Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Oct. 29, 2023 | Nov. 29, 2023 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Oct. 29, 2023 | |
Document Transition Report | false | |
Entity File Number | 001-37641 | |
Entity Registrant Name | DULUTH HOLDINGS INC. | |
Entity Tax Identification Number | 39-1564801 | |
Entity Incorporation, State or Country Code | WI | |
Entity Address, Address Line One | 201 East Front Street | |
Entity Address, City or Town | Mount Horeb | |
Entity Address, State or Province | WI | |
Entity Address, Postal Zip Code | 53572 | |
City Area Code | 608 | |
Local Phone Number | 424-1544 | |
Title of 12(b) Security | Class B Common Stock, No Par Value | |
Trading Symbol | DLTH | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Document Fiscal Year Focus | 2024 | |
Document Fiscal Period Focus | Q3 | |
Current Fiscal Year End Date | --01-28 | |
Entity Central Index Key | 0001649744 | |
Amendment Flag | false | |
Class A Common Stock [Member] | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 3,364,200 | |
Class B Common Stock [Member] | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 31,111,061 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Oct. 29, 2023 | Jan. 29, 2023 |
Current Assets: | ||
Cash and cash equivalents | $ 8,177 | $ 45,548 |
Receivables | 5,679 | 6,041 |
Income tax receivable | 99 | |
Inventory, less reserves of $1,334 and $1,837, respectively | 173,966 | 154,922 |
Prepaid expenses & other current assets | 15,597 | 15,154 |
Total current assets | 203,518 | 221,665 |
Property and equipment, net | 133,946 | 112,564 |
Operating lease right-of-use assets | 125,125 | 131,753 |
Finance lease right-of-use assets, net | 45,010 | 47,206 |
Available-for-sale security | 4,867 | 5,539 |
Other assets, net | 9,861 | 8,727 |
Deferred tax assets | 3,686 | |
Total assets | 526,013 | 527,454 |
Current liabilities: | ||
Trade accounts payable | 53,522 | 56,547 |
Accrued expenses and other current liabilities | 31,776 | 40,815 |
Income taxes payable | 1,761 | |
Current portion of operating lease liabilities | 16,067 | 15,571 |
Current portion of finance lease liabilities | 3,047 | 2,842 |
Duluth line of credit | 36,000 | |
Current maturities of TRI long-term debt | 827 | 768 |
Total current liabilities | 141,239 | 118,304 |
Operating lease liabilities, less current maturities | 110,450 | 117,366 |
Finance lease liabilities, less current maturities | 35,104 | 37,425 |
TRI long-term debt, less current maturities | 25,346 | 25,913 |
Deferred tax liabilities | 1,249 | |
Total liabilities | 312,139 | 300,257 |
Shareholders’ equity: | ||
Preferred stock, no par value; 10,000 shares authorized; no shares issued or outstanding as of October 29, 2023 and January 29, 2023 | ||
Treasury stock, at cost; 154 and 112 shares as of October 29, 2023 and January 29, 2023, respectively | (1,737) | (1,459) |
Capital stock | 102,565 | 98,842 |
Retained earnings | 116,833 | 133,172 |
Accumulated other comprehensive loss | (553) | (148) |
Total shareholders' equity of Duluth Holdings Inc. | 217,108 | 230,407 |
Noncontrolling interest | (3,234) | (3,210) |
Total shareholders' equity | 213,874 | 227,197 |
Total liabilities and shareholders' equity | 526,013 | 527,454 |
Class A Common Stock [Member] | ||
Shareholders’ equity: | ||
Common stock | ||
Class B Common Stock [Member] | ||
Shareholders’ equity: | ||
Common stock |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Oct. 29, 2023 | Jan. 29, 2023 |
Inventory reserves | $ 1,334 | $ 1,837 |
Preferred stock, no par value | ||
Preferred stock, shares authorized | 10,000,000 | 10,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Treasury stock, shares | 154,000 | 112,000 |
Class A Common Stock [Member] | ||
Common stock, no par value | ||
Common stock, shares authorized | 10,000,000 | 10,000,000 |
Common stock, shares issued | 3,364,000 | 3,364,000 |
Common stock, shares outstanding | 3,364,000 | 3,364,000 |
Class B Common Stock [Member] | ||
Common stock, no par value | ||
Common stock, shares authorized | 200,000,000 | 200,000,000 |
Common stock, shares issued | 31,264,000 | 30,191,000 |
Common stock, shares outstanding | 31,110,000 | 30,079,000 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Oct. 29, 2023 | Oct. 30, 2022 | Oct. 29, 2023 | Oct. 30, 2022 | |
Condensed Consolidated Statements of Operations [Abstract] | ||||
Net sales | $ 138,210 | $ 147,126 | $ 401,068 | $ 411,541 |
Cost of goods sold (excluding depreciation and amortization) | 68,806 | 70,205 | 194,530 | 191,949 |
Gross profit | 69,404 | 76,921 | 206,538 | 219,592 |
Selling, general and administrative expenses | 81,832 | 84,311 | 224,958 | 224,044 |
Operating loss | (12,428) | (7,390) | (18,420) | (4,452) |
Interest expense | 1,219 | 968 | 3,033 | 2,723 |
Other income, net | 47 | 56 | 304 | 180 |
Loss before income taxes | (13,600) | (8,302) | (21,149) | (6,995) |
Income tax benefit | (3,126) | (2,059) | (4,786) | (1,770) |
Net loss | (10,474) | (6,243) | (16,363) | (5,225) |
Less: Net loss attributable to noncontrolling interest | (8) | (26) | (24) | (82) |
Net loss attributable to controlling interest | $ (10,466) | $ (6,217) | $ (16,339) | $ (5,143) |
Basic earnings per share (Class A and Class B): | ||||
Weighted average shares of common stock outstanding | 32,987 | 32,792 | 32,937 | 32,759 |
Net loss per share attributable to controlling interest | $ (0.32) | $ (0.19) | $ (0.50) | $ (0.16) |
Diluted earnings per share (Class A and Class B): | ||||
Weighted average shares and equivalents outstanding | 32,987 | 32,792 | 32,937 | 32,759 |
Net loss per share attributable to controlling interest | $ (0.32) | $ (0.19) | $ (0.50) | $ (0.16) |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive (Loss) Income - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Oct. 29, 2023 | Oct. 30, 2022 | Oct. 29, 2023 | Oct. 30, 2022 | |
Condensed Consolidated Statements of Comprehensive (Loss) Income [Abstract] | ||||
Net loss | $ (10,474) | $ (6,243) | $ (16,363) | $ (5,225) |
Other comprehensive income | ||||
Securities available-for sale: Unrealized security loss arising during the period | (342) | (498) | (539) | (1,149) |
Securities available-for sale: Income tax benefit | (84) | (124) | (134) | (288) |
Other comprehensive loss | (258) | (374) | (405) | (861) |
Comprehensive loss | (10,732) | (6,617) | (16,768) | (6,086) |
Comprehensive loss attributable to noncontrolling interest | (8) | (26) | (24) | (82) |
Comprehensive loss attributable to controlling interest | $ (10,724) | $ (6,591) | $ (16,744) | $ (6,004) |
Condensed Consolidated Statem_3
Condensed Consolidated Statement of Shareholders’ Equity - USD ($) shares in Thousands, $ in Thousands | Capital Stock [Member] | Treasury Stock [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Noncontrolling Interest In Variable Interest Entity [Member] | Total |
Beginning balance at Jan. 30, 2022 | $ 95,515 | $ (1,002) | $ 130,868 | $ 489 | $ (3,152) | $ 222,718 |
Beginning balance (in shares) at Jan. 30, 2022 | 33,071 | |||||
Issuance of common stock | $ 166 | 166 | ||||
Issuance of common stock, shares | 292 | |||||
Stock-based compensation | $ 618 | 618 | ||||
Restricted stock forfeitures, shares | (1) | |||||
Restricted stock surrendered for taxes | (455) | (455) | ||||
Restricted stock surrendered for taxes, shares | (33) | |||||
Other comprehensive income (loss) | (336) | (336) | ||||
Net income (loss) | (1,294) | (29) | (1,323) | |||
Ending balance at May. 01, 2022 | $ 96,299 | (1,457) | 129,574 | 153 | (3,181) | 221,388 |
Ending balance (in shares) at May. 01, 2022 | 33,329 | |||||
Beginning balance at Jan. 30, 2022 | $ 95,515 | (1,002) | 130,868 | 489 | (3,152) | 222,718 |
Beginning balance (in shares) at Jan. 30, 2022 | 33,071 | |||||
Other comprehensive income (loss) | (861) | |||||
Net income (loss) | (5,225) | |||||
Ending balance at Oct. 30, 2022 | $ 97,977 | (1,459) | 125,725 | (372) | (3,234) | 218,637 |
Ending balance (in shares) at Oct. 30, 2022 | 33,419 | |||||
Beginning balance at May. 01, 2022 | $ 96,299 | (1,457) | 129,574 | 153 | (3,181) | 221,388 |
Beginning balance (in shares) at May. 01, 2022 | 33,329 | |||||
Issuance of common stock | $ 147 | 147 | ||||
Issuance of common stock, shares | 56 | |||||
Stock-based compensation | $ 656 | 656 | ||||
Restricted stock forfeitures, shares | (44) | |||||
Restricted stock surrendered for taxes | (1) | (1) | ||||
Other comprehensive income (loss) | (151) | (151) | ||||
Net income (loss) | 2,368 | (27) | 2,341 | |||
Ending balance at Jul. 31, 2022 | $ 97,102 | (1,458) | 131,942 | 2 | (3,208) | 224,380 |
Ending balance (in shares) at Jul. 31, 2022 | 33,341 | |||||
Issuance of common stock | $ 149 | 149 | ||||
Issuance of common stock, shares | 79 | |||||
Stock-based compensation | $ 726 | 726 | ||||
Restricted stock forfeitures, shares | (1) | |||||
Restricted stock surrendered for taxes | (1) | (1) | ||||
Other comprehensive income (loss) | (374) | (374) | ||||
Net income (loss) | (6,217) | (26) | (6,243) | |||
Ending balance at Oct. 30, 2022 | $ 97,977 | (1,459) | 125,725 | (372) | (3,234) | 218,637 |
Ending balance (in shares) at Oct. 30, 2022 | 33,419 | |||||
Beginning balance at Jan. 29, 2023 | $ 98,842 | (1,459) | 133,172 | (148) | (3,210) | 227,197 |
Beginning balance (in shares) at Jan. 29, 2023 | 33,443 | |||||
Issuance of common stock | $ 136 | 136 | ||||
Issuance of common stock, shares | 1,081 | |||||
Stock-based compensation | $ 990 | 990 | ||||
Restricted stock forfeitures, shares | (9) | |||||
Restricted stock surrendered for taxes | (273) | (273) | ||||
Restricted stock surrendered for taxes, shares | (41) | |||||
Other comprehensive income (loss) | (59) | (59) | ||||
Net income (loss) | (3,869) | (8) | (3,877) | |||
Ending balance at Apr. 30, 2023 | $ 99,968 | (1,732) | 129,303 | (207) | (3,218) | 224,114 |
Ending balance (in shares) at Apr. 30, 2023 | 34,474 | |||||
Beginning balance at Jan. 29, 2023 | $ 98,842 | (1,459) | 133,172 | (148) | (3,210) | 227,197 |
Beginning balance (in shares) at Jan. 29, 2023 | 33,443 | |||||
Other comprehensive income (loss) | (405) | |||||
Net income (loss) | (16,363) | |||||
Ending balance at Oct. 29, 2023 | $ 102,565 | (1,737) | 116,833 | (553) | (3,234) | 213,874 |
Ending balance (in shares) at Oct. 29, 2023 | 34,474 | |||||
Beginning balance at Apr. 30, 2023 | $ 99,968 | (1,732) | 129,303 | (207) | (3,218) | 224,114 |
Beginning balance (in shares) at Apr. 30, 2023 | 34,474 | |||||
Issuance of common stock | $ 153 | 153 | ||||
Issuance of common stock, shares | 111 | |||||
Stock-based compensation | $ 1,294 | 1,294 | ||||
Restricted stock forfeitures, shares | (4) | |||||
Restricted stock surrendered for taxes | (1) | (1) | ||||
Other comprehensive income (loss) | (88) | (88) | ||||
Net income (loss) | (2,004) | (8) | (2,012) | |||
Ending balance at Jul. 30, 2023 | $ 101,415 | (1,733) | 127,299 | (295) | (3,226) | 223,460 |
Ending balance (in shares) at Jul. 30, 2023 | 34,581 | |||||
Issuance of common stock | $ 129 | 129 | ||||
Issuance of common stock, shares | 26 | |||||
Stock-based compensation | $ 1,021 | 1,021 | ||||
Restricted stock forfeitures, shares | (133) | |||||
Restricted stock surrendered for taxes | (4) | (4) | ||||
Other comprehensive income (loss) | (258) | (258) | ||||
Net income (loss) | (10,466) | (8) | (10,474) | |||
Ending balance at Oct. 29, 2023 | $ 102,565 | $ (1,737) | $ 116,833 | $ (553) | $ (3,234) | $ 213,874 |
Ending balance (in shares) at Oct. 29, 2023 | 34,474 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 9 Months Ended | |
Oct. 29, 2023 | Oct. 30, 2022 | |
Cash flows from operating activities: | ||
Net loss | $ (16,363) | $ (5,225) |
Adjustments to reconcile net income to net cash used in operating activities: | ||
Depreciation and amortization | 23,434 | 22,946 |
Stock based compensation | 3,305 | 2,000 |
Deferred income taxes | (4,800) | (8) |
Loss on disposal of property and equipment | 37 | 40 |
Changes in operating assets and liabilities: | ||
Receivables | 362 | (1,011) |
Income taxes receivable | (99) | (1,452) |
Inventory | (19,044) | (82,045) |
Prepaid expense & other current assets | (952) | (1,107) |
Software hosting implementation costs, net | (800) | (318) |
Deferred catalog costs | (1) | |
Trade accounts payable | (10,171) | 34,719 |
Income taxes payable | (1,761) | (6,814) |
Accrued expenses and deferred rent obligations | (3,691) | (13,377) |
Other assets | 20 | (436) |
Noncash lease impacts | (483) | 1,081 |
Net cash used in operating activities | (31,006) | (51,008) |
Cash flows from investing activities: | ||
Purchases of property and equipment | (39,958) | (24,245) |
Principal receipts from available-for-sale security | 133 | 120 |
Proceeds from disposals | 8 | |
Net cash used in investing activities | (39,825) | (24,117) |
Cash flows from financing activities: | ||
Proceeds from line of credit | 53,000 | 10,000 |
Payments on line of credit | (17,000) | |
Payments on TRI long term debt | (564) | (509) |
Payments on finance lease obligations | (2,116) | (2,015) |
Payments of tax withholding on vested restricted shares | (278) | (457) |
Other | 418 | 462 |
Net cash provided by financing activities | 33,460 | 7,481 |
Decrease in cash and cash equivalents | (37,371) | (67,644) |
Cash and cash equivalents at beginning of period | 45,548 | 77,051 |
Cash and cash equivalents at end of period | 8,177 | 9,407 |
Supplemental disclosure of cash flow information: | ||
Interest paid | 3,033 | 2,723 |
Income taxes paid | 1,875 | 6,626 |
Supplemental disclosure of non-cash information: | ||
Unpaid liability to acquire property and equipment | $ 8,391 | $ 1,540 |
Nature of Operations and Basis
Nature of Operations and Basis of Presentation | 9 Months Ended |
Oct. 29, 2023 | |
Nature of Operations and Basis of Presentation [Abstract] | |
Nature of Operations and Basis of Presentation | 1. NATURE OF OPERATIONS AND BASIS OF PRESENTATION A. Nature of Operations Duluth Holdings Inc. (“Duluth Trading” or the “Company”), a Wisconsin corporation, is a lifestyle brand of men’s and women’s casual wear, workwear and accessories sold primarily through the Company’s own omnichannel platform. The Company’s products are marketed under the Duluth Trading name, with the majority of products being exclusively developed and sold as Duluth Trading branded merchandise. The Company identifies its operating segments according to how its business activities are managed and evaluated. The Company continues to report one reportable external segment, consistent with the Company’s omnichannel business approach. The Company’s revenues generated outside the United States were insignificant. The Company has two classes of authorized common stock: Class A common stock and Class B common stock. The rights of holders of Class A common stock and Class B common stock are identical, except for voting and conversion rights. Each share of Class A common stock is entitled to ten votes per share and is convertible at any time into one share of Class B common stock. Each share of Class B common stock is entitled to one vote per share. The Company’s Class B common stock trades on the NASDAQ Global Select Market under the symbol “DLTH.” B. Basis of Presentation The condensed consolidated financial statements are prepared in accordance with U.S. Generally Accepted Accounting Principles (“U.S. GAAP”). The Company consolidates TRI Holdings, LLC (“TRI”) as a variable interest entity (see Note 6 “Variable Interest Entity” for further information). All significant intercompany balances and transactions have been eliminated in consolidation. The Company’s fiscal year ends on the Sunday nearest to January 31 of the following year. Fiscal 2023 is a 52-week period and ends on January 28 , 2024 . Fiscal 2022 was a 52-week period and ended on January 29, 2023. The three months of fiscal 2023 and fiscal 2022 represent the Company’s 13-week periods ended October 29, 2023 and October 30, 2022, respectively. The accompanying condensed consolidated financial statements as of and for the three and nine months ended October 29, 2023 and October 30, 2022 have been prepared by the Company, without audit, pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) and, in the opinion of the Company, include all adjustments (which are normal and recurring in nature) necessary to present fairly the financial position, results of operations and cash flows of the Company for the interim periods presented. Certain information and footnote disclosures normally included in consolidated financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to such SEC rules and regulations as of and for the three and nine months ended October 29, 2023 and October 30, 2022. These interim condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes included in the Company’s annual report on Form 10-K for the fiscal year ended January 29, 2023. C. Impairment Analysis As of October 29, 2023 and for the three and nine months ended, no triggering events or indicators of asset impairment were noted. D. Inventory Inventory, consisting of purchased product, is valued at the lower of cost or net realizable value, under the first-in, first-out method. The significant estimates used in inventory valuation are obsolescence (including excess and slow-moving inventory and lower of cost or market reserves) and estimates of inventory shrinkage. Both estimates have calculations that require the Company to make assumptions and apply judgment regarding a number of factors, including market conditions, the selling environment, historical results and current inventory trends. Inventory is adjusted periodically to reflect current market conditions, which requires management’s judgment that may significantly affect the ending inventory valuation, as well as gross margin. The reserve for inventory shrinkage is adjusted to reflect the trend of historical physical inventory count results. The Company performs its retail store physical inventory counts in July and the difference between actual and estimated shrinkage, recorded in Cost of goods sold, may cause fluctuations in second fiscal quarter results. E. Prepaid Expenses and Other Assets Prepaid expenses and other assets consist of the following: October 29, 2023 January 29, 2023 (in thousands) Prepaid expenses & other current assets Pending returns inventory, net $ 2,094 $ 2,373 Current software hosting implementation costs, net 3,729 3,074 Other prepaid expenses 9,774 9,707 Prepaid expenses & other current assets $ 15,597 $ 15,154 Other assets, net Goodwill $ 402 $ 402 Intangible assets, net 436 450 Non-current software hosting implementation costs 7,457 6,148 Other assets, net 1,566 1,727 Other assets, net $ 9,861 $ 8,727 F. Seasonality of Business The Company’s business is affected by the pattern of seasonality common to most apparel businesses. Historically, the Company has recognized a significant portion of its revenue and operating profit in the fourth fiscal quarter of each year due to increased sales during the holiday season. G. Cash and Cash Equivalents The Company considers short-term investments with original maturities of three months or less when purchased to be cash equivalents. Amounts receivable from credit card issuers are typically converted to cash within 2 to 4 days of the original sales transaction and are considered to be cash equivalents. H. Reclassifications Certain reclassifications have been made to the 2022 financial statements in order to conform to the 2023 presentation. The Company reclassified $ 4.2 million and ($ 4.2 ) million from Property, Plant & Equipment and Prepaid Expenses, respectively, in the prior period. There were no changes to previously reported shareholders' equity, statement of cash flows or net income (loss) as a result of the reclassifications. I. Significant Accounting Policies There have been no significant changes to the Company’s significant accounting policies as described in the Company’s Annual Report on Form 10-K for the year ended January 29, 2023. |
Leases
Leases | 9 Months Ended |
Oct. 29, 2023 | |
Leases [Abstract] | |
Leases | 2. LEASES Based on the criteria set forth in ASC Topic 842, Leases (“ASC 842”), the Company recognizes right-of-use (ROU) assets and lease liabilities related to leases on the Company’s consolidated balance sheets. The Company determines if an arrangement is, or contains, a lease at inception. ROU assets represent the right to use an underlying asset for the lease term and lease liabilities reflect the obligation to make lease payments arising from the lease. At any given time during the lease term, the lease liability represents the present value of the remaining lease payments and the ROU asset is measured at the amount of the lease liability, adjusted for pre-paid rent, unamortized initial direct costs and the remaining balance of lease incentives received. Both the lease ROU asset and liability are reduced to zero at the end of the lease. The Company leases retail space under non-cancelable lease agreements, which expire on various dates through 2036. Substantially all of these arrangements are store leases. Store leases generally have initial lease terms ranging from five years to fifteen years with renewal options and rent escalation provisions. At the commencement of a lease, the Company includes only the initial lease term as the option to extend is not reasonably certain. The Company does not record leases with a lease term of 12 months or less on the Company’s consolidated balance sheets. When calculating the lease liability on a discounted basis, the Company applies its estimated discount. The Company bases this discount on a collateralized interest rate as well as publicly available data for instruments with similar characteristics. In addition to rent payments, leases for retail space contain payments for real estate taxes, insurance costs, common area maintenance, and utilities that are not fixed. The Company accounts for these costs as variable payments and does not include such costs as a lease component. The expense components of the Company’s leases reflected on the Company’s consolidated statement of operations were as follows: Consolidated Statement Three Months Ended Nine Months Ended of Operations October 29, 2023 October 30, 2022 October 29, 2023 October 30, 2022 (in thousands) Finance lease expenses Amortization of right-of-use assets Selling, general and administrative expenses $ 840 $ 840 $ 2,520 $ 2,520 Interest on lease liabilities Interest expense 423 452 1,292 1,377 Total finance lease expense $ 1,263 $ 1,292 $ 3,812 $ 3,897 Operating lease expense Selling, general and administrative expenses $ 5,074 $ 5,045 $ 15,175 $ 14,151 Amortization of build-to-suit leases capital contribution Selling, general and administrative expenses 321 321 963 963 Variable lease expense Selling, general and administrative expenses 2,685 2,634 8,158 7,079 Total lease expense $ 9,343 $ 9,292 $ 28,108 $ 26,090 Other information related to leases were as follows: Nine Months Ended October 29, 2023 October 30, 2022 (in thousands) Cash paid for amounts included in the measurement of lease liabilities: Financing cash flows from finance leases $ 2,116 $ 2,015 Operating cash flows from finance leases $ 1,293 $ 1,377 Operating cash flows from operating leases $ 15,562 $ 13,577 Right-of-use assets obtained in exchange for lease liabilities: Operating leases $ 5,174 $ 24,028 Weighted-average remaining lease term (in years): Finance leases 11 11 Operating leases 8 8 Weighted-average discount rate: Finance leases 4.4 % 4.4 % Operating leases 4.2 % 4.1 % Future minimum lease payments under the non-cancellable leases are as follows as of October 29, 2023: Fiscal year Finance Operating (in thousands) 2023 (remainder of fiscal year) $ 1,143 $ 5,282 2024 4,736 21,005 2025 5,098 20,514 2026 3,993 19,660 2027 3,993 18,410 Thereafter 29,232 63,425 Total future minimum lease payments $ 48,195 $ 148,296 Less – Discount ( 10,044 ) ( 21,779 ) Lease liability $ 38,151 $ 126,517 |
Debt and Credit Agreement
Debt and Credit Agreement | 9 Months Ended |
Oct. 29, 2023 | |
Debt and Credit Agreement [Abstract] | |
Debt and Credit Agreement | 3. DEBT AND CREDIT AGREEMENT Debt consists of the following: October 29, 2023 January 29, 2023 (in thousands) TRI Senior Secured Note $ 22,673 $ 23,181 TRI Note 3,500 3,500 $ 26,173 $ 26,681 Less: current maturities 827 768 TRI long-term debt $ 25,346 $ 25,913 Duluth Line of credit $ 36,000 $ — Less: current maturities 36,000 — Duluth long-term debt $ — $ — TRI Holdings, LLC TRI entered into a senior secured note (“TRI Senior Secured Note”) with an original balance of $ 26.7 million. The TRI Senior Secured Note is scheduled to mature on October 15, 2038 and requires installment payments with an interest rate of 4.95 %. See Note 6 “Variable Interest Entities” for further information. TRI entered into a promissory note (“TRI Note”) with an original balance of $ 3.5 million. The TRI Note is scheduled to mature in November 2038 and requires annual interest payments at a rate of 3.05 %, with a final balloon payment due in November 2038 . While the above notes are consolidated in accordance with ASC Topic 810, Consolidation , the Company is not the guarantor nor obligor of these notes. Credit Agreement On May 14, 2021, the Company entered into a credit agreement (the “Credit Agreement”), which was treated as a modification for accounting purposes. The Credit Agreement originally matured on May 14, 2026 and provided for borrowings of up to $ 150.0 million that were available under a revolving senior credit facility, with a $ 5.0 million sublimit for issuance of standby letters of credit, as well as a $ 10.0 million sublimit for swing line loans. At the Company’s option, the interest rate applicable to the revolving senior credit facility was a floating rate equal to: (i) the Bloomberg Short-Term Bank Yield Index rate (“BSBY”) plus the applicable rate of 1.25 % to 2.00 % determined based on the Company’s rent adjusted leverage ratio, or (ii) the base rate plus the applicable rate of 0.25 % to 1.00 % based on the Company’s rent adjusted leverage ratio. The Credit Agreement was secured by essentially all Company assets and requires the Company to maintain compliance with certain financial and non-financial covenants, including a maximum rent adjusted leverage ratio and a minimum fixed charge coverage ratio as defined in the Credit Agreement. On July 8, 2022, the Company entered into the First Amendment to the Credit Agreement (the “First Amendment”), which was treated as a modification for accounting purposes. The First Amendment amends the Credit Agreement in order to (i) increase the revolving commitment from $ 150.0 million to $ 200.0 million; (ii) extend the maturity date from May 14, 2026 to July 8, 2027 ; (iii) amend the pricing index to replace BSBY with the Term Secured Overnight Financing Rate; and (iv) reduce the commitment fee in some instances. As of October 29, 2023 and for the nine months then ended, the Company was in compliance with all financial and non-financial covenants contained within the Credit Agreement and the First Amendment. |
Accrued Expenses and Other Curr
Accrued Expenses and Other Current Liabilities | 9 Months Ended |
Oct. 29, 2023 | |
Accrued Expenses and Other Current Liabilities [Abstract] | |
Accrued Expenses and Other Current Liabilities | 4. ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES Accrued expenses and other current liabilities consist of the following: October 29, 2023 January 29, 2023 (in thousands) Salaries and benefits $ 4,287 $ 2,404 Deferred revenue 7,651 10,249 Freight 4,773 7,193 Product returns 4,471 5,168 Unpaid purchases of property & equipment 622 6,271 Accrued advertising 1,284 2,020 Other 8,688 7,510 Total accrued expenses and other current liabilities $ 31,776 $ 40,815 |
Fair Value
Fair Value | 9 Months Ended |
Oct. 29, 2023 | |
Fair Value [Abstract] | |
Fair Value | 5. FAIR VALUE ASC Topic 820, Fair Value Measurements and Disclosures (“ASC 820”), defines fair value as the price that would be received to sell an asset, or paid to transfer a liability, in an orderly transaction between market participants at the measurement date (i.e., an exit price). The exit price is based on the amount that the holder of the asset or liability would receive or need to pay in an actual transaction (or in a hypothetical transaction if an actual transaction does not exist) at the measurement date. ASC 820 describes a fair value hierarchy based on three levels of inputs that may be used to measure fair value, of which the first two are considered observable and the last unobservable, as follows: Level 1 – Quoted prices in active markets for identical assets or liabilities. Level 2 – Inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Level 3 – Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. The Company’s assets and liabilities measured at fair value are categorized as Level 1 or Level 3 instruments. The fair value of the Company’s money market account is obtained from real-time quotes for transactions in active exchange markets involving identical assets (Level 1). The fair value of the Company’s available-for-sale security was valued based on a discounted cash flow method (Level 3), which incorporates the U.S. Treasury yield curve, credit information and an estimate of future cash flows. During the nine months ended October 29, 2023, certain changes in the inputs did impact the fair value of the available-for-sale security. The calculated fair value is based on estimates that are subjective in nature and involve uncertainties and matters of significant judgement and, therefore, cannot be determined with precision. Changes in assumptions could significantly affect the estimates. The amortized cost and fair value of the Company’s money market account and available-for-sale security and the corresponding amount of gross unrealized gains and losses recognized in accumulated other comprehensive income are as follows: October 29, 2023 Cost or Gross Gross Amortized Unrealized Unrealized Estimated Cost Gains Losses Fair Value (in thousands) Level 1 security: Money market funds $ — $ — $ — $ — Level 3 security: Corporate trust $ 5,604 $ — $ ( 737 ) $ 4,867 January 29, 2023 Cost or Gross Gross Amortized Unrealized Unrealized Estimated Cost Gains Losses Fair Value (in thousands) Level 1 security: Money market funds $ 25,031 $ — $ — $ 25,031 Level 3 security: Corporate trust $ 5,737 $ — $ ( 198 ) $ 5,539 The Company does not intend to sell the available-for-sale-security in the near term and does not believe that it will be required to sell the security. The Company reviews its securities on a quarterly basis to monitor its exposure to other-than-temporary impairment. No other-than-temporary impairment was recorded in the unaudited condensed consolidated statements of operations for the nine months ended October 29, 2023 or October 30, 2022 . The following table presents future principal receipts related to the Company’s available-for-sale security by contractual maturity as of October 29, 2023. Amortized Estimated Cost Fair Value (in thousands) Within one year $ 195 $ 146 After one year through five years 1,291 1,045 After five years through ten years 1,947 1,701 After ten years 2,171 1,975 Total $ 5,604 $ 4,867 The carrying values and fair values of other financial instruments in the Consolidated Balance Sheets are as follows: October 29, 2023 January 29, 2023 Carrying Amount Fair Value Carrying Amount Fair Value (in thousands) TRI Long-term debt, including short-term portion $ 26,173 $ 22,681 $ 26,681 $ 26,172 The above long-term debt, including short-term portion is attributable to the consolidation of TRI in accordance with ASC Topic 810, Consolidation . The fair value was also based on a discounted cash flow method (Level 3) based on credit information and an estimate of future cash flows. |
Variable Interest Entity
Variable Interest Entity | 9 Months Ended |
Oct. 29, 2023 | |
Variable Interest Entity [Abstract] | |
Variable Interest Entity | 6. VARIABLE INTEREST ENTITY Based upon the criteria set forth in ASC 810, Consolidation , the Company consolidates variable interest entities (“VIEs”) in which it has a controlling financial interest and is therefore deemed the primary beneficiary. A controlling financial interest will have both of the following characteristics: (a) the power to direct the VIE activities that most significantly impact economic performance; and (b) the obligation to absorb the VIE losses and the right to receive benefits that are significant to the VIE. The Company has determined that it was the primary beneficiary of one variable interest entity (“VIE”) as of October 29, 2023 and January 29, 2023. The Company leases the Company’s headquarters in Mt. Horeb, Wisconsin from TRI. In conjunction with the lease, the Company invested $ 6.3 million in a trust that loaned funds to TRI for the construction of the Company’s headquarters. TRI is a Wisconsin limited liability company whose primary purpose and activity is to own this real property. The Company considers itself the primary beneficiary for TRI as the Company has both the power to direct the activities that most significantly impact the entity’s economic performance and is expected to receive benefits that are significant to TRI. As the Company is the primary beneficiary, it consolidates TRI and the lease is eliminated in consolidation. The Company does not consolidate the trust as the Company is not the primary beneficiary. The condensed consolidated balance sheets include the following amounts as a result of the consolidation of TRI as of October 29, 2023 and January 29, 2023: October 29, 2023 January 29, 2023 (in thousands) Cash $ 33 $ 20 Property and equipment, net 23,096 23,612 Total assets $ 23,129 $ 23,632 Other current liabilities $ 190 $ 161 Current maturities of long-term debt 827 768 TRI long-term debt 25,346 25,913 Noncontrolling interest in VIE ( 3,234 ) ( 3,210 ) Total liabilities and shareholders' equity $ 23,129 $ 23,632 |
Loss Per Share
Loss Per Share | 9 Months Ended |
Oct. 29, 2023 | |
Loss Per Share [Abstract] | |
Loss Per Share | 7. LOSS PER SHARE Earnings per share is computed under the provisions of ASC 260 , Earnings Per Share . Basic earnings per share is based on the weighted average number of common shares outstanding for the period. Diluted earnings per share is based on the weighted average number of common shares plus the effect of dilutive potential common shares outstanding during the period using the treasury stock method. Dilutive potential common shares include outstanding restricted stock and are considered only for dilutive earnings per share unless considered anti-dilutive. The reconciliation of the numerator and denominator of the basic and diluted earnings per share calculation is as follows: Three Months Ended Nine Months Ended October 29, 2023 October 30, 2022 October 29, 2023 October 30, 2022 (in thousands, except per share data) Numerator - net loss attributable to controlling interest $ ( 10,466 ) $ ( 6,217 ) $ ( 16,339 ) $ ( 5,143 ) Denominator - weighted average shares (Class A and Class B) Basic 32,987 32,792 32,937 32,759 Dilutive shares — — — — Diluted 32,987 32,792 32,937 32,759 Loss per share (Class A and Class B) Basic $ ( 0.32 ) $ ( 0.19 ) $ ( 0.50 ) $ ( 0.16 ) Diluted $ ( 0.32 ) $ ( 0.19 ) $ ( 0.50 ) $ ( 0.16 ) The computation of diluted loss per share excluded 0.1 million and 0.5 million shares of unvested restricted stock for the three and nine months ended October 29, 2023, respectively, because their inclusion would be anti-dilutive due to a net loss. The computation of diluted loss per share excluded ( 0.1 ) million and 0.2 million shares of unvested restricted stock for the three and nine months ended October 30, 2022, respectively, because the inclusion of dilutive potential common shares outstanding would be anti-dilutive due to a net loss. |
Stock-Based Compensation
Stock-Based Compensation | 9 Months Ended |
Oct. 29, 2023 | |
Stock-Based Compensation [Abstract] | |
Stock-Based Compensation | 8. STOCK-BASED COMPENSATION The Company accounts for its stock-based compensation plan in accordance with ASC 718, Stock Compensation , which requires the Company to measure all share-based payments at grant date fair value and recognize the cost over the requisite service period of the award. Total stock compensation expense associated with restricted stock recognized by the Company was $ 1.0 million and $ 3.3 million for the three and nine months ended October 29, 2023, respectively. The Company’s total stock compensation expense is included in selling, general and administrative expenses on the Condensed Consolidated Statements of Operations. A summary of the activity in the Company’s unvested restricted stock during the nine months ended October 29, 2023 is as follows: Weighted average fair value Shares per share Outstanding at January 29, 2023 618,772 $ 12.05 Granted 1,164,752 6.52 Vested ( 163,434 ) 12.23 Forfeited ( 145,883 ) 8.12 Outstanding at October 29, 2023 1,474,207 $ 8.33 At October 29, 2023, the Company had unrecognized compensation expense of $ 8.0 million related to the restricted stock awards, which is expected to be recognized over a weighted average period of 2.4 years. |
Property and Equipment
Property and Equipment | 9 Months Ended |
Oct. 29, 2023 | |
Property and Equipment [Abstract] | |
Property and Equipment | 9. PROPERTY AND EQUIPMENT Property and equipment consist of the following: October 29, 2023 January 29, 2023 (in thousands) Land and land improvements $ 4,486 $ 4,486 Leasehold improvements 56,724 49,450 Buildings 36,191 36,183 Vehicles 121 161 Warehouse equipment 67,337 25,951 Office equipment and furniture 54,501 53,713 Computer equipment 10,724 9,185 Software 40,723 36,260 270,807 215,389 Accumulated depreciation and amortization ( 138,984 ) ( 118,989 ) 131,823 96,400 Construction in progress 2,123 16,164 Property and equipment, net $ 133,946 $ 112,564 |
Revenue
Revenue | 9 Months Ended |
Oct. 29, 2023 | |
Revenue [Abstract] | |
Revenue | 10. REVENUE The Company’s revenue primarily consists of the sale of apparel, footwear and hard goods. Revenue for merchandise that is shipped to our customers from our distribution centers and stores is recognized upon shipment. Store revenue is recognized at the point of sale, net of returns, and excludes taxes. Shipping and processing revenue generated from customer orders are included as a component of net sales and shipping and processing expense, including handling expense, is included as a component of selling, general and administrative expenses. Sales tax collected from customers and remitted to taxing authorities is excluded from revenue and is included in accrued expenses. Sales disaggregated based upon sales channel is presented below. Three Months Ended Nine Months Ended October 29, 2023 October 30, 2022 October 29, 2023 October 30, 2022 (in thousands) Direct-to-consumer $ 87,015 $ 90,999 $ 253,362 $ 254,000 Stores 51,195 56,127 147,706 157,541 $ 138,210 $ 147,126 $ 401,068 $ 411,541 Contract Assets and Liabilities The Company’s contract assets primarily consist of the right of return for amounts of inventory to be returned that is expected to be resold and is recorded in Prepaid expenses and other current assets on the Company’s consolidated balance sheets. The Company’s contract liabilities primarily consist of gift card liabilities and are recorded in Accrued expenses and other current liabilities under deferred revenue (see Note 4 “Accrued Expenses and Other Current Liabilities”) on the Company’s consolidated balance sheets. Upon issuance of a gift card, a liability is established for its cash value. The gift card liability is relieved and revenues on gift cards are recorded at the time of redemption by the customer. Contract assets and liabilities on the Company’s consolidated balance sheets are presented in the following table: October 29, 2023 January 29, 2023 (in thousands) Contract assets $ 2,094 $ 2,373 Contract liabilities $ 7,651 $ 10,249 Revenue from gift cards is recognized when the gift card is redeemed by the customer for merchandise or as a gift card breakage, an estimate of gift cards which will not be redeemed. The Company does not record breakage revenue when escheat liability to the relevant jurisdictions exists. Gift card breakage is recorded within Net sales on the Company’s consolidated statement of operations. The following table provides the reconciliation of the contract liability related to gift cards for the nine months ended: October 29, 2023 October 30, 2022 (in thousands) Balance as of beginning of period $ 10,249 $ 10,791 Gift cards sold 6,717 5,731 Gift cards redeemed ( 9,055 ) ( 8,720 ) Gift card breakage ( 260 ) ( 307 ) Balance as of end of period $ 7,651 $ 7,495 |
Income Taxes
Income Taxes | 9 Months Ended |
Oct. 29, 2023 | |
Income Taxes [Abstract] | |
Income Taxes | 11. INCOME TAXES The provision for income taxes for the interim period is based on an estimate of the annual effective tax rate adjusted to reflect the impact of discrete items. Management judgment is required in projecting ordinary income to estimate the Company’s annual effective tax rate. The effective tax rate related to controlling interest was 23 % and 26 % for the nine months ended October 29, 2023 and October 30, 2022, respectively. The income from TRI was excluded from the calculation of the Company’s effective tax rate, as TRI is a limited liability company and not subject to income taxes. |
Recent Accounting Pronouncement
Recent Accounting Pronouncements | 9 Months Ended |
Oct. 29, 2023 | |
Recent Accounting Pronouncements [Abstract] | |
Recent Accounting Pronouncements | 12. RECENT ACCOUNTING PRONOUNCEMENTS In June 2016, the FASB issued Accounting Standards Update No. 2016-13 “Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments,” (“ASU 2016-13”), which amends the impairment model by requiring entities to use a forward-looking approach based on expected losses to estimate credit losses on certain types of financial instruments, which include trade and other receivables, loans and held-to-maturity debt securities, to record an allowance for credit risk based on expected losses rather than incurred losses, otherwise known as “CECL”. In addition, this guidance changes the recognition for credit losses on available-for-sale debt securities, which can occur as a result of market and credit risk and requires additional disclosures. On November 15, 2019, the FASB issued ASU No. 2019-10 “Financial Instruments-Credit Losses (Topic 326), Derivatives and Hedging (Topic 815, and Leases (Topic 842),” (ASU 2019-10”), which provides a framework to stagger effective dates for future major accounting standards and amends the effective dates for certain major new accounting standards to give implementation relief to certain types of entities. ASU 2019-10 amends the effective dates for ASU 2016-13 for smaller reporting companies with fiscal years beginning after December 15, 2022, and interim periods within those years. The Company adopted ASU 2016-13 on January 30, 2023, the first day of the Company’s first quarter for the fiscal year ending January 28, 2024, the Company’s fiscal year 2023. The adoption of the standard did not have a material impact on the Company’s consolidated financial results. |
Nature of Operations and Basi_2
Nature of Operations and Basis of Presentation (Policy) | 9 Months Ended |
Oct. 29, 2023 | |
Nature of Operations and Basis of Presentation [Abstract] | |
Nature of Operations | A. Nature of Operations Duluth Holdings Inc. (“Duluth Trading” or the “Company”), a Wisconsin corporation, is a lifestyle brand of men’s and women’s casual wear, workwear and accessories sold primarily through the Company’s own omnichannel platform. The Company’s products are marketed under the Duluth Trading name, with the majority of products being exclusively developed and sold as Duluth Trading branded merchandise. The Company identifies its operating segments according to how its business activities are managed and evaluated. The Company continues to report one reportable external segment, consistent with the Company’s omnichannel business approach. The Company’s revenues generated outside the United States were insignificant. The Company has two classes of authorized common stock: Class A common stock and Class B common stock. The rights of holders of Class A common stock and Class B common stock are identical, except for voting and conversion rights. Each share of Class A common stock is entitled to ten votes per share and is convertible at any time into one share of Class B common stock. Each share of Class B common stock is entitled to one vote per share. The Company’s Class B common stock trades on the NASDAQ Global Select Market under the symbol “DLTH.” |
Basis of Presentation | B. Basis of Presentation The condensed consolidated financial statements are prepared in accordance with U.S. Generally Accepted Accounting Principles (“U.S. GAAP”). The Company consolidates TRI Holdings, LLC (“TRI”) as a variable interest entity (see Note 6 “Variable Interest Entity” for further information). All significant intercompany balances and transactions have been eliminated in consolidation. The Company’s fiscal year ends on the Sunday nearest to January 31 of the following year. Fiscal 2023 is a 52-week period and ends on January 28 , 2024 . Fiscal 2022 was a 52-week period and ended on January 29, 2023. The three months of fiscal 2023 and fiscal 2022 represent the Company’s 13-week periods ended October 29, 2023 and October 30, 2022, respectively. The accompanying condensed consolidated financial statements as of and for the three and nine months ended October 29, 2023 and October 30, 2022 have been prepared by the Company, without audit, pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) and, in the opinion of the Company, include all adjustments (which are normal and recurring in nature) necessary to present fairly the financial position, results of operations and cash flows of the Company for the interim periods presented. Certain information and footnote disclosures normally included in consolidated financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to such SEC rules and regulations as of and for the three and nine months ended October 29, 2023 and October 30, 2022. These interim condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes included in the Company’s annual report on Form 10-K for the fiscal year ended January 29, 2023. |
Impairment Analysis | C. Impairment Analysis As of October 29, 2023 and for the three and nine months ended, no triggering events or indicators of asset impairment were noted. |
Inventory | D. Inventory Inventory, consisting of purchased product, is valued at the lower of cost or net realizable value, under the first-in, first-out method. The significant estimates used in inventory valuation are obsolescence (including excess and slow-moving inventory and lower of cost or market reserves) and estimates of inventory shrinkage. Both estimates have calculations that require the Company to make assumptions and apply judgment regarding a number of factors, including market conditions, the selling environment, historical results and current inventory trends. Inventory is adjusted periodically to reflect current market conditions, which requires management’s judgment that may significantly affect the ending inventory valuation, as well as gross margin. The reserve for inventory shrinkage is adjusted to reflect the trend of historical physical inventory count results. The Company performs its retail store physical inventory counts in July and the difference between actual and estimated shrinkage, recorded in Cost of goods sold, may cause fluctuations in second fiscal quarter results. |
Prepaid Expenses and Other Assets | E. Prepaid Expenses and Other Assets Prepaid expenses and other assets consist of the following: October 29, 2023 January 29, 2023 (in thousands) Prepaid expenses & other current assets Pending returns inventory, net $ 2,094 $ 2,373 Current software hosting implementation costs, net 3,729 3,074 Other prepaid expenses 9,774 9,707 Prepaid expenses & other current assets $ 15,597 $ 15,154 Other assets, net Goodwill $ 402 $ 402 Intangible assets, net 436 450 Non-current software hosting implementation costs 7,457 6,148 Other assets, net 1,566 1,727 Other assets, net $ 9,861 $ 8,727 |
Seasonality of Business | F. Seasonality of Business The Company’s business is affected by the pattern of seasonality common to most apparel businesses. Historically, the Company has recognized a significant portion of its revenue and operating profit in the fourth fiscal quarter of each year due to increased sales during the holiday season. |
Cash and Cash Equivalents | G. Cash and Cash Equivalents The Company considers short-term investments with original maturities of three months or less when purchased to be cash equivalents. Amounts receivable from credit card issuers are typically converted to cash within 2 to 4 days of the original sales transaction and are considered to be cash equivalents. |
Reclassifications | H. Reclassifications Certain reclassifications have been made to the 2022 financial statements in order to conform to the 2023 presentation. The Company reclassified $ 4.2 million and ($ 4.2 ) million from Property, Plant & Equipment and Prepaid Expenses, respectively, in the prior period. There were no changes to previously reported shareholders' equity, statement of cash flows or net income (loss) as a result of the reclassifications. |
Significant Accounting Policies | I. Significant Accounting Policies There have been no significant changes to the Company’s significant accounting policies as described in the Company’s Annual Report on Form 10-K for the year ended January 29, 2023. |
Nature of Operations and Basi_3
Nature of Operations and Basis of Presentation (Tables) | 9 Months Ended |
Oct. 29, 2023 | |
Nature of Operations and Basis of Presentation [Abstract] | |
Schedule of Prepaid Expenses and Other Assets | October 29, 2023 January 29, 2023 (in thousands) Prepaid expenses & other current assets Pending returns inventory, net $ 2,094 $ 2,373 Current software hosting implementation costs, net 3,729 3,074 Other prepaid expenses 9,774 9,707 Prepaid expenses & other current assets $ 15,597 $ 15,154 Other assets, net Goodwill $ 402 $ 402 Intangible assets, net 436 450 Non-current software hosting implementation costs 7,457 6,148 Other assets, net 1,566 1,727 Other assets, net $ 9,861 $ 8,727 |
Leases (Tables)
Leases (Tables) | 9 Months Ended |
Oct. 29, 2023 | |
Leases [Abstract] | |
Expense Components Leases Reflected Consolidated Statement of Operations | Consolidated Statement Three Months Ended Nine Months Ended of Operations October 29, 2023 October 30, 2022 October 29, 2023 October 30, 2022 (in thousands) Finance lease expenses Amortization of right-of-use assets Selling, general and administrative expenses $ 840 $ 840 $ 2,520 $ 2,520 Interest on lease liabilities Interest expense 423 452 1,292 1,377 Total finance lease expense $ 1,263 $ 1,292 $ 3,812 $ 3,897 Operating lease expense Selling, general and administrative expenses $ 5,074 $ 5,045 $ 15,175 $ 14,151 Amortization of build-to-suit leases capital contribution Selling, general and administrative expenses 321 321 963 963 Variable lease expense Selling, general and administrative expenses 2,685 2,634 8,158 7,079 Total lease expense $ 9,343 $ 9,292 $ 28,108 $ 26,090 |
Other Information Related to Leases | Nine Months Ended October 29, 2023 October 30, 2022 (in thousands) Cash paid for amounts included in the measurement of lease liabilities: Financing cash flows from finance leases $ 2,116 $ 2,015 Operating cash flows from finance leases $ 1,293 $ 1,377 Operating cash flows from operating leases $ 15,562 $ 13,577 Right-of-use assets obtained in exchange for lease liabilities: Operating leases $ 5,174 $ 24,028 Weighted-average remaining lease term (in years): Finance leases 11 11 Operating leases 8 8 Weighted-average discount rate: Finance leases 4.4 % 4.4 % Operating leases 4.2 % 4.1 % |
Future Minimum Lease Payments Under Non-Cancellable Leases | Fiscal year Finance Operating (in thousands) 2023 (remainder of fiscal year) $ 1,143 $ 5,282 2024 4,736 21,005 2025 5,098 20,514 2026 3,993 19,660 2027 3,993 18,410 Thereafter 29,232 63,425 Total future minimum lease payments $ 48,195 $ 148,296 Less – Discount ( 10,044 ) ( 21,779 ) Lease liability $ 38,151 $ 126,517 |
Debt and Credit Agreement (Tabl
Debt and Credit Agreement (Tables) | 9 Months Ended |
Oct. 29, 2023 | |
Debt and Credit Agreement [Abstract] | |
Schedule of Debt | October 29, 2023 January 29, 2023 (in thousands) TRI Senior Secured Note $ 22,673 $ 23,181 TRI Note 3,500 3,500 $ 26,173 $ 26,681 Less: current maturities 827 768 TRI long-term debt $ 25,346 $ 25,913 Duluth Line of credit $ 36,000 $ — Less: current maturities 36,000 — Duluth long-term debt $ — $ — |
Accrued Expenses and Other Cu_2
Accrued Expenses and Other Current Liabilities (Tables) | 9 Months Ended |
Oct. 29, 2023 | |
Accrued Expenses and Other Current Liabilities [Abstract] | |
Schedule of Accrued Expenses and Other Current Liabilities | October 29, 2023 January 29, 2023 (in thousands) Salaries and benefits $ 4,287 $ 2,404 Deferred revenue 7,651 10,249 Freight 4,773 7,193 Product returns 4,471 5,168 Unpaid purchases of property & equipment 622 6,271 Accrued advertising 1,284 2,020 Other 8,688 7,510 Total accrued expenses and other current liabilities $ 31,776 $ 40,815 |
Fair Value (Tables)
Fair Value (Tables) | 9 Months Ended |
Oct. 29, 2023 | |
Fair Value [Abstract] | |
Amortized Cost, Fair Value, and Corresponding Amount of Gross Unrealized Gains and Losses Recognized in AOCI of Available-for-Sale Security | October 29, 2023 Cost or Gross Gross Amortized Unrealized Unrealized Estimated Cost Gains Losses Fair Value (in thousands) Level 1 security: Money market funds $ — $ — $ — $ — Level 3 security: Corporate trust $ 5,604 $ — $ ( 737 ) $ 4,867 January 29, 2023 Cost or Gross Gross Amortized Unrealized Unrealized Estimated Cost Gains Losses Fair Value (in thousands) Level 1 security: Money market funds $ 25,031 $ — $ — $ 25,031 Level 3 security: Corporate trust $ 5,737 $ — $ ( 198 ) $ 5,539 |
Future Principal Receipts Related to Available-For-Sale Security by Contractual Maturity | Amortized Estimated Cost Fair Value (in thousands) Within one year $ 195 $ 146 After one year through five years 1,291 1,045 After five years through ten years 1,947 1,701 After ten years 2,171 1,975 Total $ 5,604 $ 4,867 |
Carrying Values and Fair Values of Other Financial Instruments in Consolidated Balance Sheets | October 29, 2023 January 29, 2023 Carrying Amount Fair Value Carrying Amount Fair Value (in thousands) TRI Long-term debt, including short-term portion $ 26,173 $ 22,681 $ 26,681 $ 26,172 |
Variable Interest Entity (Table
Variable Interest Entity (Tables) | 9 Months Ended |
Oct. 29, 2023 | |
Variable Interest Entity [Abstract] | |
Schedule Assets and Liabilities of Variable Interest Entity | October 29, 2023 January 29, 2023 (in thousands) Cash $ 33 $ 20 Property and equipment, net 23,096 23,612 Total assets $ 23,129 $ 23,632 Other current liabilities $ 190 $ 161 Current maturities of long-term debt 827 768 TRI long-term debt 25,346 25,913 Noncontrolling interest in VIE ( 3,234 ) ( 3,210 ) Total liabilities and shareholders' equity $ 23,129 $ 23,632 |
Loss Per Share (Tables)
Loss Per Share (Tables) | 9 Months Ended |
Oct. 29, 2023 | |
Loss Per Share [Abstract] | |
Reconciliation of Numerator and Denominator of Basic and Diluted Earnings Per Share | Three Months Ended Nine Months Ended October 29, 2023 October 30, 2022 October 29, 2023 October 30, 2022 (in thousands, except per share data) Numerator - net loss attributable to controlling interest $ ( 10,466 ) $ ( 6,217 ) $ ( 16,339 ) $ ( 5,143 ) Denominator - weighted average shares (Class A and Class B) Basic 32,987 32,792 32,937 32,759 Dilutive shares — — — — Diluted 32,987 32,792 32,937 32,759 Loss per share (Class A and Class B) Basic $ ( 0.32 ) $ ( 0.19 ) $ ( 0.50 ) $ ( 0.16 ) Diluted $ ( 0.32 ) $ ( 0.19 ) $ ( 0.50 ) $ ( 0.16 ) |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 9 Months Ended |
Oct. 29, 2023 | |
Stock-Based Compensation [Abstract] | |
Summary of Activity in Unvested Restricted Stock | Weighted average fair value Shares per share Outstanding at January 29, 2023 618,772 $ 12.05 Granted 1,164,752 6.52 Vested ( 163,434 ) 12.23 Forfeited ( 145,883 ) 8.12 Outstanding at October 29, 2023 1,474,207 $ 8.33 |
Property and Equipment (Tables)
Property and Equipment (Tables) | 9 Months Ended |
Oct. 29, 2023 | |
Property and Equipment [Abstract] | |
Schedule of Property and Equipment | October 29, 2023 January 29, 2023 (in thousands) Land and land improvements $ 4,486 $ 4,486 Leasehold improvements 56,724 49,450 Buildings 36,191 36,183 Vehicles 121 161 Warehouse equipment 67,337 25,951 Office equipment and furniture 54,501 53,713 Computer equipment 10,724 9,185 Software 40,723 36,260 270,807 215,389 Accumulated depreciation and amortization ( 138,984 ) ( 118,989 ) 131,823 96,400 Construction in progress 2,123 16,164 Property and equipment, net $ 133,946 $ 112,564 |
Revenue (Tables)
Revenue (Tables) | 9 Months Ended |
Oct. 29, 2023 | |
Revenue [Abstract] | |
Sales Disaggregated Based Upon Sales Channel | Three Months Ended Nine Months Ended October 29, 2023 October 30, 2022 October 29, 2023 October 30, 2022 (in thousands) Direct-to-consumer $ 87,015 $ 90,999 $ 253,362 $ 254,000 Stores 51,195 56,127 147,706 157,541 $ 138,210 $ 147,126 $ 401,068 $ 411,541 |
Contract Assets and Liabilities on Consolidated Balance Sheets | October 29, 2023 January 29, 2023 (in thousands) Contract assets $ 2,094 $ 2,373 Contract liabilities $ 7,651 $ 10,249 |
Reconciliation of Contract Liability Related to Gift Cards | October 29, 2023 October 30, 2022 (in thousands) Balance as of beginning of period $ 10,249 $ 10,791 Gift cards sold 6,717 5,731 Gift cards redeemed ( 9,055 ) ( 8,720 ) Gift card breakage ( 260 ) ( 307 ) Balance as of end of period $ 7,651 $ 7,495 |
Nature of Operations and Basi_4
Nature of Operations and Basis of Presentation (Narrative) (Details) $ in Thousands | 9 Months Ended | |
Oct. 29, 2023 USD ($) segment item | Jan. 29, 2023 USD ($) | |
Reclassification [Line Items] | ||
Number of reportable segments | segment | 1 | |
Number of classes of authorized common stock | item | 2 | |
Common stock voting and conversion rights | Each share of Class A common stock is entitled to ten votes per share and is convertible at any time into one share of Class B common stock. Each share of Class B common stock is entitled to one vote per share. | |
Prepaid expenses | $ 15,597 | $ 15,154 |
Property, plant and equipment | 133,946 | $ 112,564 |
Revision of Prior Period, Adjustment | ||
Reclassification [Line Items] | ||
Prepaid expenses | (4,200) | |
Property, plant and equipment | $ 4,200 | |
Class A Common Stock [Member] | ||
Reclassification [Line Items] | ||
Number of votes per share | item | 10 | |
Class B Common Stock [Member] | ||
Reclassification [Line Items] | ||
Number of votes per share | item | 1 | |
Maximum [Member] | ||
Reclassification [Line Items] | ||
Period for amounts receivable from credit card issuers converted to cash | 4 days | |
Minimum [Member] | ||
Reclassification [Line Items] | ||
Period for amounts receivable from credit card issuers converted to cash | 2 days |
Nature of Operations and Basi_5
Nature of Operations and Basis of Presentation (Schedule of Prepaid Expenses and Other Assets) (Details) - USD ($) $ in Thousands | Oct. 29, 2023 | Jan. 29, 2023 |
Prepaid Expenses and Other Assets [Abstract] | ||
Pending returns inventory, net | $ 2,094 | $ 2,373 |
Current software hosting implementation costs, net | 3,729 | 3,074 |
Other prepaid expenses | 9,774 | 9,707 |
Prepaid expenses & other current assets | 15,597 | 15,154 |
Goodwill | 402 | 402 |
Intangible assets, net | 436 | 450 |
Non-current software hosting implementation costs | 7,457 | 6,148 |
Other assets, net | 1,566 | 1,727 |
Other assets, net | $ 9,861 | $ 8,727 |
Leases (Narrative) (Details)
Leases (Narrative) (Details) - USD ($) | Oct. 29, 2023 | Jan. 29, 2023 |
Lessee, Lease, Description [Line Items] | ||
Operating lease right-of-use assets | $ 125,125,000 | $ 131,753,000 |
Operating lease liability | 126,517,000 | |
Accounting Standards Update 2016-02 (Topic 842) [Member] | ||
Lessee, Lease, Description [Line Items] | ||
Operating lease right-of-use assets | 0 | |
Operating lease liability | $ 0 | |
Minimum [Member] | ||
Lessee, Lease, Description [Line Items] | ||
Store leases initial lease term | 5 years | |
Maximum [Member] | ||
Lessee, Lease, Description [Line Items] | ||
Store leases initial lease term | 15 years |
Leases (Expense Components Leas
Leases (Expense Components Leases Reflected Consolidated Statement of Operations) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Oct. 29, 2023 | Oct. 30, 2022 | Oct. 29, 2023 | Oct. 30, 2022 | |
Leases [Abstract] | ||||
Finance lease expenses: Amortization of right-of-use assets | $ 840 | $ 840 | $ 2,520 | $ 2,520 |
Finance lease expenses: Interest on lease liabilities | 423 | 452 | 1,292 | 1,377 |
Total finance lease expense | 1,263 | 1,292 | 3,812 | 3,897 |
Operating lease expense | 5,074 | 5,045 | 15,175 | 14,151 |
Amortization of build-to-suit leases capital contribution | 321 | 321 | 963 | 963 |
Variable lease expense | 2,685 | 2,634 | 8,158 | 7,079 |
Total lease expense | $ 9,343 | $ 9,292 | $ 28,108 | $ 26,090 |
Leases (Other Information Relat
Leases (Other Information Related To Leases) (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Oct. 29, 2023 | Oct. 30, 2022 | |
Cash paid for amounts included in the measurement of lease liabilities: | ||
Financing cash flows from finance leases | $ 2,116 | $ 2,015 |
Operating cash flows from finance leases | 1,293 | 1,377 |
Operating cash flows from operating leases | 15,562 | 13,577 |
Right-of-use assets obtained in exchange for lease liabilities: | ||
Operating leases | $ 5,174 | $ 24,028 |
Weighted-average remaining lease term (in years): | ||
Finance leases | 11 years | 11 years |
Operating leases | 8 years | 8 years |
Weighted-average discount rate: | ||
Finance leases | 4.40% | 4.40% |
Operating leases | 4.20% | 4.10% |
Leases (Future Minimum Lease Pa
Leases (Future Minimum Lease Payments Under Non-Cancellable Leases) (Details) $ in Thousands | Oct. 29, 2023 USD ($) |
Finance | |
2023 (remainder of fiscal year) | $ 1,143 |
2024 | 4,736 |
2025 | 5,098 |
2026 | 3,993 |
2027 | 3,993 |
Thereafter | 29,232 |
Total future minimum lease payments | 48,195 |
Less – Discount | (10,044) |
Lease liability | 38,151 |
Operating | |
2023 (remainder of fiscal year) | 5,282 |
2024 | 21,005 |
2025 | 20,514 |
2026 | 19,660 |
2027 | 18,410 |
Thereafter | 63,425 |
Total future minimum lease payments | 148,296 |
Less – Discount | (21,779) |
Lease liability | $ 126,517 |
Debt and Credit Agreement (Narr
Debt and Credit Agreement (Narrative) (Details) - USD ($) $ in Millions | 9 Months Ended | |
May 14, 2021 | Oct. 29, 2023 | |
TRI Senior Secured Note [Member] | ||
Debt Instrument [Line Items] | ||
Debt, original balance | $ 26.7 | |
Debt instrument, maturity date | Oct. 15, 2038 | |
Debt instrument stated percentage interest rate | 4.95% | |
TRI Note [Member] | ||
Debt Instrument [Line Items] | ||
Debt, original balance | $ 3.5 | |
TRI note maturity date | 2038-11 | |
Debt instrument stated percentage interest rate | 3.05% | |
New Credit Agreement [Member] | Revolving Senior Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Line of credit facility maximum borrowing capacity | $ 150 | |
Line of credit maturity date | May 14, 2026 | |
New Credit Agreement [Member] | Standby Letter of Credit [Member] | ||
Debt Instrument [Line Items] | ||
Line of credit facility maximum borrowing capacity | 5 | |
New Credit Agreement [Member] | Swing Line Loans [Member] | ||
Debt Instrument [Line Items] | ||
Line of credit facility maximum borrowing capacity | $ 10 | |
First Amendment [Member] | Revolving Senior Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Line of credit facility maximum borrowing capacity | $ 200 | |
Line of credit maturity date | Jul. 08, 2027 | |
Minimum [Member] | New Credit Agreement [Member] | Bloomberg Short-Term Bank Yield Index Rate [Member] | Revolving Senior Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument variable interest rate, basis spread | 1.25% | |
Minimum [Member] | New Credit Agreement [Member] | Base Rate [Member] | Revolving Senior Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument variable interest rate, basis spread | 0.25% | |
Maximum [Member] | New Credit Agreement [Member] | Bloomberg Short-Term Bank Yield Index Rate [Member] | Revolving Senior Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument variable interest rate, basis spread | 2% | |
Maximum [Member] | New Credit Agreement [Member] | Base Rate [Member] | Revolving Senior Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument variable interest rate, basis spread | 1% |
Debt and Credit Agreement (Sche
Debt and Credit Agreement (Schedule of Debt) (Details) - USD ($) $ in Thousands | Oct. 29, 2023 | Jan. 29, 2023 |
TRI Long-term Debt [Member] | ||
Debt Instrument [Line Items] | ||
Debt | $ 26,173 | $ 26,681 |
Less: current maturities | 827 | 768 |
Long-term debt | 25,346 | 25,913 |
TRI Senior Secured Note [Member] | TRI Long-term Debt [Member] | ||
Debt Instrument [Line Items] | ||
Debt | 22,673 | 23,181 |
TRI Note [Member] | TRI Long-term Debt [Member] | ||
Debt Instrument [Line Items] | ||
Debt | 3,500 | 3,500 |
Duluth Line of Credit [Member] | ||
Debt Instrument [Line Items] | ||
Debt | 36,000 | |
Less: current maturities | 36,000 | |
Long-term debt |
Accrued Expenses and Other Cu_3
Accrued Expenses and Other Current Liabilities (Schedule of Accrued Expenses and Other Current Liabilities) (Details) - USD ($) $ in Thousands | Oct. 29, 2023 | Jan. 29, 2023 |
Accrued Expenses and Other Current Liabilities [Abstract] | ||
Salaries and benefits | $ 4,287 | $ 2,404 |
Deferred revenue | 7,651 | 10,249 |
Freight | 4,773 | 7,193 |
Product returns | 4,471 | 5,168 |
Unpaid purchases of property & equipment | 622 | 6,271 |
Accrued advertising | 1,284 | 2,020 |
Other | 8,688 | 7,510 |
Total accrued expenses and other current liabilities | $ 31,776 | $ 40,815 |
Fair Value (Narrative) (Details
Fair Value (Narrative) (Details) - USD ($) | 9 Months Ended | |
Oct. 29, 2023 | Oct. 30, 2022 | |
Available For Sale Securities [Abstract] | ||
Other-than-temporary impairment | $ 0 | $ 0 |
Fair Value (Amortized Cost, Fai
Fair Value (Amortized Cost, Fair Value, and Corresponding Amount of Gross Unrealized Gains and Losses Recognized in AOCI of Available-for-Sale Security) (Details) - USD ($) $ in Thousands | Oct. 29, 2023 | Jan. 29, 2023 |
Debt Securities, Available-for-sale [Line Items] | ||
Estimated Fair Value | $ 4,867 | $ 5,539 |
Fair Value, Inputs, Level 1 [Member] | Money Market Funds [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Cost or Amortized Cost | 25,031 | |
Gross Unrealized Losses | ||
Estimated Fair Value | 25,031 | |
Fair Value, Inputs, Level 3 [Member] | Corporate Trust [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Cost or Amortized Cost | 5,604 | 5,737 |
Gross Unrealized Losses | (737) | (198) |
Estimated Fair Value | $ 4,867 | $ 5,539 |
Fair Value (Future Principal Re
Fair Value (Future Principal Receipts Related to Available-For-Sale Security by Contractual Maturity) (Details) $ in Thousands | Oct. 29, 2023 USD ($) |
Available For Sale Securities [Abstract] | |
Amortized Cost, Within one year | $ 195 |
Amortized Cost, After one year through five years | 1,291 |
Amortized Cost, After five years through ten years | 1,947 |
Amortized Cost, After ten years | 2,171 |
Amortized Cost, Total | 5,604 |
Estimated Fair Value, Within one year | 146 |
Estimated Fair Value, After one year through five years | 1,045 |
Estimated Fair Value, After five years through ten years | 1,701 |
Estimated Fair Value, After ten years | 1,975 |
Estimated Fair Value, Total | $ 4,867 |
Fair Value (Carrying Values and
Fair Value (Carrying Values and Fair Values of Other Financial Instruments in Consolidated Balance Sheets) (Details) - TRI Debt [Member] - USD ($) $ in Thousands | Oct. 29, 2023 | Jan. 29, 2023 |
Reported Value Measurement [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term debt, including short-term portion, Carrying Amount | $ 26,173 | $ 26,681 |
Estimate of Fair Value Measurement [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term debt, including short-term portion, Fair Value | $ 22,681 | $ 26,172 |
Variable Interest Entity (Narra
Variable Interest Entity (Narrative) (Details) $ in Millions | 9 Months Ended | |
Oct. 29, 2023 USD ($) entity | Jan. 29, 2023 entity | |
Variable Interest Entities [Line Items] | ||
Number of variable interest entity | entity | 1 | 1 |
TRI Holdings, LLC [Member] | ||
Variable Interest Entities [Line Items] | ||
Amount invested in a trust | $ | $ 6.3 |
Variable Interest Entity (Sched
Variable Interest Entity (Schedule Assets and Liabilities of Variable Interest Entity) (Details) - USD ($) $ in Thousands | Oct. 29, 2023 | Jan. 29, 2023 |
Variable Interest Entity [Line Items] | ||
Property and equipment, net | $ 133,946 | $ 112,564 |
Total assets | 526,013 | 527,454 |
Noncontrolling interest in VIE | (3,234) | (3,210) |
Total liabilities and shareholders' equity | 526,013 | 527,454 |
Wisconsin [Member] | TRI Holdings, LLC [Member] | Variable Interest Entity, Primary Beneficiary [Member] | ||
Variable Interest Entity [Line Items] | ||
Cash | 33 | 20 |
Property and equipment, net | 23,096 | 23,612 |
Total assets | 23,129 | 23,632 |
Other current liabilities | 190 | 161 |
Current maturities of long-term debt | 827 | 768 |
TRI long-term debt | 25,346 | 25,913 |
Noncontrolling interest in VIE | (3,234) | (3,210) |
Total liabilities and shareholders' equity | $ 23,129 | $ 23,632 |
Loss Per Share (Narrative) (Det
Loss Per Share (Narrative) (Details) - shares shares in Millions | 3 Months Ended | 9 Months Ended | ||
Oct. 29, 2023 | Oct. 30, 2022 | Oct. 29, 2023 | Oct. 30, 2022 | |
Unvested Restricted Stock [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Anti-dilutive securities excluded from computation of loss per share amount | 0.1 | 0.1 | 0.5 | 0.2 |
Loss Per Share (Reconciliation
Loss Per Share (Reconciliation of Numerator and Denominator of Basic and Diluted Earnings Per Share) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Oct. 29, 2023 | Oct. 30, 2022 | Oct. 29, 2023 | Oct. 30, 2022 | |
Loss Per Share [Abstract] | ||||
Net loss attributable to controlling interest | $ (10,466) | $ (6,217) | $ (16,339) | $ (5,143) |
Basic weighted average shares | 32,987 | 32,792 | 32,937 | 32,759 |
Diluted weighted average shares | 32,987 | 32,792 | 32,937 | 32,759 |
Loss per share (Class A and Class B), Basic | $ (0.32) | $ (0.19) | $ (0.50) | $ (0.16) |
Loss per share (Class A and Class B), Diluted | $ (0.32) | $ (0.19) | $ (0.50) | $ (0.16) |
Stock-Based Compensation (Narra
Stock-Based Compensation (Narrative) (Details) - Unvested Restricted Stock [Member] $ in Millions | 3 Months Ended | 9 Months Ended |
Oct. 29, 2023 USD ($) | Oct. 29, 2023 USD ($) | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Stock compensation expense | $ 1 | $ 3.3 |
Unrecognized compensation expense | $ 8 | $ 8 |
Unrecognized compensation expense, weighted average recognition period | 2 years 4 months 24 days |
Stock-Based Compensation (Summa
Stock-Based Compensation (Summary of Activity in Unvested Restricted Stock) (Details) - Unvested Restricted Stock [Member] | 9 Months Ended |
Oct. 29, 2023 $ / shares shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Beginning balance, shares | shares | 618,772 |
Granted | shares | 1,164,752 |
Vested | shares | (163,434) |
Forfeited | shares | (145,883) |
Ending balance, shares | shares | 1,474,207 |
Weighted average fair value per share, beginning balance | $ / shares | $ 12.05 |
Weighted average fair value per share, Granted | $ / shares | 6.52 |
Weighted average fair value per share, Vested | $ / shares | 12.23 |
Weighted average fair value per share, Forfeited | $ / shares | 8.12 |
Weighted average fair value per share, ending balance | $ / shares | $ 8.33 |
Property and Equipment (Schedul
Property and Equipment (Schedule of Property and Equipment) (Details) - USD ($) $ in Thousands | Oct. 29, 2023 | Jan. 29, 2023 |
Property, Plant and Equipment [Line Items] | ||
Property and equipment | $ 270,807 | $ 215,389 |
Accumulated depreciation and amortization | (138,984) | (118,989) |
Property and equipment net excluding construction in progress | 131,823 | 96,400 |
Construction in progress | 2,123 | 16,164 |
Property and equipment, net | 133,946 | 112,564 |
Land and Land Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment | 4,486 | 4,486 |
Leasehold Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment | 56,724 | 49,450 |
Buildings [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment | 36,191 | 36,183 |
Vehicles [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment | 121 | 161 |
Warehouse Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment | 67,337 | 25,951 |
Office Equipment and Furniture [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment | 54,501 | 53,713 |
Computer Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment | 10,724 | 9,185 |
Software [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment | $ 40,723 | $ 36,260 |
Revenue (Sales Disaggregated Ba
Revenue (Sales Disaggregated Based Upon Sales Channel) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Oct. 29, 2023 | Oct. 30, 2022 | Oct. 29, 2023 | Oct. 30, 2022 | |
Disaggregation of Revenue [Line Items] | ||||
Revenue | $ 138,210 | $ 147,126 | $ 401,068 | $ 411,541 |
Direct-to-Consumer [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 87,015 | 90,999 | 253,362 | 254,000 |
Stores [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | $ 51,195 | $ 56,127 | $ 147,706 | $ 157,541 |
Revenue (Contract Assets and Li
Revenue (Contract Assets and Liabilities on Consolidated Balance Sheets) (Details) - USD ($) $ in Thousands | Oct. 29, 2023 | Jan. 29, 2023 | Oct. 30, 2022 | Jan. 30, 2022 |
Revenue [Abstract] | ||||
Contract assets | $ 2,094 | $ 2,373 | ||
Contract liabilities | $ 7,651 | $ 10,249 | $ 7,495 | $ 10,791 |
Revenue (Reconciliation of Cont
Revenue (Reconciliation of Contract Liability Related to Gift Cards) (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Oct. 29, 2023 | Oct. 30, 2022 | |
Disaggregation of Revenue [Line Items] | ||
Balance as of Beginning of Period | $ 10,249 | $ 10,791 |
Balance as of End of Period | 7,651 | 7,495 |
Gift Cards Sold [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Increase (decrease) in gift cards | 6,717 | 5,731 |
Gift Cards Redeemed [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Increase (decrease) in gift cards | (9,055) | (8,720) |
Gift Card Breakage [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Increase (decrease) in gift cards | $ (260) | $ (307) |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) | 9 Months Ended | |
Oct. 29, 2023 | Oct. 30, 2022 | |
Income Taxes [Abstract] | ||
Effective tax rate related to controlling interest | 23% | 26% |