Business
Duluth Holdings Inc. Announces Second Quarter 2024 Financial Results
Year-over-year net sales growth of 1.8% to $141.6 million Benefiting from our product and sourcing initiatives, gross margin expands 90 basis points to 52.3%
About this update from Duluth Holdings Inc.
[{"type":"text","content":"Year-over-year net sales growth of 1.8% to $141.6 million Benefiting from our product and sourcing initiatives, gross margin expands 90 basis points to 52.3% Strong financial position with no debt and approximately $210 million of liquidity Reaffirmed Fiscal 2024 outlook excluding restructuring expense and sales tax expense accrual MOUNT HOREB, Wis., Aug. 29, 2024 (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 second quarter ended July 28, 2024. Summary of the Second Quarter Ended July 28, 2024 Net sales of 141.6 million increased 1.8% compared to the prior year second quarterNet loss of $3.7 million and adjusted net loss1 of $0.6 million, compared to net loss of $2.0 million in the prior year second quarter. Adjusted net loss of $0.6 million excludes $1.6 million of restructuring expense and a $2.4 million non-recurring estimated sales tax expense accrual that is reflected in Selling, general and administrative expensesEPS per diluted share of ($0.11); Adjusted EPS1 of ($0.02)Adjusted EBITDA2 increased $2.0 million from the prior year to $10.6 million, representing 7.5% of net sales 1See Reconciliation of net loss to adjusted net loss and adjusted net loss to adjusted EPS in the accompanying financial tables.2See Reconciliation of net loss to EBITDA and EBITDA to Adjusted EBITDA in the accompanying financial tables. Management Commentary President and CEO, Sam Sato commented, “We are pleased to have returned to top-line growth in the second quarter, while also expanding our gross margin as we begin to see the benefits of our product development and sourcing initiatives. During the quarter we saw a trend line improvement in both traffic and transactions with healthy shopper conversion, fueling 1.8% year-over-year net sales growth. The quarter strength was highlighted by product innovation wins including Dry on the Fly, Armachillo and DuluthFlex Fire Hose Sweat Management. “We entered the third quarter with a strong lineup of newness such as Duluth Reserve, Bullpen 3D and Souped up Sweats and we expanded our Plus size assortment including our successful Adjustabust, a bonded zip-front bra with a sleek silhouet...