Duluth's Q4 Earnings Top Estimates; Clocks 3.7% Decline In Women's Apparel Sales

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  • Duluth Holdings Inc DLTH reported fourth-quarter FY21 sales growth of 5.8% year-on-year, to $270.76 million, beating the consensus of $268.45 million.
  • Retail store net sales improved by 32.8% to $91.1 million, while Direct-to-consumer net sales decreased by 4.1% to $179.7 million.
  • Men's apparel net sales increased 7% Y/Y, and Women's apparel sales fell 3.7%.
  • EPS of $0.53 beat the analyst consensus of $0.47.
  • The gross profit margin expanded 80 basis points Y/Y to 53.8%, and the gross profit increased 7.4% to $145.7 million.
  • The operating margin compressed 290 basis points to 9%, and operating income for the quarter fell 20.6% to $24.3 million.
  • Adjusted EBITDA decreased 14.1% to $33 million.
  • The company held $77.1 million in cash and equivalents as of January 30, 2022.
  • Outlook: Duluth sees FY22 sales of $730 million - $755 million versus the consensus of $681 million.
  • The company expects FY22 EPS of $0.93 - $1.02, above the consensus of $0.85.
  • It expects FY22 adjusted EBITDA of $84 million - $88 million.
  • Price Action: DLTH shares are trading lower by 6.05% at $12.12 on the last check Thursday.
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