Duluth Holdings Inc. Files 2024 Annual Report on Form 10-K

TL;DR

<b>Duluth Holdings Inc. filed its 2024 Form 10-K detailing financial performance and position as of January 28, 2024.</b>

AI Summary

DULUTH HOLDINGS INC. (DLTH) filed a Annual Report (10-K) with the SEC on March 22, 2024. Duluth Holdings Inc. filed its annual report on Form 10-K for the fiscal year ended January 28, 2024. The filing covers the fiscal year 2023, with data points for January 28, 2024, and January 29, 2023. Key financial statement components such as Inventory Valuation Reserve and Allowance For Credit Loss are detailed for fiscal years 2022, 2023, and 2024. Information regarding Treasury Stock, Retained Earnings, Noncontrolling Interest, and Accumulated Other Comprehensive Income is provided as of January 28, 2024, January 29, 2023, and January 30, 2022. The report includes data on Capital Units and Restricted Stock for key employees, board members, and the company, spanning fiscal years 2022 and 2023.

Why It Matters

For investors and stakeholders tracking DULUTH HOLDINGS INC., this filing contains several important signals. This 10-K filing provides a comprehensive overview of Duluth Holdings Inc.'s financial health and operational status for the fiscal year 2023, crucial for investors assessing the company's performance and future prospects. The detailed breakdown of financial statement items, including reserves, equity, and stock information, allows stakeholders to analyze trends and make informed investment decisions regarding DLTH.

Risk Assessment

Risk Level: low — DULUTH HOLDINGS INC. shows low risk based on this filing. The filing is a standard annual report (10-K) and does not contain immediate, significant negative news or events, indicating a routine disclosure.

Analyst Insight

Investors should review the detailed financial statements and risk factors within the 10-K to understand Duluth Holdings Inc.'s performance and outlook.

Key Numbers

• 2024-01-28 — Fiscal Year End (Fiscal year end date)
• 2023-01-29 — Prior Fiscal Year End (Prior fiscal year end date)
• 2022-01-30 — Prior Prior Fiscal Year End (Prior prior fiscal year end date)

Key Players & Entities

• DULUTH HOLDINGS INC. (company) — Filer name
• DLTH (company) — Ticker symbol
• 201 EAST FRONT STREET (address) — Business and mail address
• MOUNT HOREB (location) — City for business and mail address
• WI (location) — State for business and mail address
• 53572 (postal_code) — ZIP code for business and mail address

FAQ

Industry Context

Duluth Holdings Inc. operates in the retail apparel and accessory stores sector.

Regulatory Implications

The filing is a standard Form 10-K, adhering to SEC regulations for annual financial reporting by public companies.

What Investors Should Do

1. Review the consolidated financial statements for detailed revenue, net income, and balance sheet information.
2. Analyze the Management's Discussion and Analysis of Financial Condition and Results of Operations for insights into business performance.
3. Examine the Risk Factors section to understand potential challenges and uncertainties facing the company.

Key Dates

• 2024-01-28: Fiscal Year End — End of the reporting period for the 10-K filing.
• 2024-03-22: Filing Date — Date the 10-K was officially filed with the SEC.

Year-Over-Year Comparison

This filing represents the annual report for the fiscal year ended January 28, 2024, compared to the previous fiscal year ended January 29, 2023.

Filing Documents

• dlth-20240128x10k.htm (10-K) — 3884KB
• dlth-20240128xex10_1.htm (EX-10.1) — 23KB
• dlth-20240128xex23_1.htm (EX-23.1) — 3KB
• dlth-20240128xex24_1.htm (EX-24.1) — 12KB
• dlth-20240128xex31_1.htm (EX-31.1) — 15KB
• dlth-20240128xex31_2.htm (EX-31.2) — 15KB
• dlth-20240128xex32_1.htm (EX-32.1) — 10KB
• dlth-20240128xex32_2.htm (EX-32.2) — 9KB
• dlth-20240128xex97.htm (EX-97) — 47KB
• 0001649744-24-000006.txt (&nbsp;) — 15210KB
• dlth-20240128.xsd (EX-101.SCH) — 49KB
• dlth-20240128_cal.xml (EX-101.CAL) — 122KB
• dlth-20240128_def.xml (EX-101.DEF) — 204KB
• dlth-20240128_lab.xml (EX-101.LAB) — 625KB
• dlth-20240128_pre.xml (EX-101.PRE) — 431KB
• dlth-20240128x10k_htm.xml (XML) — 3573KB

BUSINESS

BUSINESS 4 ITEM 1A.

RISK FACTORS

RISK FACTORS 9 ITEM 1B. UNRESOLVED STAFF COMMENTS 22 ITEM 1C. CYBERSECURITY 23 ITEM 2.

PROPERTIES

PROPERTIES 24 ITEM 3.

LEGAL PROCEEDINGS

LEGAL PROCEEDINGS 25 ITEM 4. MINE SAFETY DISCLOSURES 25 INFORMATION ABOUT OUR EXECUTIVE OFFICERS 26 PART II ITEM 5. MARKET FOR THE REGISTRANT'S COMMON EQUITY, RELATED SHAREHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES 27 ITEM 6. [RESERVED] 27 ITEM 7.

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 28 ITEM 8.

FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA 37 ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE 64 ITEM 9A.

CONTROLS AND PROCEDURES

CONTROLS AND PROCEDURES 64 ITEM 9B. OTHER INFORMATION 64 ITEM 9C. DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS 64 PART III ITEM 10. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE 65 ITEM 11.

EXECUTIVE COMPENSATION

EXECUTIVE COMPENSATION 65 ITEM 12.

SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED SHAREHOLDER MATTERS

SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED SHAREHOLDER MATTERS 65 ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS AND DIRECTOR INDEPENDENCE 65 ITEM 14. PRINCIPAL ACCOUNTANT FEES AND SERVICES 65 PART IV ITEM 15. EXHIBITS, FINANCIAL STATEMENTS AND SCHEDULE 66 ITEM 16. FORM 10-K SUMMARY 69

SIGNATURES

SIGNATURES 69 1 Table of Contents

FORWARD-LOOKING STATEMENTS

FORWARD-LOOKING STATEMENTS This Annual Report on Form 10-K contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 that are subject to risks and uncertainties. All statements other than statements of historical or current facts included in this Annual Report on Form 10-K are forward-looking statements. Forward-looking statements refer to our current expectations and projections relating to our financial condition, results of operations, plans, objectives, strategies, future performance and business. You can identify forward-looking statements by the fact that they do not relate strictly to historical or current facts. These statements may include words such as "anticipate," "could," "design," "estimate," "expect," "project," "plan," "potential," "intend," "believe," "may," "might," "will," "objective," "should," "would," "can have," "likely" and other words and terms of similar meaning in connection with any discussion of the timing or nature of future operating or financial performance or other events. For example, all statements we make relating to our estimated and projected earnings, revenue, costs, expenditures, cash flows, growth rates and financial results, our plans and objectives for future operations, growth or initiatives, strategies or the expected outcome or impact of pending or threatened litigation are forward-looking statements. All forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from those that we expected, including: the impact of inflation and measures to control inflation on our results of operations; the prolonged effects of economic uncertainties on store and website traffic; disruptions to our distribution network, supply chains and operations; our ability to maintain and enhance a strong brand and sub-brand image; adapting to declines in consumer confidence, inflation and decreases in consumer spending; d

BUSINESS

BUSINESS Unless the context indicates otherwise, the terms the "Company," "Duluth," "Duluth Trading," "Duluth Holdings," "Duluth Trading Company," "Duluth Trading Co.," "we," "our" or "us" are used to refer to Duluth Holdings Inc. The following discussion contains references to fiscal years 2023 and 2022, which refer to our fiscal years ended January 28, 2024 and January 29, 2023, respectively. Fiscal years 2023 and 2022 were 52-week periods. Duluth Trading is a lifestyle brand of men's and women's workwear, casual wear, outdoor apparel and accessories primarily sold through our own omnichannel platform. We offer products nationwide through our website. In 2010, we initiated our omnichannel platform with the opening of our first store. Since then, we have expanded our retail presence, and as of January 28, 2024, we operated 62 retail stores and three outlet stores. Duluth Trading was founded in 1989 when two brothers in the home construction industry were tired of dragging tools from job to job using discarded five-gallon drywall compound buckets. The two brothers were never satisfied with the status quo and believed "there's gotta be a better way." So, they invented the Bucket Boss - a ruggedly durable canvas tool organizer that fits around a drywall bucket and transformed the way construction workers organized their tools. Capitalizing on their initial success, these brothers launched a catalog that later became known as Duluth Trading Company. Under the initial philosophy of "Job Tough, Job Smart," this catalog was dedicated to improving and expanding on existing methods of tool storage, organization and transport. In December 2000, GEMPLER'S Inc., a Wisconsin corporation and an agricultural and horticultural supply catalog business founded and owned by Stephen L. Schlecht, acquired Duluth Trading and brought the two mail order companies together. Both catalogs had customers who worked outside and embraced the spirit of hands-on, self-reliant Americans. I

RISK FACTORS

RISK FACTORS Certain factors may have a material adverse effect on our business, financial condition and results of operations. You should consider carefully the risks and uncertainties described below, in addition to other information contained in this Annual Report on Form 10-K, including our financial statements and related notes. The risks and uncertainties described below are not the only ones we face. Additional risks and uncertainties that we are unaware of, or that we currently believe are not material, may also become important factors that adversely affect our business. If any of the following risks actually occurs, our business, financial condition, results of operations, and future prospects could be materially and adversely affected. In that event, the trading price of our Class B common stock could decline, and you could lose part or all of your investment. Strategic Risks If we fail to offer products that customers want to purchase, our business and results of operations could be adversely affected. Our products must satisfy the desires of customers, whose p

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View this 10-K filing on SEC EDGAR