Business
Duluth Holdings Inc. Announces Fourth Quarter and Fiscal 2019 Financial Results
MOUNT HOREB, Wis., March 19, 2020 (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., March 19, 2020 (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 2, 2020.\n Highlights for the Fourth Quarter Ended February 2, 2020 (13 weeks compared to 14 weeks last year) Net sales increased 3.6% to $259.6 million compared to $250.5 million in the prior-year fourth quarter, which included $7.7 million of net sales from the 14th weekGross margin increased to 52.8% compared to 52.4% in the prior-year fourth quarterOperating income increased 10.1% to $33.1 million, or 12.8% of net sales, compared to $30.1 million, or 12.0% of net sales in the prior-year fourth quarterNet income was $24.4 million, or $0.75 per diluted share, compared to $20.6 million, or $0.64 per diluted share in the prior-year fourth quarterAdjusted EBITDA1 increased 13.7% to $39.9 million compared to $35.1 million in the prior-year fourth quarterThe Company opened three new retail stores in Bloomington, MN; Franklin, TN and Knoxville, TN, totaling approximately 29,000 gross square feet40th consecutive quarter of increased net sales year-over-year 1See Reconciliation of net income to EBITDA and EBITDA to Adjusted EBITDA in the accompanying financial tables. Highlights for the Fiscal Year Ended February 2, 2020 (52 weeks compared to 53 weeks last year) Net sales increased 8.4% to $615.6 million compared to $568.1 million in the prior year, which included $7.7 million of net sales from the 53rd weekGross margin decreased to 53.3% compared to 54.6% in the prior yearOperating income decreased to $28.1 million, or 4.6% of net sales, compared to $37.2 million, or 6.5% of net sales in the prior yearNet income was $18.9 million, or $0.58 per diluted share, compared to $23.2 million, or $0.72 per diluted share in the prior yearAdjusted EBITDA1 was flat compared to the prior year at $51.9 millionThe Company opened 15 retail stores, totaling approximately 215,000 gross square feet, and ended the year with a total of 61 stores 1See Reconciliation of net income to EBITDA and EBITDA to Adjusted EBITDA in the accompanying financial tables. Management Commentary “We entered the fourth quarter well prepared to se...