Business
Duluth Holdings Inc. Announces Third Quarter 2021 Financial Results
Net Sales of $145 million increase 7.2% compared to Q3 2020 and 21.3% compared to Q3 2019 Gross Margin reaches record third quarter rate of 57.6% Raises Full
About this update from Duluth Holdings Inc.
[{"type":"text","content":"Net Sales of $145 million increase 7.2% compared to Q3 2020 and 21.3% compared to Q3 2019 Gross Margin reaches record third quarter rate of 57.6% Raises Full Year 2021 EPS outlook to $0.81 to $0.86 MOUNT HOREB, Wis., Dec. 02, 2021 (GLOBE NEWSWIRE) -- Duluth Holdings Inc. (dba, Duluth Trading Company) (“Duluth Trading” or the “Company”) (NASDAQ: DLTH), a growing lifestyle brand of men’s and women’s workwear, casual wear, outdoor apparel and accessories, today announced its financial results for the fiscal third quarter ended October 31, 2021. Highlights for the Third Quarter Ended October 31, 2021 Net sales increased 7.2% to $145.3 million compared to $135.5 million in the third quarter of 2020 and increased 21.3% when compared to the same period in 2019Gross margin improved 520 basis points to 57.6% compared to 52.4% in the prior year third quarterOperating income increased $2.0 million, to $4.9 million compared to $2.9 million in the prior year third quarterNet income was $2.8 million, or $0.09 per diluted share, compared to net income of $0.9 million, or $0.03 per diluted share in the prior year third quarterAdjusted EBITDA1 increased 15.3% to $13.2 million compared to $11.4 million in the prior year third quarter 1See Reconciliation of net income (loss) to EBITDA and EBITDA to Adjusted EBITDA in the accompanying financial tables. Management Commentary President and CEO, Sam Sato commented, “Our third quarter results reflect continued strength in customer demand for our core product offering and strong operating performance in the face of supply chain disruptions. Despite the congestion in the transportation networks, our business was able to maneuver and generate healthy sales growth of 7.2% and net income growth of over 200%, led by significant gross profit margin improvement. We are encouraged with the holiday selling trends to date and expect to end the year strong.” “As we near the end of 2021 and look into 2022 and beyond, I’m excited with the progress we’ve made on developing our long-range Big Dam Blueprint and the insights that will inform our strategic growth opportunities. The building blocks of the blueprint will inform critical long-term investments in our business, many of which are underway today and will be embedded in our near-term plans. Importantly, the investments we make will be thoughtful and purposeful, ...