Duluth Holdings Q3 net loss $28.5M, revenue down 8.1%; cuts FY2024 sales guidance to ~$640M

DULUTH HOLDINGS INC.

2024-Q3 EPS reported -$1.21 revenue$385,359,000

Net sales $127.1M (down 8.1% YoY); net loss $28.5M vs $10.5M loss in Q3 2023.
Adjusted net loss $13.8M; adjusted EPS ($0.41); GAAP EPS ($0.85).
Gross margin expanded 210 bps to 52.3% on sourcing benefits; SG&A deleveraged to 65.2% of sales.
Restructuring expense $6.2M from legacy fulfillment center lease amendment; expects ~$5M annual savings.
FY2024 guidance lowered: net sales ~$640M, gross margin down ~125 bps, capex ~$23M.

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