Duluth Holdings Inc. (DLTH) 10-Q Quarterly Report December 2023

MOUNT HOREB, WI – November 30, 2023 – Duluth Holdings Inc. (dba, Duluth Trading Company) (“Duluth Trading” or the “Company”) (NASDAQ: DLTH), a lifestyle brand of men’s and women’s workwear, casual wear, outdoor apparel and accessories, today announced its financial results for the fiscal third quarter ended October 29, 2023.

Summary of the Third Quarter Ended October 29, 2023

Net sales of $138.2 million compared to $147.1 million in the prior year third quarter

Women’s AKHG sub-brand net sales increase 19.0% compared to prior year third quarter

Inventory composition healthy and well managed, down 15.0% compared to prior year third quarter

Adjusted EBITDA1 of ($1.6) million

1See Reconciliation of net loss to EBITDA and EBITDA to Adjusted EBITDA in the accompanying financial tables.

Management Commentary


President and CEO, Sam Sato commented, “Reflecting on what has remained a dynamic consumer environment in which we continued to see customers gravitating to value, our third quarter performance was hampered by lower traffic in both our direct and retail channels, as well as an underpenetrated position in spring-summer goods following strong unit sell throughs during the second quarter. That said, our overall inventory mix is strong with a significantly higher level of newness and 30% less clearance inventory. In addition to managing the business prudently on both the inventory and expense fronts, we strategically pulsed a higher than planned level of events combined with select pull forward of
fall-winter receipts enabling us to maintain high levels of shopper conversion in-store, as well as improve our conversion and retention rates in our direct channel.

The following information was filed by Duluth Holdings Inc. (DLTH) on Thursday, November 30, 2023 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

Please wait while we load the requested 10-Q report or click the link below:

https://last10k.com/sec-filings/report/1649744/000164974423000032/dlth-20231029x10q.htm

View differences made from one quarter to another to evaluate Duluth Holdings Inc.'s financial trajectory

Compare SEC Filings Year-over-Year (YoY) and Quarter-over-Quarter (QoQ) — *Sample 10-K Year-over-Year (YoY) Comparison*

Compare this 10-Q Quarterly Report to its predecessor by reading our highlights to see what text and tables were ~~removed~~ , added and changed by Duluth Holdings Inc..

Continue

Assess how Duluth Holdings Inc.'s management team is paid from their Annual Proxy

Duluth Holdings Inc.'s Definitive Proxy Statement (Form DEF 14A) filed after their 2023 10-K Annual Report includes:

Voting Procedures
Board Members
Executive Team
Salaries, Bonuses, Perks
Peers / Competitors

Continue

Rating
Learn More

Filter Sentiment:

All

Positive

Negative

Filter Category:

All

Financial

Revenue

Other

Filter Subcategory:

All

Expense

Product

Earnings

Geography

Other

Inside Duluth Holdings Inc.'s 10-Q Quarterly Report:

Other - Other Highlight
Net Loss Attributable to Controlling Interest Net loss attributable to controlling interest was $10.5 million, in the three months ended October 29, 2023 compared to net loss of $6.2 million in the three months ended October 30, 2022, due to the factors discussed above.

Other - Other Highlight
Net Loss Attributable to Controlling Interest Net loss attributable to controlling interest was $16.3 million in the nine months ended October 29, 2023 compared to net loss of $5.1 million in the nine months ended October 30, 2022, due to the factors discussed above.
Financial - Expense Highlight
Adjusted EBITDA We believe Adjusted EBITDA is a useful measure of operating performance, as it provides a clearer picture of operating results by excluding the effects of financing and investing activities by eliminating the effects of interest and depreciation costs and eliminating expenses that are not reflective of underlying business performance.
Revenue - Product Highlight
Direct-to-consumer sales are recognized upon shipment of the product and store sales are recognized at the point of sale.
Other - Other Highlight
Net Cash Used in Investing Activities Investing activities consist primarily of capital expenditures for growth related to investments in infrastructure and information technology.
Revenue - Product
As a percentage of net...Read more
Revenue - Product
As a percentage of net...Read more
Financial - Earnings
The decrease in gross margin...Read more
Financial - Earnings
The decrease in gross margin...Read more
Revenue - Product
23 Three Months Ended October...Read more
Financial - Expense
The increase in selling, general...Read more
Financial - Earnings
We expect gross profit to...Read more
Revenue - Product
Over the last decade, we...Read more
Other - Other
The cash used in operating...Read more
Financial - Expense
The cash used in operating...Read more
Financial - Expense
Selling, General and Administrative Expenses...Read more
Financial - Expense
We expect to spend approximately...Read more
Financial - Expense
Selling, General and Administrative Expenses...Read more
Other - Other
Reconciliation of Net Loss to...Read more
Other - Other
These statements may include words...Read more
Other - Other
Actual results may differ from...Read more
Revenue - Geography
For example, all statements we...Read more

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Material Contracts, Statements, Certifications & more

Duluth Holdings Inc. provided additional information to their SEC Filing as exhibits

Exhibit 31.1: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 31.2: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 32.1: Section 1350 Certification

Exhibit 32.2: Section 1350 Certification

Ticker: DLTH
CIK: 1649744
Form Type: 10-Q Quarterly Report
Accession Number: 0001649744-23-000032
Submitted to the SEC: Fri Dec 01 2023 10:55:09 AM EST
Accepted by the SEC: Fri Dec 01 2023
Period: Sunday, October 29, 2023
Industry: Retail Apparel And Accessory Stores

External Resources:
Stock Quote
Social Media
SEC.gov

Bookmark the Permalink:
https://last10k.com/sec-filings/dlth/0001649744-23-000032.htm

Duluth Holdings Inc. (DLTH) SEC Filing 10-Q Quarterly Report for the period ending Sunday, October 29, 2023

SEC Filings

DLTH Valuations

DLTH Annual Reports

DLTH Quarterly Reports

DLTH Corporate News