Duluth Q2 sales fall to $139.1M; margin down; CFO Loretta resigns; FY loss guidance

DULUTH HOLDINGS INC.

2024-Q2 EPS reported -$0.18 revenue$262,858,000

Net sales $139.1M, down 1.7% YoY; gross margin 51.4% vs 53.4% a year ago.
Adjusted EBITDA $8.6M; full-year EPS guided ($0.15)-($0.08), reflecting a loss.
Inventory down 4.5% YoY to $157.1M; new GA fulfillment center live ahead of schedule.
CFO Dave Loretta resigns effective Sept 15, 2023; Michael Murphy named interim CFO.
No outstanding revolver balance; liquidity of $211 million at quarter end.

item 2.02 item 5.02 item 9.01

Executive movements

Machine-extracted from this filing. Every card cites the SEC source. See all recent executive movements.

Departed

Dave Loretta

Senior Vice President and Chief Financial Officer

DLTH · DULUTH HOLDINGS INC.

Effective: 2023-09-15
Successor: Michael Murphy
Filed: August 31, 2023, 7:59 PM ET

On August 25, 2023, Mr. Dave Loretta resigned as Senior Vice President and Chief Financial Officer of Duluth Holdings Inc. (the “Company”), along with all other positions he held at the Company, with such resignation to be effective on September 15, 2023.

Appointed (interim)

Michael Murphy

Interim Chief Financial Officer

DLTH · DULUTH HOLDINGS INC.

Effective: 2023-09-15
Filed: August 31, 2023, 7:59 PM ET

Mr. Michael Murphy, VP, Chief Accounting Officer of the Company, will assume the role of Interim Chief Financial Officer of the Company, effective September 15, 2023, in addition to maintaining his duties as VP, Chief Accounting Officer of the Company, until the search process is completed.

Key facts

Extracted from this filing and checked against the source text.

Executive change SEC 8-K Item 5.02 confidence 0.95

Dave Loretta resigned as Senior Vice President and Chief Financial Officer at DULUTH HOLDINGS INC..

Action: resigned
Role: Senior Vice President and Chief Financial Officer

Exact text from the filing

On August 25, 2023, Mr. Dave Loretta resigned as Senior Vice President and Chief Financial Officer of Duluth Holdings Inc. (the “Company”), along with all other positions he held at the Company, with such resignation to be effective on September 15, 2023.

View on SEC.gov

Executive change SEC 8-K Item 5.02 confidence 0.95

Michael Murphy was appointed as Interim Chief Financial Officer at DULUTH HOLDINGS INC..

Action: appointed
Role: Interim Chief Financial Officer

Exact text from the filing

Mr. Michael Murphy, VP, Chief Accounting Officer of the Company, will assume the role of Interim Chief Financial Officer of the Company, effective September 15, 2023, in addition to maintaining his duties as VP, Chief Accounting Officer of the Company, until the search process is completed.

View on SEC.gov

DULUTH HOLDINGS INC. filing history →

Source: SEC EDGAR

accession 0001649744-23-000021

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