Business
Duluth Holdings Inc. Announces First Quarter 2023 Financial Results
Net Sales increase year-over-year to $123.8 million fueled by AKHG sub-brand and Women’s business growth EBITDA of $4.3 million; Adjusted EBITDA of $5.3
About this update from Duluth Holdings Inc.
[{"type":"text","content":"Net Sales increase year-over-year to $123.8 million fueled by AKHG sub-brand and Women’s business growth EBITDA of $4.3 million; Adjusted EBITDA of $5.3 million Strong financial condition with $210 million of liquidity Reaffirmed Fiscal 2023 outlook MOUNT HOREB, Wis., June 01, 2023 (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 workwear, casual wear, outdoor apparel and accessories, today announced its financial results for the fiscal first quarter ended April 30, 2023. Highlights for the First Quarter Ended April 30, 2023 Net sales increase 0.7% to $123.8 million compared to $122.9 million in the prior year first quarterWomen’s business continues strong momentum with net sales growth of 14.4% over prior year first quarterAKHG sub-brand net sales increase 42.5% compared to prior period first quarterInventories are well managed, down 4.8% compared to prior period first quarter and down 6.4% compared to year-endAdjusted EBITDA1 of $5.3 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, “While consumers remain selective in their discretionary spend, we are meeting their demands with much improved in-stock positions and higher sell-through rates than last year. As planned, our inventory balance is below prior year and on track to meet our goals for the year. We are also excited to see progress that is on-track for our strategic investment in a new automated fulfillment center in Adairsville, GA. The facility will go live in the third quarter and handle over half of our direct order volume in the near-term. Our investments in the supply chain and fulfillment automation set the foundation to enable extended growth into new channels, brands and customer adjacencies.” Sato concluded, “Customers are responding well to our Spring & Summer collections featuring functional styles for outdoor work and play for those that take on life with their own two hands. Rooted in ruggedness, our Duluth garden, landscaping and planting assortment continues to build on its multi-year success, expanding in both size and breadth across apparel and gear for both Men and Women. The Women’s Heirloom collection of garden s...