Duluth Holdings Reports Q2 2024 Financial Results

August 29, 2024

DENVER, Colo., Aug 29, 2024 (247marketnews.com)- Duluth Holdings (NASDAQ: DLTH) reported its fiscal second quarter 2024 financial results, including net sales of 141.6 million, an increase of 1.8%, compared to the prior year second quarter and adjusted EBITDA increased by $2 million, over the second quarter of 2023, to $10.6 million.

Sam Sato, President and CEO of Duluth Holdings, stated, “We are pleased to have returned to top-line growth in the second quarter, while also expanding our gross margin as we begin to see the benefits of our product development and sourcing initiatives. During the quarter we saw a trend line improvement in both traffic and transactions with healthy shopper conversion, fueling 1.8% year-over-year net sales growth. The quarter strength was highlighted by product innovation wins including Dry on the Fly, Armachillo and DuluthFlex Fire Hose Sweat Management.

“We entered the third quarter with a strong lineup of newness such as Duluth Reserve, Bullpen 3D and Souped up Sweats and we expanded our Plus size assortment including our successful Adjustabust, a bonded zip-front bra with a sleek silhouette and criss-crossed back offering extra support and security. On August 10th we successfully hosted our second underwear trade-up event engaging with existing and new customers throughout our local store markets. The event generated a lot of buzz and resulted in a jump in traffic, higher overall sales, and 40% of trade ups from our female shoppers, which remains a key strategic growth opportunity for Duluth.

“From a longer-term structural update, we have successfully moved into phase two of our fulfillment center network plan to maximize productivity and capacity. The tremendous success we are seeing with our near fully automated fulfillment center in Adairsville, Georgia, which processed 58% of total company volume during the first of half of our fiscal year, allowed for the planned exit of our Dubuque fulfillment center this October. Importantly, we will begin to realize the SG&A benefits in Q4.”

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