Duluth Holdings Inc., the parent of Duluth Trading, announced net sales results for the nine-week period from November 1, 2021 through January 2, 2022 (Holiday Period).
Duluth provided a business update in advance of its appearance at the ICR 2022 investor conference.
Highlights for the Nine-Week Holiday Period Ended January 2, 2022
- Net sales increased 6.4 percent to $224.3 million compared to $210.9 million in the 2020 holiday period, and increased 5.4 percent when compared to the same period in 2019;
- Retail net sales increased $21.7 million, or 37.8 percent, to $79.0 million compared to $57.3 million in the 2020 holiday period, and decreased 4.5 percent when compared to the same period in 2019; and
- Direct net sales decreased 5.4 percent to $145.3 million compared to $153.5 million in the 2020 holiday period and increased 11.7 percent when compared to the same period in 2019.
President and CEO, Sam Sato, pictured above right, commented, “Our holiday period results reflect strength in our product offering, marketing effectiveness and customer demand despite facing continued supply chain headwinds. Our holiday period sales growth of 6.4 percent was achieved with excellent gross margin performance and we are pleased to reaffirm our fiscal 2021 outlook.”
The company reiterated its guidance for the year.
Fiscal 2021 Outlook
- Net sales in the range of $700 million to $715 million;
- Adjusted EBITDA in the range of $73 million to $75 million;
- EPS in the range of $0.81 to $0.86 per diluted share; and
- Capital expenditures, inclusive of software hosting implementation costs, of approximately $18 million.
