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Duluth Holdings Inc. (DLTH) SEC Filing 10-K Annual Report for the fiscal year ending Sunday, January 29, 2023

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Duluth Holdings Inc.

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CIK: 1649744 Ticker: DLTH



Exhibit 99.1





Picture 1



Duluth Holdings Inc. Announces Fourth Quarter and Fiscal 2022 Financial Results



Full Year Net Sales of $653.3 million



Strong financial position with $250.0 million of liquidity



Fourth quarter Net Sales of $241.8 million; diluted EPS of $0.23



MOUNT HOREB, WI - March 9, 2023 – 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.



















1

 

The following information was filed by Duluth Holdings Inc. (DLTH) on Thursday, March 9, 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-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Duluth Holdings Inc.'s 10-K Annual Report:

Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Document And Entity Information
Schedule Ii Valuation And Qualifying Accounts
Schedule Ii Valuation And Qualifying Accounts (Details)
Consolidated Balance Sheets
Consolidated Balance Sheets (Parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Comprehensive Income
Consolidated Statements Of Operations
Consolidated Statements Of Shareholders??? Equity
Accrued Expenses And Other Current Liabilities
Accrued Expenses And Other Current Liabilities (Schedule Of Accrued Expenses And Other Current Liabilities) (Details)
Accrued Expenses And Other Current Liabilities (Tables)
Commitments And Contingencies
Debt And Credit Agreement
Debt And Credit Agreement (Future Principal Maturities Of All Tri Debt And Credit Agreement) (Details)
Debt And Credit Agreement (Narrative) (Details)
Debt And Credit Agreement (Schedule Of Debt) (Details)
Debt And Credit Agreement (Tables)
Earnings Per Share
Earnings Per Share (Reconciliation Of Numerator And Denominator Of Basic And Diluted (Loss) Earnings Per Share) (Details)
Earnings Per Share (Tables)
Income Taxes
Income Taxes (Components Of Income Tax Expense) (Details)
Income Taxes (Narrative) (Details)
Income Taxes (Reconciliation Of Beginning And Ending Amount Of Unrecognized Tax Benefits) (Details)
Income Taxes (Reconciliation Of Income Tax Expense To Amount Computed At Federal Statutory Rate) (Details)
Income Taxes (Significant Components Of Deferred Tax Assets And Liabilities) (Details)
Income Taxes (Tables)
Leases
Leases (Expense Components Leases Reflected Consolidated Statement Of Operations) (Details)
Leases (Future Minimum Lease Payments Under Non-Cancellable Leases) (Details)
Leases (Narrative) (Details)
Leases (Other Information Related To Leases) (Details)
Leases (Tables)
Nature Of Operations And Basis Of Presentation
Nature Of Operations And Basis Of Presentation (Narrative) (Details)
Nature Of Operations And Basis Of Presentation (Policy)
Recent Accounting Pronouncements
Recent Accounting Pronouncements (Details)
Retirement Plan
Retirement Plan (Narrative) (Details)
Revenue
Revenue (Contract Assets And Liabilities On Consolidated Balance Sheets) (Details)
Revenue (Reconciliation Of Contract Liability Related To Gift Cards) (Details)
Revenue (Sales Disaggregated Based Upon Sales Channel) (Details)
Revenue (Tables)
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (Amortized Cost, Fair Value, And Corresponding Amount Of Gross Unrealized Gains And Losses Recognized In Aoci Of Available-For-Sale Security) (Details)
Summary Of Significant Accounting Policies (Carrying Values And Fair Values Of Other Financial Instruments In Consolidated Balance Sheets) (Details)
Summary Of Significant Accounting Policies (Future Principal Receipts Related To Available-For-Sale Security By Contractual Maturity) (Details)
Summary Of Significant Accounting Policies (Narrative) (Details)
Summary Of Significant Accounting Policies (Policy)
Summary Of Significant Accounting Policies (Schedule Of Prepaid Expenses And Other Assets) (Details)
Summary Of Significant Accounting Policies (Schedule Of Property And Equipment) (Details)
Summary Of Significant Accounting Policies (Scheduled Future Amortization Of Amortizable Other Assets) (Details)
Summary Of Significant Accounting Policies (Summary Of Activity In Unvested Restricted Stock) (Details)
Summary Of Significant Accounting Policies (Tables)
Variable Interest Entities
Variable Interest Entities (Narrative) (Details)
Variable Interest Entities (Schedule Assets And Liabilities Of Variable Interest Entity) (Details)
Variable Interest Entities (Tables)
Ticker: DLTH
CIK: 1649744
Form Type: 10-K Annual Report
Accession Number: 0001649744-23-000008
Submitted to the SEC: Fri Mar 17 2023 3:01:37 PM EST
Accepted by the SEC: Fri Mar 17 2023
Period: Sunday, January 29, 2023
Industry: Retail Apparel And Accessory Stores

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