DLTH - Duluth Holdings stock drives higher on earnings beat optimistic outlook
2023-03-09 09:42:15 ET
Duluth Holdings ( NASDAQ: DLTH ) shares rose over 15% after Thursday’s market open after posting stronger than expected Q4 profits and projecting continued strength into 2023.
The company posted a report of $0.23 in earnings per share, beating the consensus by $0.03, while narrowly missing revenue expectations by posting $241.8M in sales. Gross profit margin fell 260 basis points amid significant promotional activity in retail through the fourth quarter. Inventories ended the quarter up 3.9% from 2020 levels.
“While we are not satisfied with our financial performance for the year, we finished the fourth quarter with good momentum and continue to see great progress in our AKHG outdoor recreation brand and our Women’s business overall, both posting positive sales growth for the quarter and full year,” CEO Sam Sato commented. “We ended the year with well-balanced inventories purposefully receiving new spring goods earlier to capture the seasonal transition business.”
Management expects net sales in the range of $645M to $660M in 2023, above the $647.03M consensus. Adjusted EPS in the range of $0.02 to $0.08 per diluted share forecast for 2023 also came in better than the $0.01 consensus.
Shares of Duluth Holdings ( DLTH ) rose 17.29% shortly after Thursday’s market open.
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Duluth Holdings stock drives higher on earnings beat, optimistic outlook