DLTH - Duluth stock slumps despite growth in Q1 net sales

Lifestyle apparel company, Duluth ([[DLTH]] -7.4%) slumped in today's trade despite showing a 21.4% Y/Y increase in Q1 net sales to $133.4M.Retail store net sales grew 92.6% over the prior year period, which saw temporary store closures from March 20, 2020 through the end of 1Q20. Meanwhile, direct-to-consumer net sales increased by 2.1%.Surge in store traffic led to net sales in store markets surging 33.3%.Gross margin expanded 230 basis points to 49.9%.Duluth carried out a leadership change in April last week by appointing former CEO of Finish Line, 30-year retail industry veteran Sam Sato as its President and CEO. Sato succeeded Founder Steve Schlecht, who was also serving as executive chairman.The company's net income per share grew to $0.02, from a net loss per share of $0.47 in the year ago period.Adj. EBITDA increased to $10.1M, compared to a loss of $11.6M a year earlier.Q1 ended with cash balance of ~$26.1M, net working capital of

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Duluth stock slumps despite growth in Q1 net sales