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 third quarter ended
November 3, 2019.
Highlights for the Third Quarter Ended November 3,
2019
- Net sales increased 12.2% to $119.8 million compared to $106.7
million in the prior-year third quarter
- Gross margin decreased 250 basis points to 54.6% compared to
57.1% in the prior-year third quarter
- Operating income of $1.3 million compared to operating loss of
$2.6 million in the prior-year third quarter
- Net income of $0.2 million, or $0.01 per diluted share,
compared to a net loss of $3.2 million, or $0.10 per diluted share,
in the prior-year third quarter
- Adjusted EBITDA1 of $7.3 million compared to $1.0 million in
the prior-year third quarter
- The Company opened three retail stores in Round Rock, TX;
Hoover, AL; and Sandy, UT totaling approximately 47,000 gross
square feet
- 39th 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 are pleased to report healthy top-line growth of 12% and
improved third-quarter operating margin and earnings growth on a
year-over-year basis,” said Stephen L. Schlecht, Founder and Chief
Executive Officer of Duluth Trading. “Our entire team has been hard
at work to set the stage for the all-important holiday shopping
season and I believe we entered the fourth quarter better prepared
to serve our customers than any time in the last two years.”
Operating Results for the Third Quarter Ended
November 3, 2019
Net sales increased 12.2%, to $119.8 million, compared to $106.7
million in the same period a year ago. Net sales were driven by a
2.9% growth in direct net sales and 24.1% growth in retail net
sales, with increases in both our men’s and women’s businesses. At
the end of the third quarter, the company had 58 stores compared to
43 stores in the same period a year ago.
Gross profit increased 7.2%, to $65.4 million, or 54.6% of net
sales, compared to $61.0 million, or 57.1% of net sales, in the
corresponding prior-year period. The 250-basis point decrease in
gross margin rate was primarily attributable to a decrease in
product margins due to additional global promotions, coupled with
recent clearance activity.
Selling, general and administrative expenses increased 0.8% to
$64.0 million, compared to $63.5 million in the same period a year
ago. As a percentage of net sales, selling, general and
administrative expenses decreased 600 basis points to 53.5%,
compared to 59.5% in the corresponding prior-year period. As a
percentage of net sales, general and administrative expenses
decreased 50 basis points to 22.1%, compared to 22.6% in the
corresponding prior-year period, primarily due to leverage gained
from a higher mix of retail sales. As a percentage of net sales,
selling expenses decreased 110 basis points to 15.4%, compared to
16.5% in the corresponding prior-year period, largely due to gained
efficiencies at both the distribution center and call center. As a
percentage of net sales, advertising and marketing costs decreased
440 basis points to 16.0%, compared to 20.4% in the corresponding
prior-year period, primarily due to lower catalog circulation and
advertising leverage gained from a higher mix of retail sales.
Balance Sheet and Liquidity
The Company ended the quarter with a cash balance of $2.2
million, net working capital of $108.7 million, $20.0 million
outstanding on its $50.0 million term loan, and $70.5 million
outstanding on its $80.0 million revolving line of credit.
Fiscal 2019 Outlook
The Company reaffirmed its fiscal 2019 outlook as follows:
- Net sales in the range of $610.0 million to $620.0 million
- Adjusted EBITDA1 in the range of $51.0 million to $55.0
million
- EPS in the range of $0.60 to $0.66 per diluted share
- Capital expenditures of approximately $38.0 million2
- 15 new store openings, adding approximately 215,000 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 2019 capital expenditures
primarily include the opening of 15 retail stores, investments in
technology and infrastructure improvements.
The following table recaps the Company’s fiscal 2019 stores
opened as well as signed new store leases and the anticipated
opening timeframes.
|
|
|
|
Gross |
Location |
|
Timing |
|
Square Footage |
Friendswood, TX |
|
Opened March 7, 2019 |
|
16,026 |
Katy, TX |
|
Opened March 8, 2019 |
|
16,000 |
Wichita, KS |
|
Opened March 21, 2019 |
|
15,385 |
Spokane Valley, WA |
|
Opened April 11, 2019 |
|
15,656 |
Jacksonville, FL |
|
Opened May 2, 2019 |
|
14,557 |
Rogers, AR |
|
Opened May 16, 2019 |
|
15,656 |
Danbury, CT |
|
Opened May 23, 2019 |
|
9,792 |
Madison, AL |
|
Opened June 6, 2019 |
|
15,656 |
Kennesaw, GA |
|
Opened June 28, 2019 |
|
19,620 |
Round Rock, TX |
|
Opened September 5, 2019 |
|
15,536 |
Hoover, AL |
|
Opened September 26, 2019 |
|
15,656 |
Sandy, UT |
|
Opened November 1, 2019 |
|
15,602 |
Bloomington, MN |
|
Opened November 7, 2019 |
|
1,663 |
Franklin, TN |
|
Opened November 14, 2019 |
|
11,940 |
Knoxville, TN |
|
Opened November 15, 2019 |
|
15,385 |
Henrico, VA |
|
Q1 Fiscal 2020 |
|
16,828 |
Springfield, OR |
|
Q1 Fiscal 2020 |
|
20,388 |
Orland Park, IL |
|
Q2 Fiscal 2020 |
|
10,000 |
Roseville, CA |
|
Q2 Fiscal 2020 |
|
15,000 |
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, December 5, 2019 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 December 19, 2019:
877-344-7529 (domestic) or 412-317-0088 (international)
- Replay access code: 10137186
- 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/10137186 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 rapidly 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 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 nine months ended
November 3, 2019, versus the three and nine months ended
October 28, 2018. 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 2, 2020.
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 2019 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 April 19, 2019, 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: 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)
|
|
|
|
|
|
|
|
|
November 3, 2019 |
|
February 3, 2019 |
|
|
|
|
|
|
|
ASSETS |
|
|
|
|
|
|
Current Assets: |
|
|
|
|
|
|
Cash |
|
$ |
2,187 |
|
|
$ |
731 |
|
Accounts receivable |
|
|
340 |
|
|
|
28 |
|
Other receivables |
|
|
6,559 |
|
|
|
4,611 |
|
Inventory, net |
|
|
183,115 |
|
|
|
97,685 |
|
Prepaid expenses & other current assets |
|
|
11,170 |
|
|
|
12,640 |
|
Prepaid catalog costs |
|
|
892 |
|
|
|
2,503 |
|
Total current assets |
|
|
204,263 |
|
|
|
118,198 |
|
Property and equipment,
net |
|
|
139,134 |
|
|
|
167,109 |
|
Operating lease right-of-use
assets |
|
|
119,323 |
|
|
|
— |
|
Finance lease right-of-use
assets, net |
|
|
45,313 |
|
|
|
— |
|
Restricted cash |
|
|
1,776 |
|
|
|
2,354 |
|
Available-for-sale
security |
|
|
6,499 |
|
|
|
6,295 |
|
Goodwill |
|
|
402 |
|
|
|
402 |
|
Other intangible asset,
net |
|
|
287 |
|
|
|
306 |
|
Other assets, net |
|
|
1,120 |
|
|
|
641 |
|
Total assets |
|
$ |
518,117 |
|
|
$ |
295,305 |
|
LIABILITIES AND SHAREHOLDERS' EQUITY |
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
Trade accounts payable |
|
$ |
55,351 |
|
|
$ |
25,363 |
|
Accrued expenses and other current liabilities |
|
|
27,750 |
|
|
|
26,530 |
|
Income taxes payable |
|
|
— |
|
|
|
218 |
|
Current portion of operating lease liabilities |
|
|
10,296 |
|
|
|
— |
|
Current portion of finance lease liabilities |
|
|
1,584 |
|
|
|
— |
|
Current maturities of long-term debt1 |
|
|
541 |
|
|
|
500 |
|
Total current liabilities |
|
|
95,522 |
|
|
|
52,611 |
|
Operating lease liabilities,
less current maturities |
|
|
104,352 |
|
|
|
— |
|
Long-term line of credit |
|
|
70,470 |
|
|
|
16,542 |
|
Finance lease liabilities,
less current maturities |
|
|
38,183 |
|
|
|
— |
|
Long-term debt, less current
maturities1 |
|
|
27,880 |
|
|
|
28,283 |
|
Long-term delayed draw term
loan |
|
|
20,000 |
|
|
|
— |
|
Deferred tax liabilities |
|
|
8,732 |
|
|
|
9,722 |
|
Finance lease obligations
under build-to-suit leases |
|
|
— |
|
|
|
23,034 |
|
Deferred rent obligations,
less current maturities |
|
|
— |
|
|
|
5,003 |
|
Total liabilities |
|
|
365,139 |
|
|
|
135,195 |
|
Commitments and
contingencies |
|
|
|
|
|
|
Shareholders' equity: |
|
|
|
|
|
|
Treasury stock |
|
|
(406 |
) |
|
|
(92 |
) |
Capital stock |
|
|
90,451 |
|
|
|
89,849 |
|
Retained earnings |
|
|
63,214 |
|
|
|
70,592 |
|
Accumulated other
comprehensive income, net |
|
|
214 |
|
|
|
— |
|
Total shareholders' equity of Duluth Holdings Inc. |
|
|
153,473 |
|
|
|
160,349 |
|
Noncontrolling interest |
|
|
(495 |
) |
|
|
(239 |
) |
Total shareholders' equity |
|
|
152,978 |
|
|
|
160,110 |
|
Total liabilities and shareholders' equity |
|
$ |
518,117 |
|
|
$ |
295,305 |
|
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 |
|
Nine Months Ended |
|
|
November 3, 2019 |
|
October 28, 2018 |
|
November 3, 2019 |
|
October 28, 2018 |
Net sales |
|
$ |
119,768 |
|
|
$ |
106,701 |
|
|
$ |
355,975 |
|
|
$ |
317,561 |
Cost of goods sold (excluding
depreciation and amortization) |
|
|
54,403 |
|
|
|
45,730 |
|
|
|
164,888 |
|
|
|
138,410 |
Gross profit |
|
|
65,365 |
|
|
|
60,971 |
|
|
|
191,087 |
|
|
|
179,151 |
Selling, general and
administrative expenses |
|
|
64,037 |
|
|
|
63,534 |
|
|
|
196,128 |
|
|
|
172,075 |
Operating income (loss) |
|
|
1,328 |
|
|
|
(2,563 |
) |
|
|
(5,041 |
) |
|
|
7,076 |
Interest expense |
|
|
1,500 |
|
|
|
1,583 |
|
|
|
3,131 |
|
|
|
3,638 |
Other income, net |
|
|
58 |
|
|
|
3 |
|
|
|
254 |
|
|
|
168 |
(Loss) income before income
taxes |
|
|
(114 |
) |
|
|
(4,143 |
) |
|
|
(7,918 |
) |
|
|
3,606 |
Income tax (benefit)
expense |
|
|
(203 |
) |
|
|
(1,067 |
) |
|
|
(2,209 |
) |
|
|
913 |
Net income (loss) |
|
|
89 |
|
|
|
(3,076 |
) |
|
|
(5,709 |
) |
|
|
2,693 |
Less: Net (loss) income
attributable to noncontrolling interest |
|
|
(93 |
) |
|
|
74 |
|
|
|
(256 |
) |
|
|
157 |
Net income (loss) attributable
to controlling interest |
|
$ |
182 |
|
|
$ |
(3,150 |
) |
|
$ |
(5,453 |
) |
|
$ |
2,536 |
Basic earnings (loss)
per share (Class A and Class B): |
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares of
common stock outstanding |
|
|
32,322 |
|
|
|
32,098 |
|
|
|
32,299 |
|
|
|
32,065 |
Net income (loss) per
share attributable to controlling interest |
|
$ |
0.01 |
|
|
$ |
(0.10 |
) |
|
$ |
(0.17 |
) |
|
$ |
0.08 |
Diluted earnings
(loss) per share (Class A and Class B): |
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares and
equivalents outstanding |
|
|
32,322 |
|
|
|
32,098 |
|
|
|
32,299 |
|
|
|
32,402 |
Net income (loss) per share
attributable to controlling interest |
|
$ |
0.01 |
|
|
$ |
(0.10 |
) |
|
$ |
(0.17 |
) |
|
$ |
0.08 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DULUTH HOLDINGS
INC.Consolidated Statements of Cash
Flows(Unaudited)(Amounts in
thousands)
|
|
|
|
|
|
|
|
|
Nine Months Ended |
|
|
November 3, 2019 |
|
October 28, 2018 |
Cash flows from
operating activities: |
|
|
|
|
|
|
Net (loss) income |
|
$ |
(5,709 |
) |
|
$ |
2,693 |
|
Adjustments to reconcile net
income to net cash used in operating activities: |
|
|
|
|
|
|
Depreciation and
amortization |
|
|
15,934 |
|
|
|
8,187 |
|
Stock based compensation |
|
|
282 |
|
|
|
1,305 |
|
Deferred income taxes |
|
|
(914 |
) |
|
|
(150 |
) |
Changes in operating assets
and liabilities: |
|
|
|
|
|
|
Accounts receivable |
|
|
(312 |
) |
|
|
(287 |
) |
Other receivables |
|
|
(1,948 |
) |
|
|
(2,554 |
) |
Inventory |
|
|
(85,430 |
) |
|
|
(44,776 |
) |
Prepaid expense & other current assets |
|
|
2,568 |
|
|
|
(4,951 |
) |
Deferred catalog costs |
|
|
1,611 |
|
|
|
(1,416 |
) |
Trade accounts payable |
|
|
29,862 |
|
|
|
19,126 |
|
Income taxes payable |
|
|
(218 |
) |
|
|
(7,780 |
) |
Accrued expenses and deferred rent obligations |
|
|
(3,350 |
) |
|
|
7,101 |
|
Net cash used in operating
activities |
|
|
(47,624 |
) |
|
|
(23,502 |
) |
Cash flows from
investing activities: |
|
|
|
|
|
|
Purchases of property and
equipment |
|
|
(20,899 |
) |
|
|
(45,878 |
) |
Capital contributions towards
build-to-suit stores |
|
|
(3,712 |
) |
|
|
— |
|
Principal receipts from
available-for-sale security |
|
|
85 |
|
|
|
— |
|
Change in other assets |
|
|
(15 |
) |
|
|
(439 |
) |
Net cash used in investing
activities |
|
|
(24,541 |
) |
|
|
(46,317 |
) |
Cash flows from
financing activities: |
|
|
|
|
|
|
Proceeds from line of
credit |
|
|
225,079 |
|
|
|
100,982 |
|
Payments on line of
credit |
|
|
(171,152 |
) |
|
|
(35,982 |
) |
Proceeds from other
borrowings |
|
|
20,000 |
|
|
|
— |
|
Payments on long term
debt |
|
|
(362 |
) |
|
|
(60 |
) |
Payments on finance lease
obligations |
|
|
(528 |
) |
|
|
(4 |
) |
Proceeds from finance lease
obligations |
|
|
— |
|
|
|
941 |
|
Shares withheld for tax
payments on vested restricted shares |
|
|
(314 |
) |
|
|
(35 |
) |
Other |
|
|
320 |
|
|
|
87 |
|
Net cash provided by financing
activities |
|
|
73,043 |
|
|
|
65,929 |
|
Increase (decrease) in cash
and restricted cash |
|
|
878 |
|
|
|
(3,890 |
) |
Cash and restricted cash at
beginning of period |
|
|
3,085 |
|
|
|
7,083 |
|
Cash and restricted cash at
end of period |
|
$ |
3,963 |
|
|
$ |
3,193 |
|
Supplemental
disclosure of cash flow information: |
|
|
|
|
|
|
Interest paid |
|
$ |
3,301 |
|
|
$ |
3,362 |
|
Income taxes paid |
|
$ |
555 |
|
|
$ |
10,055 |
|
Supplemental
disclosure of non-cash information: |
|
|
|
|
|
|
Property and equipment
acquired under build-to-suit leases |
|
$ |
— |
|
|
$ |
3,583 |
|
Unpaid liability to acquire
property and equipment |
|
$ |
378 |
|
|
$ |
3,001 |
|
|
|
|
|
|
|
|
|
|
DULUTH HOLDINGS
INC.Reconciliation of Net Income to EBITDA and
EBITDA to Adjusted
EBITDA(Unaudited)(Amounts in
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Nine Months Ended |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
November 3, 2019 |
|
October 28, 2018 |
|
November 3, 2019 |
|
October 28, 2018 |
Net income (loss) |
|
$ |
89 |
|
|
$ |
(3,076 |
) |
|
$ |
(5,709 |
) |
|
$ |
2,693 |
Depreciation and amortization |
|
|
6,529 |
|
|
|
3,118 |
|
|
|
15,934 |
|
|
|
8,187 |
Interest expense |
|
|
1,500 |
|
|
|
1,583 |
|
|
|
3,131 |
|
|
|
3,638 |
Amortization of build-to-suit operating leases capital
contribution |
|
|
94 |
|
|
|
— |
|
|
|
573 |
|
|
|
— |
Income tax (benefit) expense |
|
|
(203 |
) |
|
|
(1,067 |
) |
|
|
(2,209 |
) |
|
|
913 |
EBITDA |
|
$ |
8,009 |
|
|
$ |
558 |
|
|
$ |
11,720 |
|
|
$ |
15,431 |
Stock based compensation |
|
|
(747 |
) |
|
|
447 |
|
|
|
282 |
|
|
|
1,305 |
Adjusted EBITDA |
|
$ |
7,262 |
|
|
$ |
1,005 |
|
|
$ |
12,002 |
|
|
$ |
16,736 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DULUTH HOLDINGS
INC.Segment
Information(Unaudited)(Amounts in
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Nine Months Ended |
|
|
November 3, 2019 |
|
October 28, 2018 |
|
November 3, 2019 |
|
October 28, 2018 |
Net
sales |
|
|
|
|
|
|
|
|
|
|
|
|
Direct |
|
$ |
61,581 |
|
|
$ |
59,827 |
|
|
$ |
187,549 |
|
|
$ |
186,872 |
|
Retail |
|
|
58,187 |
|
|
|
46,874 |
|
|
|
168,426 |
|
|
|
130,689 |
|
Total net sales |
|
$ |
119,768 |
|
|
$ |
106,701 |
|
|
$ |
355,975 |
|
|
$ |
317,561 |
|
Operating income
(loss) |
|
|
|
|
|
|
|
|
|
|
|
|
Direct |
|
$ |
(5,229 |
) |
|
$ |
(8,357 |
) |
|
$ |
(22,054 |
) |
|
$ |
(9,362 |
) |
Retail |
|
|
6,557 |
|
|
|
5,794 |
|
|
|
17,013 |
|
|
|
16,438 |
|
Total operating income (loss) |
|
|
1,328 |
|
|
|
(2,563 |
) |
|
|
(5,041 |
) |
|
|
7,076 |
|
Interest expense |
|
|
1,500 |
|
|
|
1,583 |
|
|
|
3,131 |
|
|
|
3,638 |
|
Other income, net |
|
|
58 |
|
|
|
3 |
|
|
|
254 |
|
|
|
168 |
|
(Loss) income before
income taxes |
|
$ |
(114 |
) |
|
$ |
(4,143 |
) |
|
$ |
(7,918 |
) |
|
$ |
3,606 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DULUTH HOLDINGS INC.Net
Sales by
Business(Unaudited)(Amounts in
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Nine Months Ended |
|
|
November 3, 2019 |
|
October 28, 2018 |
|
November 3, 2019 |
|
October 28, 2018 |
Net
sales |
|
|
|
|
|
|
|
|
|
|
|
|
Men's |
|
$ |
80,049 |
|
$ |
72,789 |
|
$ |
235,939 |
|
$ |
216,143 |
Women's |
|
|
33,758 |
|
|
28,459 |
|
|
101,673 |
|
|
85,244 |
Hard goods/other |
|
|
5,961 |
|
|
5,453 |
|
|
18,363 |
|
|
16,174 |
Total net sales |
|
$ |
119,768 |
|
$ |
106,701 |
|
$ |
355,975 |
|
$ |
317,561 |
|
|
|
|
|
|
|
|
|
|
|
|
|
DULUTH HOLDINGS
INC.Reconciliation of Forecasted Net Income to
Forecasted EBITDA and Forecasted EBITDA to Forecasted Adjusted
EBITDAFor the Fiscal Year Ending February 2,
2020(Unaudited)(Amounts in
thousands)
|
|
|
|
|
|
|
|
|
Low |
|
High |
Forecasted |
|
|
|
|
|
|
Net income |
|
$ |
19,500 |
|
$ |
21,500 |
Depreciation and amortization |
|
|
19,900 |
|
|
20,900 |
Interest expense |
|
|
4,600 |
|
|
4,600 |
Amortization of build-to-suit operating leases capital
contribution |
|
|
800 |
|
|
800 |
Income tax expense |
|
|
5,500 |
|
|
6,300 |
EBITDA |
|
$ |
50,300 |
|
$ |
54,100 |
Stock based compensation |
|
|
700 |
|
|
900 |
Adjusted EBITDA |
|
$ |
51,000 |
|
$ |
55,000 |
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