Duluth Trading Co. posts solid Q1, retail store sales up 93%
Thursday, Jun 3, 2021
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 first quarter ended May 2, 2021.
“We are pleased to report a solid first quarter with net sales growing more than 21% to $133 million year-over-year. Operating income was positive at $2 million and adjusted EBITDA was $10 million. In addition, our balance sheet is as strong as it has been in recent years, which positions us well to execute our strategic initiatives. Retail store sales were up 93%, a significant increase from the comparable period when all stores were closed for roughly half of the quarter,” said Steve L. Schlecht, non-executive Chairman of Duluth Trading.
Highlights for the First Quarter Ended May 2, 2021
Net sales increased 21.4% to $133.4 million compared to $109.9 million in the prior year first quarter
Gross margin increased to 49.9% compared to 47.6% in the prior year first quarter
Operating income increased $20.9 million to $1.9 million compared to an operating loss of $(19.0) million in the prior year first quarter
Net income was $0.5 million, or $0.02 per diluted share, compared to a net loss of $(15.1) million, or $(0.47) per diluted share in the prior year first quarter
Adjusted EBITDA1 increased to $10.1 million compared to $(11.6) million in the prior year first quarter
The Company updated its fiscal 2021 outlook as follows:
Net sales in the range of $695 million to $710 million
Adjusted EBITDA in the range of $68 million to $71 million1
EPS in the range of $0.66 to $0.72 per diluted share
Capital expenditures, inclusive of software hosting implementation costs, of $15 million to $16 million
Source: Duluth Holdings Inc. IR 2021-06-03
Photo Credit: Duluth Trading Co.About Duluth Trading
Duluth Trading is a growing lifestyle brand for the Modern, Self-Reliant American. Based in Mount Horeb, Wisconsin, we offer high quality, solution-based casual wear, workwear and accessories for men and women who lead a hands-on lifestyle and who value a job well-done. We provide our customers an engaging and entertaining experience. Our marketing incorporates humor and storytelling that conveys the uniqueness of our products in a distinctive, fun way, and are available through our content-rich website, catalogs, and “store like no other” retail locations. We are committed to outstanding customer service backed by our “No Bull Guarantee” – if it’s not right, we’ll fix it. Visit our website at http://www.duluthtrading.com/
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