0001649744-21-000023.txt : 20210902 0001649744-21-000023.hdr.sgml : 20210902 20210902084314 ACCESSION NUMBER: 0001649744-21-000023 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 14 CONFORMED PERIOD OF REPORT: 20210902 ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20210902 DATE AS OF CHANGE: 20210902 FILER: COMPANY DATA: COMPANY CONFORMED NAME: DULUTH HOLDINGS INC. CENTRAL INDEX KEY: 0001649744 STANDARD INDUSTRIAL CLASSIFICATION: RETAIL-APPAREL & ACCESSORY STORES [5600] IRS NUMBER: 391564801 FISCAL YEAR END: 0130 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-37641 FILM NUMBER: 211231800 BUSINESS ADDRESS: STREET 1: 201 EAST FRONT STREET CITY: MOUNT HOREB STATE: WI ZIP: 53572 BUSINESS PHONE: 608 424-1544 MAIL ADDRESS: STREET 1: 201 EAST FRONT STREET CITY: MOUNT HOREB STATE: WI ZIP: 53572 8-K 1 dlth-20210902x8k.htm 8-K dlth-20210902x8k
false000164974400016497442021-09-022021-09-02

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

 

 

 

 

Date of report (Date of earliest event reported):   September 2, 2021

 

DULUTH HOLDINGS INC.

(Exact name of registrant as specified in its charter)

 

Wisconsin

001-37641

39-1564801

(State or other jurisdiction of incorporation)

(Commission File Number)

(IRS Employer Identification No.)

 

 

 

201 East Front Street

Mount Horeb, Wisconsin 53572

(Address of principal executive offices, including zip code)

 

(608) 424-1544

(Registrant’s telephone number, including area code)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

 

 

 

o

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

 

o

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

 

o

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

 

o

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 129b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Class B Common Stock, No Par Value

DLTH

NASDAQ Global Select Market

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ¨

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨


‎

Item 2.02 Results of Operations and Financial Condition.

The following information, including Exhibit 99.1 hereto, referenced in this Item 2.02, is being furnished pursuant to this Item 2.02 and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such filing.

On September 2, 2021, Duluth Holdings Inc. (the “Company” or “Duluth Trading”) issued a press release (the “Earnings Press Release”) discussing, among other things, its financial results for its fiscal second quarter ended August 1, 2021. A copy of the Earnings Press Release is furnished as Exhibit 99.1 to this report.

Forward Looking Information

Certain matters discussed in this Current Report on Form 8-K and other oral and written statements by representatives of the Company including, but not limited to, the Company’s ability to meet its fiscal 2021 expectations (including its ability to increase net sales, adjusted EBITDA, and diluted EPS) and its ability to execute on its growth strategies and its long-term growth targets, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. You can identify forward-looking statements by the use of words such as “may,” “might,” “will,” “should,” “expect,” “plan,” “anticipate,” “could,” “believe,” “estimate,” “project,” “target,” “predict,” “intend,” “future,” “budget,” “goals,” “potential,” “continue,” “design,” “objective,” “would,” and other similar expressions. The forward-looking statements are not historical facts, and are based upon Duluth Trading’s current expectations, beliefs, estimates, and projections, and various assumptions, many of which, by their nature, are inherently uncertain and beyond Duluth Trading’s control. Duluth Trading’s expectations, beliefs and projections are expressed in good faith, and Duluth Trading believes there is a reasonable basis for them. However, there can be no assurance that management's expectations, beliefs, estimates, and projections will result or be achieved and actual results may vary materially from what is expressed in or indicated by the forward-looking statements. Forward-looking statements are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in the forward-looking statements, including, among others, the risks, uncertainties, and factors set forth under "Risk Factors" in the Company’s Annual Report on Form 10-K filed with the SEC on March 26, 2021 and other factors as may be periodically described in Duluth Trading’s subsequent filings with the SEC. These risks and uncertainties include, but are not limited to, the following: the prolonged effects of the COVID-19 on store traffic and disruptions to our distribution network, supply chains and operations; our ability to maintain and enhance a strong brand and sub-brand image; effectively adapting to new challenges associated with our expansion into new geographic markets; generating adequate cash from our existing stores to support our growth; effectively relying on sources for merchandise located in foreign markets; transportation delays and interruptions, including port congestion; inability to timely and effectively obtain shipments of products from our suppliers and deliver merchandise to our customers; the inability to maintain the performance of a maturing store portfolio; the impact of changes in corporate tax regulations; identifying and responding to new and changing customer preferences; the success of the locations in which our stores are located; our ability to attract and retain customers in the various retail venues and locations in which our stores are located; competing effectively in an environment of intense competition; our ability to adapt to significant changes in sales due to the seasonality of our business; price reductions or inventory shortages resulting from failure to purchase the appropriate amount of inventory in advance of the season in which it will be sold or global market constraints; increases in costs of fuel or other energy, transportation or utility costs and in the costs of labor and employment; failure of our information technology systems to support our current and growing business, before and after our planned upgrades; and other factors that may be disclosed in our SEC filings or otherwise. Forward-looking statements speak only as of the date the statements are made. Duluth Trading assumes no obligation to update forward-looking statements to reflect actual results, subsequent events or circumstances or other changes affecting forward-looking information except to the extent required by applicable securities laws.


‎

Item 9.01 Financial Statements and Exhibits.

(d)  Exhibits.

The following exhibits are being furnished with this Current Report on Form 8-K.

 

 

 

 

 

 

Exhibit No.

 

Description

 

99.1

 

Earnings Press Release, dated September 2, 2021

104

Cover Page Interactive Data File (embedded within the Inline XBRL document)


‎

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

 

 

 

 

DULUTH HOLDINGS INC.

Date:  September 2, 2021

 

 

 

 

 

 

By:

/s/ David Loretta

 

 

Name: David Loretta

 

 

Title: Senior Vice President and Chief Financial Officer


‎

EXHIBIT INDEX

Exhibit No.

Description

99.1

Earnings Press Release, dated September 2, 2021

104

Cover Page Interactive Data File (embedded within the Inline XBRL document)

 EX-99.1 2 dlth-20210902xex99_1.htm Q2 F21 EARNINGS RELEASE 20210801 Earnings Release 2Q F21



Exhibit 99.1





Picture 1





Duluth Holdings Inc. Announces  Second Quarter 2021 Financial Results



MOUNT HOREB, WI – September 2, 2021 – 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 second quarter ended August 1, 2021.



Highlights for the Second Quarter Ended August 1, 2021 



·

Net sales increased 8.6% to $149.1 million compared to $137.4 million in the second quarter of 2020 and increased 22.3% when compared to the same period in 2019

·

Gross margin improved 180 basis points to 54.6% compared to 52.8% in the prior year second quarter

·

Operating income increased 33.6%, or $3.3 million, to $13.1 million compared to $9.8 million in the prior year second quarter

·

Net income was $9.0 million, or $0.27 per diluted share, compared to net income of $5.9 million, or $0.18 per diluted share in the prior year second quarter

·

Adjusted EBITDA1 increased  29.0% to $21.6 million compared to $16.8 million in the prior year second quarter 



1See Reconciliation of net income to EBITDA and EBITDA to Adjusted EBITDA in the accompanying financial tables.



Management Commentary



“Our solid performance this quarter reflects the strong relationships we have with our customers and the underlying strength of our business.  Our initiatives continue to deliver the planned results, and we’re excited to build upon them,” said Sam Sato, Chief Executive Officer of Duluth Trading.



“My first one hundred days in the role of CEO were busy, productive, and incredibly energizing after meeting personally with most of our team members. I am very impressed with the depth of talent, level of commitment and excitement this team brings day in and day out. With our senior leaders, we continued our comprehensive review of our current operations, logistics networks, marketing and technology capabilities, and our unique brands and products. Following our deep dive analysis, we formulated our ‘Big Dam Blueprint’, which we believe will unlock our full potential for long-term, sustainable growth that serves all of our stakeholders.”



Big Dam Blueprint

1.

Begin with a digital-first mindset that integrates technology into all areas of the business, fundamentally changing how we operate and deliver value to customers.

2.

Intensify efforts to optimize Duluth Trading’s owned DTC channels by increasing focus and investments in our direct channel as our primary growth vehicle. We are conducting strategic research

1

 

 

that will inform decisions on future stores regarding new locations and market share potential, size and layout.

3.

Evolve the Company’s multi-brand platform as a new pathway to grow the business.  Create unique brand positions, across men’s and women’s, for Duluth, 40Grit, Alaskan Hardgear, Buck Naked, and Best Made to address customer needs for various occasions including work, outdoor recreation, casual lifestyle, and first layer. Invest in the evolution of the Duluth Trading platform to enable the integration of new brands, expand our offerings, and broaden our customer base.

4.

Carefully test and learn to unlock long-term growth potential.  Explore new opportunities to engage current and potential customers through products, services and touchpoints that they expect and value.

5.

Increase and, in some areas, accelerate investments to future proof the business.  Areas under analysis include greater automation across the logistics network; technology that will improve operations, generate positive impact and sustainable returns; support growth through multiple brands and seamlessly integrate new brands into the portfolio, and attract the talent, skillsets and expertise needed to scale the business.

Sato continued, “We believe our Big Dam Blueprint is sound and necessary to continue to strengthen our relationship with the customer, lead as a competitive force, and meet our long-term growth objectives by the end of 2025, which are to achieve at least $1 billion in sales; high-single to low-double digit operating margins; generate positive free cash flow; and maintain balance sheet flexibility. Our blueprint provides a clear path to ongoing and sustainable profitability and sales growth and our entire team is very excited about the opportunities ahead of us.”



Operating Results for the Second Quarter Ended August 1, 2021



Net sales increased 8.6% to $149.1 million, compared to $137.4 million in the same period a year ago and increased 22.3% versus the second quarter of 2019. Retail store net sales increased by 73.6% to $63.9 million, a significant increase over last year’s second quarter when store traffic was adversely affected by the pandemic. For a more normalized comparison, retail store sales were up 3.5% compared with the second quarter of 2019. Direct-to-consumer net sales decreased by 15.2% to $85.2 million compared to the second quarter last year when consumers were under stay at-home orders and online shopping surged. For a more normalized comparison, direct-to-consumer sales increased 41.5% compared to the second quarter of fiscal 2019.



Net sales in store markets increased 19.8% to $107.1 million, compared to $89.4 million in the same period a year ago. The increase was driven by a continued ramp up in store traffic as compared to the prior year. Net sales in non-store markets decreased 12.7%, to $40.7 million, compared to heavy volume, extended free shipping offers, due to higher promotions and digital prospecting during that period. 



Men’s apparel net sales increased 6.5% driven by growth in knits and woven shirts. Women’s apparel net sales growth outpaced men’s for the quarter, increasing  10.0% driven by strength in woven shirts, bottoms, and footwear.



Gross profit increased 12.4% to $81.4 million, or 54.6% of net sales, compared to $72.5 million, or 52.8% of net sales, in the corresponding prior year period. The increase in gross profit was driven by a higher mix of full price sales, as well as improved gross margins particularly within the Women’s division.



Selling, general and administrative expenses increased 9.0% to $68.3 million, compared to $62.7 million in the same period a year ago. As a percentage of net sales, selling, general and administrative expenses slightly increased to 45.8%, compared to 45.6% in the corresponding prior year period.



2

 

 

The increase in selling, general and administrative expense was primarily due to adding back temporary expense reductions taken during the pandemic coupled with annual base salary merit increases, the addition of fixed costs from the three stores opened in the back half of 2020, and higher depreciation expense.

The effective tax rate related to controlling interest was 25% compared to 24% in the corresponding prior year period.



Balance Sheet and Liquidity



The Company ended the quarter with a cash balance of approximately $18.9 million, net working capital of $84.2 million, and no outstanding balance on its  $150.0 million revolving senior credit facility. 



On May 14, 2021, the Company terminated its Credit Agreement, dated as of May 17, 2018, as amended, and entered into a new credit agreement (the “New Credit Agreement”). The New Credit Agreement matures on May 14, 2026 and provides for borrowings of up to $150.0 million that are available under a revolving senior credit facility, with a $5.0 million sublimit for issuance of standby letters of credit, as well as a $10.0 million sublimit for swing line loans. At the Company’s option, the interest rate applicable to the Revolver will be a floating rate equal to: (i) the Bloomberg Short-Term Bank Yield Index rate (“BSBY”) plus the applicable rate of 1.25% to 2.00% determined based on the Company’s rent adjusted leverage ratio, or (ii) the base rate plus the applicable rate of 0.25% to 1.00% based on the Company’s rent adjusted leverage ratio. The New Credit Agreement is secured by essentially all Company assets and requires the Company to maintain compliance with certain financial and non-financial covenants, including a maximum rent adjusted leverage ratio and a minimum fixed charge coverage ratio as defined in the New Credit Agreement.



Fiscal 2021 Outlook



The Company updated its fiscal 2021 outlook as follows:



·

Net sales in the range of $700 million to $715 million

·

Adjusted EBITDA in the range of $70 million to $72 million1

·

EPS in the range of $0.71 to $0.76 per diluted share

·

Capital expenditures, inclusive of software hosting implementation costs, of approximately $18 million



1See Reconciliation of net income to EBITDA and EBITDA to Adjusted EBITDA in the accompanying financial tables.



Conference Call Information

A conference call and audio webcast with analysts and investors will be held on Thursday,  September 2, 2021 at 9:30 am Eastern Time, to discuss the results and answer questions.

·

Live conference call: 844-875-6915 (domestic) or 412-317-6711 (international)

·

Conference call replay available through September 9, 2021: 877-344-7529 (domestic) or 412-317-0088 (international)

·

Replay access code: 10159273

·

Live and archived webcast: ir.duluthtrading.com

Investors can pre-register for the earnings conference call to expedite their entry into the call and avoid waiting for a live operator. To pre-register for the call, please visit http://dpregister.com/10159273 and enter your contact information. You will then be issued a personalized phone number and pin to dial into the live conference call. Investors can pre-register any time prior to the start of the conference call.

About Duluth Trading



3

 

 

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.



Non-GAAP Measurements



Management believes that non-GAAP financial measures may be useful in certain instances to provide additional meaningful comparisons between current results and results in prior operating periods. Within this release, including the tables attached hereto, reference is made to adjusted earnings before interest, taxes, depreciation and amortization (EBITDA). See attached Table “Reconciliation of Net Income to EBITDA and EBITDA to Adjusted EBITDA,” for a reconciliation of net income to EBITDA and EBITDA to Adjusted EBITDA for the three and six months ended August 1, 2021, versus the three and six months ended August 2, 2020.



Adjusted EBITDA is a metric used by management and frequently used by the financial community, which provides insight into an organization’s operating trends and facilitates comparisons between peer companies, since interest, taxes, depreciation and amortization can differ greatly between organizations as a result of differing capital structures and tax strategies. Adjusted EBITDA excludes certain items that are unusual in nature or not comparable from period to period.



The Company provides this information to investors to assist in comparisons of past, present and future operating results and to assist in highlighting the results of on-going operations. While the Company’s management believes that non-GAAP measurements are useful supplemental information, such adjusted results are not intended to replace the Company’s GAAP financial results and should be read in conjunction with those GAAP results.

4

 

 

Forward-Looking Statements



This press release 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 press release, including statements concerning Duluth Trading's plans, objectives, goals, beliefs, business strategies, future events, business conditions, its results of operations, financial position and its business outlook, business trends and certain other information herein, including statements under the heading “Fiscal 2021 Outlook” are forward-looking statements. You can identify forward-looking statements by the use of words such as “may,” ”might,” “will,” “should,” “expect,” “plan,” “anticipate,” “could,” “believe,” “estimate,” “project,” “target,” “predict,” “intend,” “future,” “budget,” “goals,” “potential,” “continue,” “design,” “objective,” “forecasted,” “would” and other similar expressions. The forward-looking statements are not historical facts, and are based upon Duluth Trading's current expectations, beliefs, estimates, and projections, and various assumptions, many of which, by their nature, are inherently uncertain and beyond Duluth Trading's control. Duluth Trading's expectations, beliefs and projections are expressed in good faith, and Duluth Trading believes there is a reasonable basis for them. However, there can be no assurance that management's expectations, beliefs, estimates, and projections will be achieved and actual results may vary materially from what is expressed in or indicated by the forward-looking statements. Forward-looking statements are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in the forward-looking statements, including, among others, the risks, uncertainties, and factors set forth under Part 1, Item 1A “Risk Factors” in the Company’s Annual Report on Form 10-K filed with the SEC on March 26, 2021 and other factors as may be periodically described in Duluth Trading’s subsequent filings with the SEC. These risks and uncertainties include, but are not limited to, the following: the prolonged effects of the COVID-19 on store traffic and disruptions to our distribution network, supply chains and operations; our ability to maintain and enhance a strong brand image; effectively adapting to new challenges associated with our expansion into new geographic markets; generating adequate cash from our existing stores to support our growth; effectively relying on sources for merchandise located in foreign markets; transportation delays and interruptions, including port congestion; inability to timely and effectively obtain shipments of products from our suppliers and deliver merchandise to our customers; the inability to maintain the performance of a maturing store portfolio; the impact of changes in corporate tax regulations; identifying and responding to new and changing customer preferences; the success of the locations in which our stores are located; our ability to attract and retain customers in the various retail venues and locations in which our stores are located; competing effectively in an environment of intense competition; our ability to adapt to significant changes in sales due to the seasonality of our business; price reductions or inventory shortages resulting from failure to purchase the appropriate amount of inventory in advance of the season in which it will be sold or global market constraints; increases in costs of fuel or other energy, transportation or utility costs and in the costs of labor and employment; failure of our information technology systems to support our current and growing business, before and after our planned upgrades; and other factors that may be disclosed in our SEC filings or otherwise. Forward-looking statements speak only as of the date the statements are made. Duluth Trading assumes no obligation to update forward-looking statements to reflect actual results, subsequent events or circumstances or other changes affecting forward-looking information except to the extent required by applicable securities laws.



Investor Contacts:

Donni Case (310) 622-8224

Margaret Boyce (310) 622-8247

Financial Profiles, Inc.

Duluth@finprofiles.com

(Tables Follow)











5

 

 

DULUTH HOLDINGS INC.

Condensed Consolidated Balance Sheets

(Unaudited)

(Amounts in thousands)



















 

 

 

 

 

 



 

August 1, 2021

 

January 31, 2021



 

 

 

 

 

 

ASSETS

 

 

 

 

 

 

Current Assets:

 

 

 

 

 

 

Cash and cash equivalents

 

$

 18,921 

 

$

 47,221 

Receivables

 

 

 2,912 

 

 

 2,270 

Inventory, net

 

 

 134,887 

 

 

 149,052 

Prepaid expenses & other current assets

 

 

 13,090 

 

 

 10,203 

Prepaid catalog costs

 

 

 39 

 

 

 1,014 

Total current assets

 

 

 169,849 

 

 

 209,760 

Property and equipment, net

 

 

 117,571 

 

 

 124,237 

Operating lease right-of-use assets

 

 

 112,131 

 

 

 117,490 

Finance lease right-of-use assets, net

 

 

 51,598 

 

 

 53,468 

Available-for-sale security

 

 

 6,729 

 

 

 6,111 

Other assets, net

 

 

 5,280 

 

 

 4,511 

Total assets

 

$

 463,158 

 

$

 515,577 

LIABILITIES AND SHAREHOLDERS' EQUITY

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

Trade accounts payable

 

$

 37,717 

 

$

 33,647 

Accrued expenses and other current liabilities

 

 

 32,687 

 

 

 37,686 

Income taxes payable

 

 

 587 

 

 

 7,579 

Current portion of operating lease liabilities

 

 

 11,378 

 

 

 11,050 

Current portion of finance lease liabilities

 

 

 2,657 

 

 

 2,629 

Current portion of Duluth long-term debt

 

 

—

 

 

 2,500 

Current maturities of TRI long-term debt1

 

 

 658 

 

 

 623 

Total current liabilities

 

 

 85,684 

 

 

 95,714 

Operating lease liabilities, less current maturities

 

 

 98,950 

 

 

 104,287 

Finance lease liabilities, less current maturities

 

 

 41,633 

 

 

 43,299 

Duluth long-term debt, less current maturities

 

 

—

 

 

 45,750 

TRI long-term debt, less current maturities1

 

 

 26,928 

 

 

 27,229 

Deferred tax liabilities

 

 

 8,061 

 

 

 8,200 

Total liabilities

 

 

 261,256 

 

 

 324,479 

Commitments and contingencies

 

 

 

 

 

 

Shareholders' equity:

 

 

 

 

 

 

Treasury stock

 

 

 (991)

 

 

 (628)

Capital stock

 

 

 94,080 

 

 

 92,875 

Retained earnings

 

 

 110,703 

 

 

 101,166 

Accumulated other comprehensive income, net

 

 

 564 

 

 

 48 

Total shareholders' equity of Duluth Holdings Inc.

 

 

 204,356 

 

 

 193,461 

Noncontrolling interest

 

 

 (2,454)

 

 

 (2,363)

Total shareholders' equity

 

 

 201,902 

 

 

 191,098 

Total liabilities and shareholders' equity

 

$

 463,158 

 

$

 515,577 







1Represents debt of the variable interest entity, TRI Holdings, LLC, that is consolidated in accordance with ASC 810, Consolidation. Duluth Trading Company is not the guarantor nor the obligor of this debt.

6

 

 



DULUTH HOLDING INC.

Consolidated Statements of Operations

(Unaudited)

(Amounts in thousands, except per share figures)





















 

 

 

 

 

 

 

 

 

 

 

 



 

Three Months Ended

 

Six Months Ended



 

August 1, 2021

 

August 2, 2020

 

August 1, 2021

 

August 2, 2020

Net sales

 

$

 149,127 

 

$

 137,375 

 

$

 282,546 

 

$

 247,292 

Cost of goods sold (excluding depreciation and amortization)

 

 

 67,701 

 

 

 64,903 

 

 

 134,577 

 

 

 122,488 

Gross profit

 

 

 81,426 

 

 

 72,472 

 

 

 147,969 

 

 

 124,804 

Selling, general and administrative expenses

 

 

 68,339 

 

 

 62,680 

 

 

 132,987 

 

 

 133,986 

Operating income (loss)

 

 

 13,087 

 

 

 9,792 

 

 

 14,982 

 

 

 (9,182)

Interest expense

 

 

 1,182 

 

 

 1,778 

 

 

 2,490 

 

 

 3,128 

Other income (loss), net

 

 

 56 

 

 

 (250)

 

 

 72 

 

 

 (191)

Income (loss) before income taxes

 

 

 11,961 

 

 

 7,764 

 

 

 12,564 

 

 

 (12,501)

Income tax expense (benefit)

 

 

 3,014 

 

 

 1,866 

 

 

 3,119 

 

 

 (3,220)

Net income (loss)

 

 

 8,947 

 

 

 5,898 

 

 

 9,445 

 

 

 (9,281)

Less: Net loss attributable to noncontrolling interest

 

 

 (45)

 

 

 (43)

 

 

 (91)

 

 

 (87)

Net income (loss) attributable to controlling interest

 

$

 8,992 

 

$

 5,941 

 

$

 9,536 

 

$

 (9,194)

Basic earnings (loss) per share (Class A and Class B):

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average shares of common stock outstanding

 

 

 32,624 

 

 

 32,445 

 

 

 32,582 

 

 

 32,408 

Net income (loss) per share attributable to controlling interest

 

$

 0.28 

 

$

 0.18 

 

$

 0.29 

 

$

 (0.28)

Diluted earnings (loss) per share (Class A and Class B):

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average shares and equivalents outstanding

 

 

 32,813 

 

 

 32,445 

 

 

 32,786 

 

 

 32,408 

Net income (loss) per share attributable to controlling interest

 

$

 0.27 

 

$

 0.18 

 

$

 0.29 

 

$

 (0.28)



7

 

 



DULUTH HOLDINGS INC.

Consolidated Statements of Cash Flows

(Unaudited)

(Amounts in thousands)













 

 

 

 

 

 



 

Six Months Ended



 

August 1, 2021

 

August 2, 2020

Cash flows from operating activities:

 

 

 

 

 

 

Net income (loss)

 

$

 9,445 

 

$

 (9,281)

Adjustments to reconcile net income (loss) to net cash used in operating activities:

 

 

 

 

 

 

Depreciation and amortization

 

 

 14,516 

 

 

 13,292 

Stock based compensation

 

 

 1,007 

 

 

 881 

Deferred income taxes

 

 

 (312)

 

 

 3,300 

Loss on disposal of property and equipment

 

 

 67 

 

 

 321 

Changes in operating assets and liabilities:

 

 

 

 

 

 

Receivables

 

 

 (642)

 

 

 (625)

Income taxes receivable

 

 

—

 

 

 (3,780)

Inventory

 

 

 14,165 

 

 

 (19,735)

Prepaid expense & other current assets

 

 

 (1,332)

 

 

 2,594 

Software hosting implementation costs, net

 

 

 (1,220)

 

 

—

Deferred catalog costs

 

 

 975 

 

 

 927 

Trade accounts payable

 

 

 2,889 

 

 

 3,360 

Income taxes payable

 

 

 (6,992)

 

 

 (3,427)

Accrued expenses and deferred rent obligations

 

 

 (4,908)

 

 

 (1,556)

Other assets

 

 

 (1,035)

 

 

—

Noncash lease impacts

 

 

 (111)

 

 

 927 

Net cash provided by (used in) operating activities

 

 

 26,512 

 

 

 (12,802)

Cash flows from investing activities:

 

 

 

 

 

 

Purchases of property and equipment

 

 

 (4,984)

 

 

 (8,842)

Capital contributions towards build-to-suit stores

 

 

—

 

 

 (357)

Principal receipts from available-for-sale security

 

 

 71 

 

 

 64 

Proceeds from disposals

 

 

 55 

 

 

—

Net cash used in investing activities

 

 

 (4,858)

 

 

 (9,135)

Cash flows from financing activities:

 

 

 

 

 

 

Proceeds from line of credit

 

 

 5,000 

 

 

 52,484 

Payments on line of credit

 

 

 (5,000)

 

 

 (41,816)

Proceeds from delayed draw term loan

 

 

—

 

 

 30,000 

Payments on delayed draw term loan

 

 

 (48,250)

 

 

 (500)

Payments on TRI long term debt

 

 

 (303)

 

 

 (234)

Payments on finance lease obligations

 

 

 (1,237)

 

 

 (793)

Payments of tax withholding on vested restricted shares

 

 

 (363)

 

 

 (174)

Other

 

 

 199 

 

 

 (102)

Net cash (used in) provided by financing activities

 

 

 (49,954)

 

 

 38,865 

(Decrease) increase in cash, cash equivalents

 

 

 (28,300)

 

 

 16,928 

Cash, cash equivalents and restricted cash at beginning of period

 

 

 47,221 

 

 

 2,240 

Cash, cash equivalents and restricted cash at end of period

 

$

 18,921 

 

$

 19,168 

Supplemental disclosure of cash flow information:

 

 

 

 

 

 

Interest paid

 

$

 2,519 

 

$

 3,151 

Income taxes paid

 

$

 10,461 

 

$

 40 

Supplemental disclosure of non-cash information:

 

 

 

 

 

 

Unpaid liability to acquire property and equipment

 

$

 2,052 

 

$

 2,451 



















8

 

 





DULUTH HOLDINGS INC.

Reconciliation of Net Income (Loss) to EBITDA and EBITDA to Adjusted EBITDA

For the Fiscal Quarter Ended August 1, 2021

(Unaudited)

(Amounts in thousands)







 

 

 

 

 

 

 

 

 

 

 

 



 

Three Months Ended

 

Six Months Ended



 

August 1, 2021

 

August 2, 2020

 

August 1, 2021

 

August 2, 2020

(in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss)

 

$

 8,947 

 

$

 5,898 

 

$

 9,445 

 

$

 (9,281)

Depreciation and amortization

 

 

 7,242 

 

 

 6,603 

 

 

 14,516 

 

 

 13,292 

Amortization of internal-use software hosting

 

 

 

 

 

 

 

 

 

 

 

 

  subscription implementation costs

 

 

 405 

 

 

—

 

 

 774 

 

 

—

Interest expense

 

 

 1,182 

 

 

 1,778 

 

 

 2,490 

 

 

 3,128 

Amortization of build-to-suit operating leases
capital contribution

 

 

 198 

 

 

 198 

 

 

 397 

 

 

 397 

Income tax expense (benefit)

 

 

 3,014 

 

 

 1,866 

 

 

 3,119 

 

 

 (3,220)

EBITDA

 

$

 20,988 

 

$

 16,343 

 

$

 30,741 

 

$

 4,316 

Stock based compensation

 

 

 637 

 

 

 418 

 

 

 1,007 

 

 

 881 

Adjusted EBITDA

 

$

 21,625 

 

$

 16,761 

 

$

 31,748 

 

$

 5,197 







DULUTH HOLDINGS INC.

Reconciliation of Forecasted Net Income to Forecasted EBITDA and Forecasted EBITDA to Forecasted Adjusted EBITDA

For the Fiscal Year Ended January 30, 2022

(Unaudited)

(Amounts in thousands)





 

 

 

 

 

 



 

Low

 

High

Forecasted

 

 

 

 

 

 

Net income

 

$

 23,500 

 

$

 25,000 

Depreciation and amortization

 

 

 28,200 

 

 

 28,200 

Amortization of internal-use software hosting subscription implementation costs

 

 

 2,200 

 

 

 2,500 

Interest expense

 

 

 5,000 

 

 

 4,700 

Amortization of build-to-suit operating leases capital contributions

 

 

 800 

 

 

 800 

Income tax expense

 

 

 8,100 

 

 

 8,600 

EBITDA

 

$

 67,800 

 

$

 69,800 

Stock based compensation

 

 

 2,200 

 

 

 2,200 

Adjusted EBITDA

 

$

 70,000 

 

$

 72,000 























































9

 

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WI 001-37641 39-1564801 201 East Front Street Mount Horeb WI 53572 608 424-1544 false false false false Class B Common Stock, No Par Value DLTH NASDAQ false XML 8 R1.htm IDEA: XBRL DOCUMENT v3.21.2
Document and Entity Information
Sep. 02, 2021
Document And Entity Information [Abstract]  
Document Type 8-K
Document Period End Date Sep. 02, 2021
Entity Registrant Name DULUTH HOLDINGS INC.
Entity Incorporation, State or Country Code WI
Entity File Number 001-37641
Entity Tax Identification Number 39-1564801
Entity Address, Address Line One 201 East Front Street
Entity Address, City or Town Mount Horeb
Entity Address, State or Province WI
Entity Address, Postal Zip Code 53572
City Area Code 608
Local Phone Number 424-1544
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Title of 12(b) Security Class B Common Stock, No Par Value
Trading Symbol DLTH
Security Exchange Name NASDAQ
Entity Emerging Growth Company false
Entity Central Index Key 0001649744
Amendment Flag false
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