Business
Duluth Holdings Inc. Announces Fourth Quarter and Fiscal 2018 Financial Results
MOUNT HOREB, Wis., April 04, 2019 (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., April 04, 2019 (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 fourth quarter and fiscal year ended February 3, 2019 and its financial guidance for fiscal year 2019.Highlights for the Fourth Quarter Ended February 3, 2019 (14 weeks compared to 13 weeks last year)Net sales increased 15.0% to $250.5 million compared to $217.8 million in the prior-year fourth quarter, includes $7.7 million of net sales from 53rd weekGross margin decreased 90 basis points to 52.4% compared to 53.3% in the prior-year fourth quarterOperating income increased 2.6% to $30.3 million, or 12.1% of net sales, compared to $29.5 million, or 13.6% of net sales in the prior-year fourth quarterNet income was $20.8 million, or $0.64 per diluted share, compared to $19.5 million, or $0.60 per diluted share in the prior-year fourth quarter Adjusted EBITDA1 increased 8.8% to $35.3 million compared to $32.4 million in the prior-year fourth quarter The Company opened three new retail stores in Oklahoma City, OK; South Portland, ME and Cary, NC, totaling approximately 40,000 gross square feet 36th consecutive quarter of increased net sales year-over-year1See Reconciliation of net income to EBITDA and EBITDA to Adjusted EBITDA in the accompanying financial tables.Highlights for the Fiscal Year Ended February 3, 2019 (53 weeks compared to 52 weeks last year)Net sales increased 20.5% to $568.1 million compared to $471.4 million in the prior year, includes $7.7 million of net sales from 53rd weekGross margin decreased 80 bps to 54.6% compared to 55.4% in the prior yearOperating income increased 0.8% to $37.4 million, or 6.6% of net sales, compared to $37.1 million, or 7.9% of net sales in the prior year Net income was $23.3 million, or $0.72 per diluted share, compared to $23.4 million, or $0.72 per diluted share in the prior year Adjusted EBITDA1 increased 12.1% to $52.0 million compared to $46.4 million in the prior year The Company opened 15 retail stores, totaling approximately 250,000 gross square feet, and ended the year with a total of 46 stores1See Reconciliation of net income to EBITDA and EBITDA to Adjusted EBITDA in the accompanying financ...