Business
Duluth Holdings Inc. Announces First Quarter 2021 Financial Results
MOUNT HOREB, Wis., June 03, 2021 (GLOBE NEWSWIRE) -- Duluth Holdings Inc. (dba, Duluth Trading Company) (“Duluth Trading” or the “Company”) (NASDAQ: DLTH), a
About this update from Duluth Holdings Inc.
[{"type":"text","content":"MOUNT HOREB, Wis., June 03, 2021 (GLOBE NEWSWIRE) -- 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 first quarter ended May 2, 2021. Highlights for the First Quarter Ended May 2, 2021 Net sales increased 21.4% to $133.4 million compared to $109.9 million in the prior year first quarterGross margin increased to 49.9% compared to 47.6% in the prior year first quarterOperating income increased $20.9 million to $1.9 million compared to an operating loss of $(19.0) million in the prior year first quarterNet income was $0.5 million, or $0.02 per diluted share, compared to a net loss of $(15.1) million, or $(0.47) per diluted share in the prior year first quarterAdjusted EBITDA1 increased to $10.1 million compared to $(11.6) million in the prior year first quarter 1See Reconciliation of net income to EBITDA and EBITDA to Adjusted EBITDA in the accompanying financial tables. Management Commentary “We are pleased to report a solid first quarter with net sales growing more than 21% to $133 million year-over-year. Operating income was positive at $2 million and adjusted EBITDA was $10 million. We also reduced inventory by $31 million compared to the prior year period. In addition, our balance sheet is as strong as it has been in recent years, which positions us well to execute our strategic initiatives. Direct channel sales increased almost 2% against tough direct channel comps in the first quarter last year. Retail store sales were up 93%, a significant increase from the comparable period when all stores were closed for roughly half of the quarter,” said Steve L. Schlecht, non-executive Chairman of Duluth Trading. “Our customers are responding favorably to our spring/summer collections as they head outdoors, and our strong omnichannel will continue to serve our customers well, regardless of how they want to shop.” “Having completed my last quarter as Executive Chairman and CEO on May 2nd, I am pleased to introduce Sam Sato, our new President and Chief Executive Officer, who is a 30-year retail industry veteran with a proven track record in omnichannel growth and expertise across retail operations and product categories. Prior to joining Duluth Trading, Sa...