Duluth Holdings Inc. · NASDAQ:DLTH
Duluth — Q2 2024 Earnings Presentation
18 slides from Duluth's earnings presentation, Aug 29, 2024
Slide 1: Investor Presentation Second Quarter 2024
Investor Presentation Second Quarter 2024 August 29, 2024
Slide 2: Disclaimer
Disclaimer Forward-Looking Statements This presentation dated August 29, 2024 includes “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical facts included in this presentation, including statement
Slide 3: Introduction to Duluth Trading Co.
INTRODUCTION TO DULUTH TRADING CO.
Slide 4: Our Greater Purpose and Mission Statement
OUR GREATER PURPOSE “Celebrating the can-do spirit by enabling anyone who takes on life with their own two hands.” OUR MISSION STATEMENT “We build high-quality, solution-based products for work, play and every day. We craft our raw materials – unique brands, durable products, standout customer servi
Slide 5: Secret Sauce
Secret Sauce Better Brands A brood of sub-brands all bonded by the belief that you can accomplish anything that you put your own mind and own two hands to Better Innovation Long, colorful history of product innovation and solution-based design Better Marketing Distinctive marketing made to break thr
Slide 6: Financial Review
FINANCIAL REVIEW
Slide 7: Three Months Ended July 28, 2024
Three Months Ended July 28, 2024 Summary ● Net sales of $141.6M increased 1.8% compared to the prior year second quarter ● Net loss of $3.7M compared to net loss of $2.0M in the prior year second quarter. Adjusted net loss1 of $0.6M excludes $1.6M of restructuring expense and a $2.4M non-recurring e
Slide 8: Three Months Ended July 28, 2024
Three Months Ended July 28, 2024 3.5% 1.8% $141.6 $139.1 23.9% $74 $52 $50 $71 $11 $9 $92 $87 $(1) $(2) 2023 2024 2023 2024 2023 2024 2023 2024 (7/30/2023) (7/28/2024) (7/30/2023) (7/28/2024) (7/30/2023) (7/28/2024) (7/30/2023) (7/28/2024) Retail Direct Net Sales Gross Profit Adjusted EBITDA1,2 Adju
Slide 9: Six Months Ended July 28, 2024
Six Months Ended July 28, 2024 (1.7)% (1.1)% (10.0)% $262.9 $258.3 $14 $97 $91 $137 $136 $12 $(6) $166 $167 $(8) 2023 2024 2023 2024 2023 2024 2023 2024 (7/30/2023) (7/28/2024) (7/30/2023) (7/28/2024) (7/30/2023) (7/28/2024) (7/30/2023) (7/28/2024) Retail Direct Net Sales Gross Profit Adjusted EBITD
Slide 10: Strong Balance Sheet, Liquidity and Free Cash Flow
Strong Balance Sheet, Liquidity and Free Cash Flow Debt to Capital 1,2 Free Cash Flow (Six Months Ended)3 ($ in millions) As of July 28, 2024 Cash $9.8 Debt: Line of Credit 0.0 Term Loan 0.0 $(20.2) Total Debt 0.0 Total Shareholders’ Equity $215.7 $(32.7) Total Capitalization $215.7 2023 2024 Debt t
Slide 11: Fiscal 2024 Financial Guidance
Fiscal 2024 Financial Guidance ($ in millions) 2023 2024 Guidance Reconciliation to 2024 Forecasted Adj. EBITDA Fiscal Year Ended February 2, 2025 Forecasted ($ in millions) Net Sales $646.7 $640 Net Loss $(14.8) (1.0)% (+) Depreciation and amortization 33.2 (+) Amortization of internal-use software
Slide 12: Net Sales and Adjusted EBITDA
Net Sales and Adjusted EBITDA Net Sales Adjusted EBITDA1 ($ in millions) ($ in millions) 77 699 639 653 647 616 55 568 52 52 44 33 2018 2019 2020 2021 2022 2023 2018 2019 2020 2021 2022 2023 1 Adjusted to reflect the add-back of stock compensation expense. August 29, 2024 12
Slide 13: Capital Expenditures
Capital Expenditures $53M $53M Capital Expenditures $31M $32M $25M $16M $15M 2018 2019 2020 2021 2022 2023 2024 Outlook 15 New 15 New 4 New Salt Lake Initiatives Adairsville FC Stores Stores Stores City FC Website re- Belleville FC 1 New Store Technology Roadmap platform August 29, 2024 13
Slide 14: Big Dam Blueprint
1b DAM BLUEPRINT
Slide 15: Big Dam Blueprint Growth Drivers
Big Dam Blueprint Growth Drivers 1. Lead With a Digital Mindset 2. Intensify Our Efforts to Optimize Our Owned DTC Channels 3. Evolve the Company’s Platform to Grow Into a Multi-brand and Multi-channel Business 4. Prioritize Test and Learn to Unlock Long-term Growth 5. Future Proof the Business Thro
Slide 16: Thank You
THANK YOU
Slide 17: Reconciliation to 2024 Adjusted EBITDA and Free Cash Flow
Appendix Reconciliation to 2024 Adjusted EBITDA and Free Cash Flow Adjusted EBITDA Free Cash Flow 3 Months Ended 6 Months Ended 3 Months Ended July 28, July 30, July 28, July 30, July 28, July 30, ($ in millions) ($ in millions) 2024 2023 2024 2023 2024 2023 Net cash used in operating Net loss $(3.7
Slide 18: Reconciliation to 2024 Adjusted Net Loss
Appendix Reconciliation to 2024 Adjusted Net Loss Adjusted Net Loss 3 Months Ended 6 Months Ended ($ in millions) July 28, 2024 July 28, 2024 Amount Per share Amount Per share Net loss $(3.7) $(0.11) $(11.6) $(0.35) (+) Income tax benefit (1.0 (0.03) (3.1) (0.09) Net loss before income taxes $(4.7)