earnings
confidence high
sentiment negative
materiality 0.75
Duluth Q2 net sales down 5.1% to $141.5M; adjusted EPS $0.07 vs $0.27 YoY; lowers FY guidance
DULUTH HOLDINGS INC.
2023-Q2 EPS reported
$0.03
revenue$264,415,000
- Net sales of $141.5M vs $149.1M prior year (-5.1%); direct-to-consumer +0.1%, retail stores -12.0%.
- Net income of $2.4M ($0.07 diluted EPS) vs $9.0M ($0.27) last year; adjusted EBITDA $13.2M (9.4% of sales).
- Gross margin 53.4% (54.4% ex $1.3M inventory write-down from in-transit damage) vs 54.6% prior year.
- FY2022 outlook revised: net sales $680-$705M, EBITDA $69-$73M, EPS $0.61-$0.71 (from prior ranges not given).
- Inventory up 22% YoY to $164.5M; no outstanding bank debt; credit facility expanded to $200M through 2027.