10-Q 1 dlth-20221030x10q.htm 10-Q dlth-20221030x10q
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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

_________________________________________

FORM 10-Q

_________________________________________

þ

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended October 30, 2022

OR

o

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from _______ to _______ 

Commission File Number 001-37641

_________________________________________ 

DULUTH HOLDINGS INC.

(Exact name of registrant as specified in its charter)

 _________________________________________

99

Wisconsin

39-1564801

(State or other jurisdiction of

incorporation or organization)

(I.R.S. Employer

Identification Number)

201 East Front Street

Mount Horeb, Wisconsin

53572

(Address of principal executive offices)

(Zip Code)

(608) 424-1544

(Registrant’s telephone number, including area code)

_________________________________________

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Class B Common Stock, No Par Value

DLTH

NASDAQ Global Select Market

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  þ    No  o

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes  þ    No  o

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large Accelerated Filer

o

Accelerated Filer

þ

Non-accelerated Filer

o

Smaller Reporting Company

þ

Emerging Growth Company

o

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to section 13(a) of the Exchange Act. o

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes  o    No  þ

The number of shares outstanding of the Registrant’s Class A common stock, no par value, as of November 30, 2022, was 3,364,200.

The number of shares outstanding of the Registrant’s Class B common stock, no par value, as of November 30, 2022, was 30,058,505.


DULUTH HOLDINGS INC.

QUARTERLY REPORT ON FORM 10-Q

FOR QUARTER ENDED October 30, 2022

INDEX

Part I—Financial Information

Page

Item 1.

Financial Statements

3

Condensed Consolidated Balance Sheets as of October 30, 2022 and January 30, 2022 (Unaudited)

3

Condensed Consolidated Statements of Operations for the three and nine months ended October 30, 2022 and October 31, 2021 (Unaudited)

5

Condensed Consolidated Statements of Comprehensive (Loss) Income for the three and nine months ended October 30, 2022 and October 31, 2021 (Unaudited)

6

Condensed Consolidated Statement of Shareholders’ Equity for the nine months ended October 30, 2022 (Unaudited)

7

Condensed Consolidated Statement of Shareholders’ Equity for the nine months ended October 31, 2021 (Unaudited)

8

Condensed Consolidated Statements of Cash Flows for the nine months ended October 30, 2022 and October 31, 2021 (Unaudited)

9

Notes to Condensed Consolidated Financial Statements (Unaudited)

10

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

20

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

26

Item 4.

Controls and Procedures

26

Part II—Other Information

Item 1.

Legal Proceedings

26

Item 1A.

Risk Factors

27

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

28

Item 6.

Exhibits

29

Signatures

30

 

2


PART I. FINANCIAL INFORMATION

Item 1. Financial Statements

DULUTH HOLDINGS INC.

Condensed Consolidated Balance Sheets - Assets

(Unaudited)

(Amounts in thousands)

October 30, 2022

January 30, 2022

October 31, 2021

ASSETS

Current Assets:

Cash and cash equivalents

$

9,407

$

77,051

$

19,753

Receivables

6,466

5,455

5,133

Income tax receivable

1,452

605

Inventory, less reserves of $1,479, $2,372, and $1,439, respectively

204,717

122,672

165,078

Prepaid expenses & other current assets

17,964

17,333

14,787

Prepaid catalog costs

11

10

635

Total current assets

240,017

222,521

205,991

Property and equipment, net

112,800

110,078

114,579

Operating lease right-of-use assets

135,164

120,911

124,164

Finance lease right-of-use assets, net

47,938

50,133

50,866

Available-for-sale security

5,285

6,554

6,598

Other assets, net

6,446

5,353

5,382

Total assets

$

547,650

$

515,550

$

507,580

The accompanying notes are an integral part of these condensed consolidated financial statements.


3


DULUTH HOLDINGS INC.

Condensed Consolidated Balance Sheets – Liabilities and Shareholders’ Equity

(Unaudited)

(Amounts in thousands)

October 30, 2022

January 30, 2022

October 31, 2021

LIABILITIES AND SHAREHOLDERS' EQUITY

Current liabilities:

Trade accounts payable

$

77,842

$

45,402

$

59,157

Accrued expenses and other current liabilities

34,795

47,504

41,832

Income taxes payable

6,814

Current portion of operating lease liabilities

15,095

12,882

12,362

Current portion of finance lease liabilities

2,802

2,701

2,679

Duluth line of credit

10,000

Current maturities of TRI long-term debt

749

693

675

Total current liabilities

141,283

115,996

116,705

Operating lease liabilities, less current maturities

120,908

107,094

110,370

Finance lease liabilities, less current maturities

38,151

40,267

40,954

TRI long-term debt, less current maturities

26,099

26,608

26,773

Deferred tax liabilities

2,572

2,867

8,092

Total liabilities

329,013

292,832

302,894

Shareholders' equity:

Preferred stock, no par value; 10,000 shares authorized; no shares
   issued or outstanding as of October 30, 2022, January 30, 2022 and October 31, 2021

 

Common stock (Class A), no par value; 10,000 shares authorized;

   3,364 shares issued and outstanding as of October 30, 2022, January 30, 2022

and October 31, 2021

 

Common stock (Class B), no par value; 200,000 shares authorized;

   30,167 shares issued and 30,055 shares outstanding as of October 30, 2022,

29,786 shares issued and 29,707 shares outstanding as of January 30, 2022 and

29,782 shares issued and 29,703 shares outstanding as of October 31, 2021

 

Treasury stock, at cost; 112, 79 and 79 shares as of October 30, 2022,
   January 30, 2022 and  October 31, 2021, respectively

(1,459)

(1,002)

(998)

Capital stock

97,977

95,515

94,815

Retained earnings

125,725

130,868

113,509

Accumulated other comprehensive income

(372)

489

494

Total shareholders' equity of Duluth Holdings Inc.

221,871

225,870

207,820

Noncontrolling interest

(3,234)

(3,152)

(3,134)

Total shareholders' equity

218,637

222,718

204,686

Total liabilities and shareholders' equity

$

547,650

$

515,550

$

507,580

The accompanying notes are an integral part of these condensed consolidated financial statements.


4


DULUTH HOLDINGS INC.

Condensed Consolidated Statements of Operations

(Unaudited)

(Amounts in thousands, except per share figures)

 

 

Three Months Ended

Nine Months Ended

October 30, 2022

October 31, 2021

October 30, 2022

October 31, 2021

Net sales

$

147,126

$

145,277

$

411,541

$

427,823

Cost of goods sold (excluding depreciation and amortization)

70,205

61,627

191,949

196,204

Gross profit

76,921

83,650

219,592

231,619

Selling, general and administrative expenses

84,311

78,792

224,044

211,779

Operating (loss) income

(7,390)

4,858

(4,452)

19,840

Interest expense

968

900

2,723

3,390

Other income (loss), net

56

(265)

180

(193)

(Loss) income before income taxes

(8,302)

3,693

(6,995)

16,257

Income tax (benefit) expense

(2,059)

930

(1,770)

4,048

Net (loss) income

(6,243)

2,763

(5,225)

12,209

Less: Net loss attributable to noncontrolling interest

(26)

(43)

(82)

(134)

Net (loss) income attributable to controlling interest

$

(6,217)

$

2,806

$

(5,143)

$

12,343

Basic earnings per share (Class A and Class B):

Weighted average shares of common stock outstanding

32,792

32,649

32,759

32,605

Net (loss) income per share attributable to controlling interest

$

(0.19)

$

0.09

$

(0.16)

$

0.38

Diluted earnings per share (Class A and Class B):

Weighted average shares and equivalents outstanding

32,792

32,761

32,759

32,825

Net (loss) income per share attributable to controlling interest

$

(0.19)

$

0.09

$

(0.16)

$

0.38

The accompanying notes are an integral part of these condensed consolidated financial statements.


5


DULUTH HOLDINGS INC.

Condensed Consolidated Statements of Comprehensive (Loss) Income

(Unaudited)

(Amounts in thousands)

Three Months Ended

Nine Months Ended

October 30, 2022

October 31, 2021

October 30, 2022

October 31, 2021

Net (loss) income

$

(6,243)

$

2,763

$

(5,225)

$

12,209

Other comprehensive income

Securities available-for sale:

Unrealized security (loss) income arising during the period

(498)

(94)

(1,149)

595

Income tax (benefit) expense

(124)

(24)

(288)

149

Other comprehensive (loss) income

(374)

(70)

(861)

446

Comprehensive (loss) income

(6,617)

2,693

(6,086)

12,655

Comprehensive loss attributable to noncontrolling interest

(26)

(43)

(82)

(134)

Comprehensive income attributable
to controlling interest

$

(6,591)

$

2,736

$

(6,004)

$

12,789

The accompanying notes are an integral part of these condensed consolidated financial statements.

 

6


DULUTH HOLDINGS INC.

Condensed Consolidated Statement of Shareholders’ Equity

(Unaudited)

(Amounts in thousands)

 

Nine Months Ended October 30, 2022

Accumulated

Noncontrolling

Capital stock

other

interest in

Total

Treasury

Retained

comprehensive

variable interest

shareholders'

Shares

Amount

stock

earnings

income (loss)

entity

equity

Balance at January 30, 2022

33,071

$

95,515

$

(1,002)

$

130,868

$

489

$

(3,152)

$

222,718

Issuance of common stock

292

166

166

Stock-based compensation

618

618

Restricted stock forfeitures

(1)

Restricted stock surrendered for taxes

(33)

(455)

(455)

Other comprehensive loss

(336)

(336)

Net loss

(1,294)

(29)

(1,323)

Balance at May 1, 2022

33,329

$

96,299

$

(1,457)

$

129,574

$

153

$

(3,181)

$

221,388

Issuance of common stock

56

147

147

Stock-based compensation

656

656

Restricted stock forfeitures

(44)

Restricted stock surrendered for taxes

(1)

(1)

Other comprehensive loss

(151)

(151)

Net income (loss)

2,368

(27)

2,341

Balance at July 31, 2022

33,341

$

97,102

$

(1,458)

$

131,942

$

2

$

(3,208)

$

224,380