24/7 Market News Snapshot 29 August, 2024 – Duluth Holdings Inc. Class B Common Stock (NASDAQ:DLTH)

August 29, 2024

DENVER, Colo., 29 August, 2024 (247marketnews.com) – (NASDAQ:DLTH) are discussed in this article.
Duluth Trading Company has reported its financial results for the second quarter of fiscal 2024, demonstrating notable achievements despite the prevailing challenges in the retail sector. The lifestyle brand recorded net sales of $141.6 million, representing a year-over-year growth of 1.8%, spurred by successful product innovations and enhancements in sourcing strategies.

The company also marked a significant gross margin increase of 90 basis points to 52.3%, a testament to its effective product development approach. Sam Sato, President and CEO, expressed enthusiasm regarding the company’s performance, stating, “We are excited to see a return to top-line growth in the second quarter, with improved traffic and transaction rates. Our innovative products like Dry on the Fly and Armachillo have received favorable responses, reinforcing our market position.”

Although the company faced a net loss of $3.7 million, adjusted figures reveal a more optimistic outlook, with an adjusted net loss reduced to $0.6 million. This reflects the company’s operational resilience and efficient cost management, excluding specific restructuring expenses and one-time sales tax adjustments. Adjusted EBITDA reached $10.6 million, amounting to 7.5% of net sales.

Additionally, Duluth Trading is progressing with its fulfillment network strategy, entering the second phase of its fulfillment center plan, which aims to enhance productivity and capacity. The success of its automated facility has significantly aided in processing a large portion of total company volume and is anticipated to lead to considerable overhead savings in the coming quarters.

Looking ahead, Duluth Trading has reaffirmed its fiscal 2024 guidance, expecting approximately $640 million in net sales and an adjusted EBITDA of around $39 million. With a commitment to deliver exceptional customer experiences through ongoing product innovation and enhanced operational frameworks, the company is well-positioned to drive sustainable growth.

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