Duluth Holdings Inc. announces.  Strong holiday results

Duluth Holdings Inc. announces. Strong holiday results

Net sales of $224.3 million increased 6.4% compared to the holiday period of 2020

Reaffirms the outlook for fiscal year 2021

The company will participate in the ICR conference on Tuesday, January 11thy

Mount Horeb, Wisconsin, Jan. 10, 2022 (GLOBE NEWSWIRE) – Duluth Holdings Inc. (dba, Duluth Trading Company) (“Duluth Trading” or “the Company”) (NASDAQ: DLTH), a lifestyle brand for men’s and women’s casual, workwear and accessories, today announced net sales results for the nine-week period from November 1, 2021 through January 2, 2022 (“holiday period”).

For the updated investor presentation, please visit: https://ir.duluthtrading.com/

Highlights of the nine-week holiday period ending January 2, 2022

  • Net sales increased 6.4% to $224.3 million compared to $210.9 million in the 2020 holiday period and increased 5.4% compared to the same period in 2019.

  • Net retail sales increased $21.7 million, or 37.8%, to $79.0 million compared to $57.3 million in the 2020 holiday period, down 4.5% compared to the same period in 2019.

  • Net direct sales decreased 5.4% to $145.3 million compared to $153.5 million in the 2020 holiday period and increased 11.7% compared to the same period in 2019.

management comment

Sam Sato, President and CEO, commented: “Our holiday period results reflect strength in our product offering, marketing efficacy and customer demand despite facing ongoing headwinds in the supply chain. Our holiday sales growth was achieved by 6.4% with an excellent gross margin performance. We are pleased to reaffirm our expectations for fiscal year 2021.”

Fiscal Outlook 2021

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

  • Adjusted EBITDA in the range of $73 million to $75 million1

  • EPS in the range of $0.81 to $0.86 per diluted share

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

1See reconcile projected net income with projected EBITDA and projected EBITDA to projected adjusted EBITDA in the accompanying financial tables.

ICR Conference 2022

Members of the Duluth Trading management team will meet virtually with analysts and investors at the ICR Conference January 10-12, 2022. The company’s virtual presentation is scheduled for 8:30 AM ET on Tuesday, January 11, 2022. Live audio webcast will be available at the time of the event and can be accessed through the investor section of the company’s website at https://ir.duluthtrading.com/

The webcast will be available after the event.

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 contained in this press release, include statements regarding Duluth Trading’s plans, goals, objectives and beliefs, business strategies, and future events , business conditions, results of operations, financial position and business outlook, business trends and certain other information contained herein, including statements under the heading “Financial Outlook 2021” are forward-looking statements. You may identify forward-looking statements by using words such as “may,” “may,” “should,” “expect,” “plan,” “expect,” “could,” “believe,” “estimate,” “project.” ‘, ‘objective’, ‘expectation’, ‘intend’, ‘future’, ‘budget’, ‘objectives’, ‘potential’, ‘pursue’, ‘design’, ‘goal’, ‘expectation’ and ‘will’ and others Similar Expressions Forward-looking statements are not historical facts, and are based on Duluth Trading’s current expectations, beliefs, estimates, projections and various assumptions, many of which are inherently uncertain and beyond Duluth Trading’s control. Duluth Trading’s expectations, beliefs and forecasts are expressed in good faith, and Duluth Trading believes that there are However, there can be no guarantee that management’s expectations, beliefs, estimates and expectations will be fulfilled and actual results may differ materially from what is expressed or implied in 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 other things, risks, uncertainties and factors They are described in Part 1, Section 1A “Risk Factors” in the company’s annual report on Form 10-K filed with the Securities and Exchange Commission on March 26, 2021 and other factors that may be described periodically in Duluth Trading’s subsequent filings with the Securities and Exchange Commission. These risks and uncertainties include, but are not limited to: the prolonged effects of COVID-19 on in-store traffic and disruption of the 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; Generate sufficient cash from our existing stores to support our growth; Effectively relying on the sources of goods located in foreign markets; delays and interruptions in transportation, including port congestion; inability to obtain timely and effectively shipments of products from our suppliers and deliver goods to our customers; inability to maintain the performance of a mature store portfolio; Impact of changes in corporate tax regulations; identifying and responding to new and changing customer preferences; the success of the locations on which our stores are located; Our ability to attract and retain customers in the various retail premises and locations where our stores are located; Effective competition in an environment of intense competition; Our ability to adapt to significant changes in sales due to the seasonality of our business; Low prices or stock shortages resulting from failure to purchase the right amount of stock before the season in which it will be sold or restrictions on the global market; increases in the costs of fuel, energy costs, transportation or other utilities, and in labor and employment costs; failure of our IT systems to support our existing and growing business, before and after planned upgrades; and other factors that may be disclosed in 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 conditions, or other changes affecting forward-looking information except to the extent required by applicable securities laws.

table below


Duluth Holdings Inc.
Reconciling projected net income, projected EBITDA, projected EBITDA and projected adjusted earnings
For the fiscal year ending January 30, 2022
(amounts in thousands)




net income





Depreciation and amortization of debt



Amortization of subscription implementation costs for internal use software



interest expense



Amortization of equity contributions based on operating leases



income tax expense








Compensation based on shares



Adjusted EBITDA





CONTACT: Investor Contacts: ICR, Inc. (646) 277-1200 DuluthIR@icrinc.com

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