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Duluth Holdings Inc. (NASDAQ:DLTH) reported a third-quarter FY23 sales decline of 6.1% year-on-year to $138.21 million, missing the consensus of $141.47 million.
EPS loss of $(0.32) missed the analyst consensus of $(0.26) loss.
Retail store net sales decreased by 8.8% to $51.2 million due to slower store traffic, partially offset by a higher average transaction value during the quarter.
Gross margin decreased to 50.2% from 52.3%, and the gross profit decreased to $69.4 million from $76.9 million a year ago.
The decrease in gross profit margin rate was primarily due to a lower mix of full-price sales amidst the continued promotional retail environment.
The company ended the quarter with a cash balance of $8.2 million.
Outlook: Duluth Holdings expects FY23 net sales of $640 million-$655 million versus the $644.19 million estimate (prior view: $645 million-$660 million).
The company sees EPS of $(0.25)-$(0.15) versus $(0.11) estimate (prior view: $(0.15)-$(0.08)).
Price Action: DLTH shares are trading lower by 3.79% at $4.95 on the last check Thursday.
Posted In: DLTH
