Duluth (DLTH) 8-K/A Results of Operations and Financial Condition

Exhibit 99.1

DULUTH HOLDINGS INC.

Condensed Consolidated Balance Sheets

(Unaudited)

(Amounts in thousands)

	Previously reported
	on April 4, 2019		Revised
	February 3, 2019		February 3, 2019		January 28, 2018
ASSETS
Current Assets:
Cash	$	731	$	731	$	2,865
Accounts receivable		28		28		52
Other receivables		4,611		4,611		273
Inventory, net		97,176		97,685		89,548
Prepaid expenses & other current assets		12,640		12,640		7,642
Prepaid catalog costs		2,503		2,503		1,446
Total current assets		117,689		118,198		101,826
Property and equipment, net		167,109		167,109		109,705
Restricted cash		2,354		2,354		4,218
Available-for-sale security		—		6,295		6,323
Goodwill		402		402		402
Other assets, net		2,401		2,401		628
Total assets	$	289,955	$	296,759	$	223,102
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Trade accounts payable	$	24,854	$	25,363	$	17,320
Accrued expenses and other current liabilities		26,330		26,530		25,261
Income taxes payable		218		218		7,631
Current maturities of long-term debt		1,620		500		84
Total current liabilities		53,022		52,611		50,296
Finance lease obligations under build-to-suit leases		23,034		23,034		26,578
Long-term debt, less current maturities		22,322		29,737		1,424
Long-term line of credit		16,542		16,542		—
Deferred tax liabilities		9,775		9,722		2,100
Deferred rent obligations, less current maturities		5,003		5,003		3,355
Total liabilities		129,698		136,649		83,753
Commitments and contingencies
Shareholders' equity:
Treasury stock		(92)		(92)		(57)
Capital stock		89,849		89,849		88,043
Retained earnings		70,739		70,592		48,084
Total shareholders' equity of Duluth Holdings Inc.		160,496		160,349		136,070
Noncontrolling interest		(239)		(239)		3,279
Total shareholders' equity		160,257		160,110		139,349
Total liabilities and shareholders' equity	$	289,955	$	296,759	$	223,102

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DULUTH HOLDINGS INC.

Consolidated Statements of Operations

(Unaudited)

(Amounts in thousands, except per share figures)

	Three Months Ended						Fiscal Year Ended
	Previously Reported						Previously Reported
	on April 4, 2019		Revised				on April 4, 2019		Revised
	February 3, 2019		February 3, 2019		January 28, 2018		February 3, 2019		February 3, 2019		January 28, 2018
Net sales	$	250,541	$	250,541	$	217,805	$	568,102	$	568,102	$	471,447
Cost of goods sold (excluding depreciation    and amortization)		119,290		119,290		101,779		257,700		257,700		210,428
Gross profit		131,251		131,251		116,026		310,402		310,402		261,019
Selling, general and administrative expenses		100,946		101,146		86,480		273,021		273,221		223,947
Operating income		30,305		30,105		29,546		37,381		37,181		37,072
Interest expense		2,311		2,311		789		5,949		5,949		1,988
Other income, net		215		215		246		383		383		421
Income before income taxes		28,209		28,009		29,003		31,815		31,615		35,505
Income tax expense		7,590		7,537		9,398		8,503		8,450		11,878
Net income		20,619		20,472		19,605		23,312		23,165		23,627
Less: Net (loss) income attributable    to noncontrolling interest		(148)		(148)		77		9		9		276
Net income attributable to controlling interest	$	20,767	$	20,620	$	19,528	$	23,303	$	23,156	$	23,351
Basic earnings per share (Class A and Class B):
Weighted average shares of    common stock outstanding		32,130		32,130		31,901		32,086		32,086		31,853
Net income per share attributable    to controlling interest	$	0.65	$	0.64	$	0.61	$	0.73	$	0.72	$	0.73
Diluted earnings per share (Class A and Class B):
Weighted average shares and    equivalents outstanding		32,344		32,344		32,311		32,317		32,317		32,285
Net income per share attributable    to controlling interest	$	0.64	$	0.64	$	0.60	$	0.72	$	0.72	$	0.72

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