|
|
(623 |
) |
Payments on finance lease
obligations |
|
|
(2,701 |
) |
|
|
(2,559 |
) |
Shares withheld for tax
payments on vested restricted stock |
|
|
(457 |
) |
|
|
(374 |
) |
Other |
|
|
616 |
|
|
|
442 |
|
Net cash used in financing
activities |
|
|
(3,234 |
) |
|
|
(51,364 |
) |
Increase in cash and cash
equivalents |
|
|
(31,503 |
) |
|
|
30,467 |
|
Cash and cash equivalents at
beginning of period |
|
|
77,051 |
|
|
|
46,584 |
|
Cash and cash equivalents at
end of period |
|
$ |
45,548 |
|
|
$ |
77,051 |
|
DULUTH HOLDINGS
INC.Reconciliation of Net Income to EBITDA and
EBITDA to Adjusted
EBITDA(Unaudited)(Amounts in
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Fiscal Year Ended |
|
|
January 29, 2023 |
|
January 30, 2022 |
|
January 29, 2023 |
|
January 30, 2022 |
Net income |
|
$ |
7,471 |
|
$ |
17,341 |
|
$ |
2,246 |
|
$ |
29,550 |
Depreciation and amortization |
|
|
7,864 |
|
|
7,403 |
|
|
30,810 |
|
|
29,225 |
Amortization of internal-use software hosting subscription
implementation costs |
|
|
1,189 |
|
|
545 |
|
|
3,392 |
|
|
1,797 |
Interest expense |
|
|
930 |
|
|
1,327 |
|
|
3,653 |
|
|
4,717 |
Income tax expense |
|
|
2,478 |
|
|
5,839 |
|
|
708 |
|
|
9,887 |
EBITDA (non-GAAP) |
|
$ |
19,932 |
|
$ |
32,455 |
|
$ |
40,809 |
|
$ |
75,176 |
Stock based compensation |
|
|
711 |
|
|
586 |
|
|
2,711 |
|
|
2,198 |
Adjusted EBITDA
(non-GAAP) |
|
$ |
20,643 |
|
$ |
33,041 |
|
$ |
43,520 |
|
$ |
77,374 |
DULUTH HOLDINGS INC.Free
Cash Flow(Unaudited)(Amounts in
thousands)
|
|
|
|
|
|
|
|
|
Fiscal Year Ended |
|
|
January 29, 2023 |
|
January 30, 2022 |
(in thousands) |
|
|
|
|
|
|
Net cash (used in) provided by
operating activities |
|
$ |
(5,628 |
) |
|
$ |
91,981 |
|
Purchases of property and equipment |
|
|
(22,833 |
) |
|
|
(10,352 |
) |
Free Cash Flow (non-GAAP) |
|
$ |
(28,461 |
) |
|
$ |
81,629 |
|
DULUTH HOLDINGS
INC.Reconciliation of Forecasted Net Income to
Forecasted EBITDA and Forecasted EBITDA to Forecasted Adjusted
EBITDAFor the Fiscal Year Ended January 28,
2024(Unaudited)(Amounts in
thousands)
|
|
|
|
|
|
|
|
|
Low |
|
High |
Forecasted |
|
|
|
|
|
|
Net income |
|
$ |
600 |
|
$ |
2,500 |
Depreciation and amortization |
|
|
33,000 |
|
|
33,000 |
Amortization of internal-use software hosting subscription
implementation costs |
|
|
4,000 |
|
|
4,000 |
Interest expense |
|
|
5,200 |
|
|
4,500 |
Income tax expense |
|
|
200 |
|
|
850 |
EBITDA (non-GAAP) |
|
$ |
43,000 |
|
$ |
44,850 |
Stock based compensation |
|
|
4,000 |
|
|
4,150 |
Adjusted EBITDA
(non-GAAP) |
|
$ |
47,000 |
|
$ |
49,000 |
Photos accompanying this announcement are available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/80d4c177-e73f-492d-99cb-0b4f9c5dfff9
https://www.globenewswire.com/NewsRoom/AttachmentNg/3997ead3-3683-42ff-995d-8583588895d0
Investor Contacts:
ICR, Inc.
(646) 277-1200
DuluthIR@icrinc.com
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