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Duluth Holdings Inc. DLTH shares are trading lower on Thursday after the company reported first-quarter results. The company reported quarterly earnings per share of 24 cents loss, missing the analyst consensus of 16 cents loss .
Duluth Holdings reported net sales of $116.7 million compared to $123.8 million in the year-ago period.
Sales missed the street view of $118.44 million. Duluth Holdings’ quarter-end inventory composition fell 5.
9% compared to the prior year’s first quarter. “Our top-line quarter performance, at a decline of 5.7%, was hampered by challenging traffic and a sub-par in-stock position following stronger-than-expected unit selling late in the fourth quarter,” said President and CEO Sam Sato.
Direct-to-consumer net sales decreased by 5.1% to $75.4 million primarily driven by a decline in site visits compared to the prior year.
Retail store net sales decreased by 6.8% to $41.2 million due to slower store traffic.
“We took swift action to improve our in-stock position in core items, which improved throughout the quarter and into the second quarter to date,” Sato added. First quarter gross profit decreased to $61.6 million from $65.
7 million in the year-ago period. Gross margin contracted to 52.8% from 53.
0% in the year-ago period. Outlook: Duluth Holdings projects FY24 revenues of $640 million versus the $644.89 million estimate — prior view: $640 million-$660 million.
The company sees EPS of approximately $(0.22) versus $(.