Business
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
About this update from Duluth Holdings Inc.
[{"type":"text","content":"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, Wisc., March 09, 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 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 quarterStrategic investment in a new automated Southeast fulfillment center that is on time and on budgetStrength of the Women’s business continued with positive sales growthWell balanced inventory composition driven by intentional pull forward of spring receiptsAdjusted 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 yearAKHG sub-brand expanded with the introduction of Women’s collectionStrategic investment to re-platform website with next generation of e-commerce architectureHealthy balance sheet and increased liquidity with expanded line of credit of $200 millionAdjusted EBITDA1 of $43.5 million 1See Reconciliation of net income to EBITDA and EBITDA to Adjusted EBITDA in the accompanying financial tables. Management Commentary President and CEO, Sam Sato commented, “While we are not satisfied with our financial performance for the year, we finished the fourth quarter with good momentum and continue to see great progress in our AKHG outdoor recreation brand and our Women’s business overall, both posting positive sales growth for the quarter and full year. We ended the year with well-balanced inventories purposefully receiving new spring goods earlier to capture the seasonal transition business. Building on the momentum in our women’s business, we have elevated and expanded on our multi-year successful garden collection featuring new colors, prints and benefits, as well as new gear for those that take on life with their own two hands. The launch of our AKHG Lost Lake swim collection for Men and Women is capturing our customers' interest. Our stylish patterns anchored on th...