Duluth (DLTH) 10-Q 31 May 24 2025 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Apr. 28, 2024	May 29, 2024
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Apr. 28, 2024
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	2025
Document Fiscal Period Focus	Q1
Current Fiscal Year End Date	--02-02
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		31,701,292

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Apr. 28, 2024	Jan. 28, 2024
Current Assets:
Cash and cash equivalents	$ 6,799	$ 32,157
Receivables	10,572	5,955
Income taxes receivable	84	617
Inventory, less reserves of $1,729 and $1,361, respectively	136,434	125,757
Prepaid expenses & other current assets	17,537	16,488
Total current assets	171,426	180,974
Property and equipment, net	126,526	132,718
Operating lease right-of-use assets	117,400	121,430
Finance lease right-of-use assets, net	38,432	40,315
Available-for-sale security	4,798	4,986
Other assets, net	9,629	9,020
Deferred tax asset	3,172	1,010
Total assets	471,383	490,453
Current liabilities:
Trade accounts payable	37,419	51,122
Accrued expenses and other current liabilities	26,366	30,930
Current portion of operating lease liabilities	16,619	16,401
Current portion of finance lease liabilities	3,253	3,149
Duluth line of credit	11,000
Current maturities of TRI long-term debt	867	847
Total current liabilities	95,524	102,449
Operating lease liabilities, less current maturities	102,188	106,413
Finance lease liabilities, less current maturities	33,435	34,276
TRI long-term debt, less current maturities	24,933	25,141
Total liabilities	256,080	268,279
Shareholders’ equity:
Preferred stock, no par value; 10,000 shares authorized; no shares issued or outstanding as of April 28, 2024 and January 28, 2024
Treasury stock, at cost; 235 and 155 shares as of April 28, 2024 and January 28, 2024, respectively	(2,121)	(1,738)
Capital stock	105,061	103,579
Retained earnings	115,943	123,816
Accumulated other comprehensive income	(532)	(427)
Total shareholders' equity of Duluth Holdings Inc.	218,351	225,230
Noncontrolling interest	(3,048)	(3,056)
Total shareholders' equity	215,303	222,174
Total liabilities and shareholders' equity	471,383	490,453
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	Apr. 28, 2024	Jan. 28, 2024
Inventory reserves	$ 1,729	$ 1,361
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	235,000	155,000
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	31,945,000	31,178,000
Common stock, shares outstanding	31,710,000	31,023,000

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Apr. 28, 2024	Apr. 30, 2023
Condensed Consolidated Statements of Operations [Abstract]
Net sales	$ 116,684	$ 123,759
Cost of goods sold (excluding depreciation and amortization)	55,060	58,108
Gross profit	61,624	65,651
Selling, general and administrative expenses	70,595	70,200
Operating loss	(8,971)	(4,549)
Interest expense	993	934
Other income, net	16	148
Loss before income taxes	(9,948)	(5,335)
Income tax benefit	(2,083)	(1,458)
Net loss	(7,865)	(3,877)
Less: Net income (loss) attributable to noncontrolling interest	8	(8)
Net loss attributable to controlling interest	$ (7,873)	$ (3,869)
Basic earnings per share (Class A and Class B):
Weighted average shares of common stock outstanding	33,087	32,865
Net loss per share attributable to controlling interest	$ (0.24)	$ (0.12)
Diluted earnings per share (Class A and Class B):
Weighted average shares and equivalents outstanding	33,087	32,865
Net loss per share attributable to controlling interest	$ (0.24)	$ (0.12)

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive (Loss) Income - USD ($) $ in Thousands	3 Months Ended
	Apr. 28, 2024	Apr. 30, 2023
Condensed Consolidated Statements of Comprehensive (Loss) Income [Abstract]
Net loss	$ (7,865)	$ (3,877)
Other comprehensive loss
Securities available-for sale: Unrealized security loss arising during the period	(140)	(79)
Securities available-for sale: Income tax benefit	(35)	(20)
Other comprehensive loss	(105)	(59)
Comprehensive loss	(7,970)	(3,936)
Comprehensive income (loss) attributable to noncontrolling interest	8	(8)
Comprehensive loss attributable to controlling interest	$ (7,978)	$ (3,928)

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Shareholders’ Equity - USD ($) shares in Thousands, $ in Thousands	Capital Stock [Member]	Treasury Stock [Member]	Retained Earnings [Member]	Accumulated Other Comprehensive Loss [Member]	Noncontrolling Interest In Variable Interest Entity [Member]	Total
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 loss (income)				(59)		(59)
Net (loss) income			(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. 28, 2024	$ 103,579	(1,738)	123,816	(427)	(3,056)	222,174
Beginning balance (in shares) at Jan. 28, 2024	34,387
Issuance of common stock	$ 110					110
Issuance of common stock, shares	782
Stock-based compensation	$ 1,372					1,372
Restricted stock forfeitures, shares	(15)
Restricted stock surrendered for taxes		(383)				(383)
Restricted stock surrendered for taxes, shares	(80)
Other comprehensive loss (income)				(105)		(105)
Net (loss) income			(7,873)		8	(7,865)
Ending balance at Apr. 28, 2024	$ 105,061	$ (2,121)	$ 115,943	$ (532)	$ (3,048)	$ 215,303
Ending balance (in shares) at Apr. 28, 2024	35,074

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Apr. 28, 2024	Apr. 30, 2023
Cash flows from operating activities:
Net loss	$ (7,865)	$ (3,877)
Adjustments to reconcile net income to net cash used in operating activities:
Depreciation and amortization	8,251	7,413
Stock based compensation	1,372	990
Deferred income taxes	(2,127)	(1,365)
Loss on disposal of property and equipment	13
Changes in operating assets and liabilities:
Receivables	(4,617)	(396)
Income taxes receivable	533
Inventory	(10,677)	9,953
Prepaid expense & other assets	871	84
Software hosting implementation costs, net	(2,617)	(746)
Trade accounts payable	(13,150)	(21,080)
Income taxes payable		(338)
Accrued expenses and deferred rent obligations	(4,635)	(4,475)
Other assets	37	(17)
Noncash lease impacts	945	(119)
Net cash used in operating activities	(33,666)	(13,973)
Cash flows from investing activities:
Purchases of property and equipment	(1,525)	(21,392)
Principal receipts from available-for-sale security	48	44
Net cash used in investing activities	(1,477)	(21,348)
Cash flows from financing activities:
Proceeds from line of credit	28,000	10,000
Payments on line of credit	(17,000)	(10,000)
Payments on TRI long term debt	(204)	(186)
Payments on finance lease obligations	(737)	(694)
Payments of tax withholding on vested restricted shares	(383)	(273)
Other	109	136
Net cash provided by (used in) financing activities	9,785	(1,017)
Decrease in cash and cash equivalents	(25,358)	(36,338)
Cash and cash equivalents at beginning of period	32,157	45,548
Cash and cash equivalents at end of period	6,799	9,210
Supplemental disclosure of cash flow information:
Interest paid	993	934
Income taxes paid	2	216
Supplemental disclosure of non-cash information:
Unpaid liability to acquire property and equipment	$ 1,392	$ 1,832

Nature of Operations and Basis

Nature of Operations and Basis of Presentation	3 Months Ended
	Apr. 28, 2024
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 2024 is a 53-week period and ends on February 2 , 2025 . Fiscal 2023 was a 52-week period and ended on January 28, 2024. The three months of fiscal 2024 and fiscal 2023 represent the Company’s 13-week periods ended April 28, 2024 and April 30, 2023, respectively. The accompanying condensed consolidated financial statements as of and for the three months ended April 28, 2024 and April 30, 2023 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 months ended April 28, 2024 and April 30, 2023. 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 28, 2024. C. Impairment Analysis As of April 28, 2024 and for the three 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: April 28, 2024 January 28, 2024 (in thousands) Prepaid expenses & other current assets Pending returns inventory, net $ 2,108 $ 2,778 Current software hosting implementation costs, net 3,702 3,353 Other prepaid expenses 11,727 10,357 Prepaid expenses & other current assets $ 17,537 $ 16,488 Other assets, net Goodwill $ 402 $ 402 Intangible assets, net 428 436 Non-current software hosting implementation costs 7,403 6,705 Other assets, net 1,396 1,477 Other assets, net $ 9,629 $ 9,020 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. 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 28, 2024.

Leases

Leases	3 Months Ended
	Apr. 28, 2024
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 of Operations April 28, 2024 April 30, 2023 (in thousands) Finance lease expenses Amortization of right-of-use assets Selling, general and administrative expenses $ 838 $ 840 Interest on lease liabilities Interest expense 409 438 Total finance lease expense $ 1,247 $ 1,278 Operating lease expense Selling, general and administrative expenses $ 5,093 $ 5,050 Amortization of build-to-suit leases capital contribution Selling, general and administrative expenses 321 321 Variable lease expense Selling, general and administrative expenses 2,922 2,914 Total lease expense $ 9,583 $ 9,563 Other information related to leases were as follows: Three Months Ended April 28, 2024 April 30, 2023 (in thousands) Cash paid for amounts included in the measurement of lease liabilities: Financing cash flows from finance leases $ 737 $ 694 Operating cash flows from finance leases $ 409 $ 438 Operating cash flows from operating leases $ 5,268 $ 5,135 Right-of-use assets obtained in exchange for lease liabilities: Operating leases $ - $ 588 Weighted-average remaining lease term (in years): Finance leases 10 11 Operating leases 7 8 Weighted-average discount rate: Finance leases 4.5 % 4.4 % Operating leases 4.2 % 4.1 % Future minimum lease payments under the non-cancellable leases are as follows as of April 28, 2024: Fiscal year Finance Operating (in thousands) 2023 (remainder of fiscal year) $ 3,590 15,937 2024 5,099 20,612 2025 3,993 19,659 2026 3,993 18,410 2027 4,017 16,631 Thereafter 25,214 46,792 Total future minimum lease payments $ 45,906 $ 138,041 Less – Discount ( 9,218 ) ( 19,234 ) Lease liability $ 36,688 $ 118,807

Debt and Credit Agreement

Debt and Credit Agreement	3 Months Ended
	Apr. 28, 2024
Debt and Credit Agreement [Abstract]
Debt and Credit Agreement	3. DEBT AND CREDIT AGREEMENT Debt consists of the following: April 28, 2024 January 28, 2024 (in thousands) TRI Senior Secured Note $ 22,300 $ 22,488 TRI Note 3,500 3,500 $ 25,800 $ 25,988 Less: current maturities 867 847 TRI long-term debt $ 24,933 $ 25,141 Duluth Line of credit $ 11,000 $ — Less: current maturities 11,000 — 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 April 28, 2024 and for the three 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	3 Months Ended
	Apr. 28, 2024
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: April 28, 2024 January 28, 2024 (in thousands) Salaries and benefits $ 3,864 $ 2,692 Deferred revenue 8,105 9,579 Freight 1,588 4,001 Product returns 4,448 5,541 Unpaid purchases of property & equipment 911 765 Accrued advertising 1,521 1,129 Other 5,929 7,223 Total accrued expenses and other current liabilities $ 26,366 $ 30,930

Fair Value

Fair Value	3 Months Ended
	Apr. 28, 2024
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 three months ended April 28, 2024, 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: April 28, 2024 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 $ 5,508 $ — $ ( 710 ) $ 4,798 January 28, 2024 Cost or Gross Gross Amortized Unrealized Unrealized Estimated Cost Gains Losses Fair Value (in thousands) Level 1 security: Money market funds $ 28,396 $ — $ — $ 28,396 Level 3 security: Corporate trust $ 5,556 $ — $ ( 570 ) $ 4,986 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 three months ended April 28, 2024 or April 30, 2023 . The following table presents future principal receipts related to the Company’s available-for-sale security by contractual maturity as of April 28, 2024. Amortized Estimated Cost Fair Value (in thousands) Within one year $ 205 $ 156 After one year through five years 1,349 1,104 After five years through ten years 2,023 1,778 After ten years 1,931 1,760 Total $ 5,508 $ 4,798 The carrying values and fair values of other financial instruments in the Consolidated Balance Sheets are as follows: April 28, 2024 January 28, 2024 Carrying Amount Fair Value Carrying Amount Fair Value (in thousands) TRI Long-term debt, including short-term portion $ 25,800 $ 22,627 $ 25,988 $ 23,554 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 Entities

Variable Interest Entities	3 Months Ended
	Apr. 28, 2024
Variable Interest Entities [Abstract]
Variable Interest Entities	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 April 28, 2024 and January 28, 2024. 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 April 28, 2024 and January 28, 2024: April 28, 2024 January 28, 2024 (in thousands) Cash $ 15 $ 17 Property and equipment, net 22,786 22,941 Total assets $ 22,801 $ 22,958 Other current liabilities $ 49 $ 26 Current maturities of long-term debt 867 847 TRI long-term debt 24,933 25,141 Noncontrolling interest in VIE ( 3,048 ) ( 3,056 ) Total liabilities and shareholders' equity $ 22,801 $ 22,958

Loss Per Share

Loss Per Share	3 Months Ended
	Apr. 28, 2024
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 April 28, 2024 April 30, 2023 (in thousands, except per share data) Numerator - net loss attributable to controlling interest $ ( 7,873 ) $ ( 3,869 ) Denominator - weighted average shares (Class A and Class B) Basic 33,087 32,865 Dilutive shares — — Diluted 33,087 32,865 Loss per share (Class A and Class B) Basic $ ( 0.24 ) $ ( 0.12 ) Diluted $ ( 0.24 ) $ ( 0.12 ) The computation of diluted loss per share excluded 0.3 million of unvested restricted stock for the three months ended April 28, 2024 and April 30, 2023, because their inclusion would be anti-dilutive due to a net loss.

Stock-Based Compensation

Stock-Based Compensation	3 Months Ended
	Apr. 28, 2024
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 $ 1.4 million and $ 1.0 million for the three months ended April 28, 2024 and April 30, 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 three months ended April 28, 2024 is as follows: Weighted average fair value Shares per share Outstanding at January 28, 2024 1,367,270 $ 8.77 Granted 764,055 4.64 Vested ( 247,698 ) 8.03 Forfeited ( 14,732 ) 8.19 Outstanding at April 28, 2024 1,868,895 $ 6.93 At April 28, 2024, the Company had unrecognized compensation expense of $ 8.7 million related to the restricted stock awards, which is expected to be recognized over a weighted average period of 3.0 years.

Property and Equipment

Property and Equipment	3 Months Ended
	Apr. 28, 2024
Property and Equipment [Abstract]
Property and Equipment	9. PROPERTY AND EQUIPMENT Property and equipment consist of the following: April 28, 2024 January 28, 2024 (in thousands) Land and land improvements $ 4,486 $ 4,486 Leasehold improvements 57,364 56,850 Buildings 36,186 36,191 Vehicles 121 121 Warehouse equipment 66,594 66,481 Office equipment and furniture 55,075 54,294 Computer equipment 11,167 11,142 Software 39,258 39,923 270,251 269,488 Accumulated depreciation and amortization ( 145,340 ) ( 140,551 ) 124,911 128,937 Construction in progress 1,615 3,781 Property and equipment, net $ 126,526 $ 132,718

Revenue

Revenue	3 Months Ended
	Apr. 28, 2024
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 April 28, 2024 April 30, 2023 (in thousands) Direct-to-consumer $ 75,444 $ 79,502 Stores 41,240 44,257 $ 116,684 $ 123,759 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: April 28, 2024 January 28, 2024 (in thousands) Contract assets $ 2,108 $ 2,373 Contract liabilities $ 8,105 $ 9,579 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 three months ended: April 28, 2024 April 30, 2023 (in thousands) Balance as of beginning of period $ 9,579 $ 10,249 Gift cards sold 2,222 1,878 Gift cards redeemed ( 3,635 ) ( 3,553 ) Gift card breakage ( 61 ) ( 49 ) Balance as of end of period $ 8,105 $ 8,525

Income Taxes

Income Taxes	3 Months Ended
	Apr. 28, 2024
Income Taxes [Abstract]
Income Taxes	11. INCOME TAXES For the three months ended April 28, 2024, the Company has utilized the discrete effective tax rate method as allowed by Accounting Standards Codification ("ASC") 740-270-30-18, Income Taxes – Interim Reporting to calculate its interim tax provision. The discrete method treats the year-to-date period as if it was the annual period and determines the income tax expense or benefit on that basis. The Company believes that, at this time, the use of this discrete method is more appropriate than the annual effective tax rate method. The effective tax rate related to controlling interest was 21 % and 27 % for the three months ended April 28, 2024 and April 30, 2023, 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	3 Months Ended
	Apr. 28, 2024
Recent Accounting Pronouncements [Abstract]
Recent Accounting Pronouncements	12. RECENT ACCOUNTING PRONOUNCEMENTS Recently Adopted Accounting Pronouncements Financial Instruments – Credit Losses – Measurement of Credit Losses on Financial Instruments 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. Recent Accounting Pronouncements Not Yet Adopted Segment Reporting – Improvements to Reportable Segment Disclosures In November 2023, the FASB issued ASU No. 2023-07, “Segment Reporting: Improvements to Reportable Segment Disclosures.” This ASU improves reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. In addition, the amendments enhance interim disclosure requirements, clarify circumstances in which an entity can disclose multiple segment measures of profit or loss, provide new segment disclosure requirements for entities with a single reportable segment, and contain other disclosure requirements. The new guidance is effective for public companies with annual periods beginning after December 15, 2023, and interim periods within annual period beginning after December 15, 2024, with early adoption permitted. Management is currently evaluating the effects adoption of this guidance will have on its consolidated financial statements. Income Taxes – Improvements to Income Tax Disclosures In December 2023, the FASB issued ASU No. 2023-09, “Income Taxes: Improvements to Income Tax Disclosures.” This ASU improves the transparency of income tax disclosures by requiring (i) consistent categories and greater disaggregation of information in the rate reconciliation and (ii) income taxes paid disaggregated by jurisdiction. This new guidance will be effective for annual periods beginning after December 15, 2024, and early adoption is permitted. Management is currently evaluating the effects adoption of this guidance will have on its consolidated financial statements.

Nature of Operations and Basi_2

Nature of Operations and Basis of Presentation (Policy)	3 Months Ended
	Apr. 28, 2024
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 2024 is a 53-week period and ends on February 2 , 2025 . Fiscal 2023 was a 52-week period and ended on January 28, 2024. The three months of fiscal 2024 and fiscal 2023 represent the Company’s 13-week periods ended April 28, 2024 and April 30, 2023, respectively. The accompanying condensed consolidated financial statements as of and for the three months ended April 28, 2024 and April 30, 2023 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 months ended April 28, 2024 and April 30, 2023. 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 28, 2024.
Impairment Analysis	C. Impairment Analysis As of April 28, 2024 and for the three 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: April 28, 2024 January 28, 2024 (in thousands) Prepaid expenses & other current assets Pending returns inventory, net $ 2,108 $ 2,778 Current software hosting implementation costs, net 3,702 3,353 Other prepaid expenses 11,727 10,357 Prepaid expenses & other current assets $ 17,537 $ 16,488 Other assets, net Goodwill $ 402 $ 402 Intangible assets, net 428 436 Non-current software hosting implementation costs 7,403 6,705 Other assets, net 1,396 1,477 Other assets, net $ 9,629 $ 9,020
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.
Significant Accounting Policies	H. 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 28, 2024.

Nature of Operations and Basi_3

Nature of Operations and Basis of Presentation (Tables)	3 Months Ended
	Apr. 28, 2024
Nature of Operations and Basis of Presentation [Abstract]
Schedule of Prepaid Expenses and Other Assets	April 28, 2024 January 28, 2024 (in thousands) Prepaid expenses & other current assets Pending returns inventory, net $ 2,108 $ 2,778 Current software hosting implementation costs, net 3,702 3,353 Other prepaid expenses 11,727 10,357 Prepaid expenses & other current assets $ 17,537 $ 16,488 Other assets, net Goodwill $ 402 $ 402 Intangible assets, net 428 436 Non-current software hosting implementation costs 7,403 6,705 Other assets, net 1,396 1,477 Other assets, net $ 9,629 $ 9,020

Leases (Tables)

Leases (Tables)	3 Months Ended
	Apr. 28, 2024
Leases [Abstract]
Expense Components Leases Reflected Consolidated Statement of Operations	Consolidated Statement Three Months Ended of Operations April 28, 2024 April 30, 2023 (in thousands) Finance lease expenses Amortization of right-of-use assets Selling, general and administrative expenses $ 838 $ 840 Interest on lease liabilities Interest expense 409 438 Total finance lease expense $ 1,247 $ 1,278 Operating lease expense Selling, general and administrative expenses $ 5,093 $ 5,050 Amortization of build-to-suit leases capital contribution Selling, general and administrative expenses 321 321 Variable lease expense Selling, general and administrative expenses 2,922 2,914 Total lease expense $ 9,583 $ 9,563
Other Information Related to Leases	Three Months Ended April 28, 2024 April 30, 2023 (in thousands) Cash paid for amounts included in the measurement of lease liabilities: Financing cash flows from finance leases $ 737 $ 694 Operating cash flows from finance leases $ 409 $ 438 Operating cash flows from operating leases $ 5,268 $ 5,135 Right-of-use assets obtained in exchange for lease liabilities: Operating leases $ - $ 588 Weighted-average remaining lease term (in years): Finance leases 10 11 Operating leases 7 8 Weighted-average discount rate: Finance leases 4.5 % 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) $ 3,590 15,937 2024 5,099 20,612 2025 3,993 19,659 2026 3,993 18,410 2027 4,017 16,631 Thereafter 25,214 46,792 Total future minimum lease payments $ 45,906 $ 138,041 Less – Discount ( 9,218 ) ( 19,234 ) Lease liability $ 36,688 $ 118,807

Debt and Credit Agreement (Tabl

Debt and Credit Agreement (Tables)	3 Months Ended
	Apr. 28, 2024
Debt and Credit Agreement [Abstract]
Schedule of Debt	April 28, 2024 January 28, 2024 (in thousands) TRI Senior Secured Note $ 22,300 $ 22,488 TRI Note 3,500 3,500 $ 25,800 $ 25,988 Less: current maturities 867 847 TRI long-term debt $ 24,933 $ 25,141 Duluth Line of credit $ 11,000 $ — Less: current maturities 11,000 — Duluth long-term debt $ — $ —

Accrued Expenses and Other Cu_2

Accrued Expenses and Other Current Liabilities (Tables)	3 Months Ended
	Apr. 28, 2024
Accrued Expenses and Other Current Liabilities [Abstract]
Schedule of Accrued Expenses and Other Current Liabilities	April 28, 2024 January 28, 2024 (in thousands) Salaries and benefits $ 3,864 $ 2,692 Deferred revenue 8,105 9,579 Freight 1,588 4,001 Product returns 4,448 5,541 Unpaid purchases of property & equipment 911 765 Accrued advertising 1,521 1,129 Other 5,929 7,223 Total accrued expenses and other current liabilities $ 26,366 $ 30,930

Fair Value (Tables)

Fair Value (Tables)	3 Months Ended
	Apr. 28, 2024
Fair Value [Abstract]
Amortized Cost, Fair Value, and Corresponding Amount of Gross Unrealized Gains and Losses Recognized in AOCI of Available-for-Sale Security	April 28, 2024 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 $ 5,508 $ — $ ( 710 ) $ 4,798 January 28, 2024 Cost or Gross Gross Amortized Unrealized Unrealized Estimated Cost Gains Losses Fair Value (in thousands) Level 1 security: Money market funds $ 28,396 $ — $ — $ 28,396 Level 3 security: Corporate trust $ 5,556 $ — $ ( 570 ) $ 4,986
Future Principal Receipts Related to Available-For-Sale Security by Contractual Maturity	Amortized Estimated Cost Fair Value (in thousands) Within one year $ 205 $ 156 After one year through five years 1,349 1,104 After five years through ten years 2,023 1,778 After ten years 1,931 1,760 Total $ 5,508 $ 4,798
Carrying Values and Fair Values of Other Financial Instruments in Consolidated Balance Sheets	April 28, 2024 January 28, 2024 Carrying Amount Fair Value Carrying Amount Fair Value (in thousands) TRI Long-term debt, including short-term portion $ 25,800 $ 22,627 $ 25,988 $ 23,554

Variable Interest Entities (Tab

Variable Interest Entities (Tables)	3 Months Ended
	Apr. 28, 2024
Variable Interest Entities [Abstract]
Schedule Assets and Liabilities of Variable Interest Entity	April 28, 2024 January 28, 2024 (in thousands) Cash $ 15 $ 17 Property and equipment, net 22,786 22,941 Total assets $ 22,801 $ 22,958 Other current liabilities $ 49 $ 26 Current maturities of long-term debt 867 847 TRI long-term debt 24,933 25,141 Noncontrolling interest in VIE ( 3,048 ) ( 3,056 ) Total liabilities and shareholders' equity $ 22,801 $ 22,958

Loss Per Share (Tables)

Loss Per Share (Tables)	3 Months Ended
	Apr. 28, 2024
Loss Per Share [Abstract]
Reconciliation of Numerator and Denominator of Basic and Diluted Earnings Per Share	Three Months Ended April 28, 2024 April 30, 2023 (in thousands, except per share data) Numerator - net loss attributable to controlling interest $ ( 7,873 ) $ ( 3,869 ) Denominator - weighted average shares (Class A and Class B) Basic 33,087 32,865 Dilutive shares — — Diluted 33,087 32,865 Loss per share (Class A and Class B) Basic $ ( 0.24 ) $ ( 0.12 ) Diluted $ ( 0.24 ) $ ( 0.12 )

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	3 Months Ended
	Apr. 28, 2024
Stock-Based Compensation [Abstract]
Summary of Activity in Unvested Restricted Stock	Weighted average fair value Shares per share Outstanding at January 28, 2024 1,367,270 $ 8.77 Granted 764,055 4.64 Vested ( 247,698 ) 8.03 Forfeited ( 14,732 ) 8.19 Outstanding at April 28, 2024 1,868,895 $ 6.93

Property and Equipment (Tables)

Property and Equipment (Tables)	3 Months Ended
	Apr. 28, 2024
Property and Equipment [Abstract]
Schedule of Property and Equipment	April 28, 2024 January 28, 2024 (in thousands) Land and land improvements $ 4,486 $ 4,486 Leasehold improvements 57,364 56,850 Buildings 36,186 36,191 Vehicles 121 121 Warehouse equipment 66,594 66,481 Office equipment and furniture 55,075 54,294 Computer equipment 11,167 11,142 Software 39,258 39,923 270,251 269,488 Accumulated depreciation and amortization ( 145,340 ) ( 140,551 ) 124,911 128,937 Construction in progress 1,615 3,781 Property and equipment, net $ 126,526 $ 132,718

Revenue (Tables)

Revenue (Tables)	3 Months Ended
	Apr. 28, 2024
Revenue [Abstract]
Sales Disaggregated Based Upon Sales Channel	Three Months Ended April 28, 2024 April 30, 2023 (in thousands) Direct-to-consumer $ 75,444 $ 79,502 Stores 41,240 44,257 $ 116,684 $ 123,759
Contract Assets and Liabilities on Consolidated Balance Sheets	April 28, 2024 January 28, 2024 (in thousands) Contract assets $ 2,108 $ 2,373 Contract liabilities $ 8,105 $ 9,579
Reconciliation of Contract Liability Related to Gift Cards	April 28, 2024 April 30, 2023 (in thousands) Balance as of beginning of period $ 9,579 $ 10,249 Gift cards sold 2,222 1,878 Gift cards redeemed ( 3,635 ) ( 3,553 ) Gift card breakage ( 61 ) ( 49 ) Balance as of end of period $ 8,105 $ 8,525

Nature of Operations and Basi_4

Nature of Operations and Basis of Presentation (Narrative) (Details)	3 Months Ended
	Apr. 28, 2024 item segment
Reclassification [Line Items]
Number of reportable segments | segment	1
Number of classes of authorized common stock	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.
Class A Common Stock [Member]
Reclassification [Line Items]
Number of votes per share	10
Class B Common Stock [Member]
Reclassification [Line Items]
Number of votes per share	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	Apr. 28, 2024	Jan. 28, 2024
Nature of Operations and Basis of Presentation [Abstract]
Pending returns inventory, net	$ 2,108	$ 2,778
Current software hosting implementation costs, net	3,702	3,353
Other prepaid expenses	11,727	10,357
Prepaid expenses & other current assets	17,537	16,488
Goodwill	402	402
Intangible assets, net	428	436
Non-current software hosting implementation costs	7,403	6,705
Other assets, net	1,396	1,477
Other assets, net	$ 9,629	$ 9,020

Leases (Narrative) (Details)

Leases (Narrative) (Details) - USD ($)	Apr. 28, 2024	Jan. 28, 2024
Lessee, Lease, Description [Line Items]
Operating lease right-of-use assets	$ 117,400,000	$ 121,430,000
Operating lease liability	118,807,000
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
	Apr. 28, 2024	Apr. 30, 2023
Leases [Abstract]
Finance lease expense: Amortization of right-of-use assets	$ 838	$ 840
Finance lease expense: Interest on lease liabilities	409	438
Total finance lease expense	1,247	1,278
Operating lease expense	5,093	5,050
Amortization of build-to-suit leases capital contribution	321	321
Variable lease expense	2,922	2,914
Total lease expense	$ 9,583	$ 9,563

Leases (Other Information Relat

Leases (Other Information Related To Leases) (Details) - USD ($) $ in Thousands	3 Months Ended
	Apr. 28, 2024	Apr. 30, 2023
Cash paid for amounts included in the measurement of lease liabilities:
Financing cash flows from finance leases	$ 737	$ 694
Operating cash flows from finance leases	409	438
Operating cash flows from operating leases	$ 5,268	5,135
Right-of-use assets obtained in exchange for lease liabilities:
Operating leases		$ 588
Weighted-average remaining lease term (in years):
Finance leases	10 years	11 years
Operating leases	7 years	8 years
Weighted-average discount rate:
Finance leases	4.50%	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	Apr. 28, 2024 USD ($)
Finance
2024 (remainder of fiscal year)	$ 3,590
2025	5,099
2026	3,993
2027	3,993
2028	4,017
Thereafter	25,214
Total future minimum lease payments	45,906
Less – Discount	(9,218)
Lease liability	36,688
Operating
2024 (remainder of fiscal year)	15,937
2025	20,612
2026	19,659
2027	18,410
2028	16,631
Thereafter	46,792
Total future minimum lease payments	138,041
Less – Discount	(19,234)
Lease liability	$ 118,807

Debt and Credit Agreement (Narr

Debt and Credit Agreement (Narrative) (Details) - USD ($) $ in Millions		3 Months Ended
	May 14, 2021	Apr. 28, 2024
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	Apr. 28, 2024	Jan. 28, 2024
TRI Long-term Debt [Member]
Debt Instrument [Line Items]
Debt	$ 25,800	$ 25,988
Less: current maturities	867	847
Long-term debt	24,933	25,141
TRI Senior Secured Note [Member] | TRI Long-term Debt [Member]
Debt Instrument [Line Items]
Debt	22,300	22,488
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	11,000
Less: current maturities	11,000
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	Apr. 28, 2024	Jan. 28, 2024
Accrued Expenses and Other Current Liabilities [Abstract]
Salaries and benefits	$ 3,864	$ 2,692
Deferred revenue	8,105	9,579
Freight	1,588	4,001
Product returns	4,448	5,541
Unpaid purchases of property & equipment	911	765
Accrued advertising	1,521	1,129
Other	5,929	7,223
Total accrued expenses and other current liabilities	$ 26,366	$ 30,930

Fair Value (Narrative) (Details

Fair Value (Narrative) (Details) - USD ($)	3 Months Ended
	Apr. 28, 2024	Apr. 30, 2023
Fair Value [Abstract]
Other than temporary impairment on available for sale securities	$ 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	Apr. 28, 2024	Jan. 28, 2024
Debt Securities, Available-for-sale [Line Items]
Estimated Fair Value	$ 4,798	$ 4,986
Fair Value, Inputs, Level 1 [Member] | Money Market Funds [Member]
Debt Securities, Available-for-sale [Line Items]
Cost or Amortized Cost		28,396
Estimated Fair Value		28,396
Fair Value, Inputs, Level 3 [Member] | Corporate Trust [Member]
Debt Securities, Available-for-sale [Line Items]
Cost or Amortized Cost	5,508	5,556
Gross Unrealized Losses	(710)	(570)
Estimated Fair Value	$ 4,798	$ 4,986

Fair Value (Future Principal Re

Fair Value (Future Principal Receipts Related to Available-For-Sale Security by Contractual Maturity) (Details) $ in Thousands	Apr. 28, 2024 USD ($)
Fair Value [Abstract]
Amortized Cost, Within one year	$ 205
Amortized Cost, After one year through five years	1,349
Amortized Cost, After five years through ten years	2,023
Amortized Cost, After ten years	1,931
Amortized Cost, Total	5,508
Estimated Fair Value, Within one year	156
Estimated Fair Value, After one year through five years	1,104
Estimated Fair Value, After five years through ten years	1,778
Estimated Fair Value, After ten years	1,760
Estimated Fair Value, Total	$ 4,798

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	Apr. 28, 2024	Jan. 28, 2024
Reported Value Measurement [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, including short-term portion, Carrying Amount	$ 25,800	$ 25,988
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	$ 22,627	$ 23,554

Variable Interest Entity (Narra

Variable Interest Entity (Narrative) (Details) $ in Millions	3 Months Ended
	Apr. 28, 2024 USD ($) entity	Jan. 28, 2024 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	Apr. 28, 2024	Jan. 28, 2024
Variable Interest Entity [Line Items]
Property and equipment, net	$ 126,526	$ 132,718
Total assets	471,383	490,453
Noncontrolling interest in VIE	(3,048)	(3,056)
Total liabilities and shareholders' equity	471,383	490,453
Wisconsin [Member] | TRI Holdings, LLC [Member] | Variable Interest Entity, Primary Beneficiary [Member]
Variable Interest Entity [Line Items]
Cash	15	17
Property and equipment, net	22,786	22,941
Total assets	22,801	22,958
Other current liabilities	49	26
Current maturities of TRI long-term debt	867	847
TRI long-term debt	24,933	25,141
Noncontrolling interest in VIE	(3,048)	(3,056)
Total liabilities and shareholders' equity	$ 22,801	$ 22,958

Loss Per Share (Narrative) (Det

Loss Per Share (Narrative) (Details) - shares shares in Millions	3 Months Ended
	Apr. 28, 2024	Apr. 30, 2023
Loss Per Share [Abstract]
Anti-dilutive securities excluded from computation of loss per share amount	0.3	0.3

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
	Apr. 28, 2024	Apr. 30, 2023
Loss Per Share [Abstract]
Numerator - net loss attributable to controlling interest	$ (7,873)	$ (3,869)
Basic weighted average shares	33,087	32,865
Diluted weighted average shares	33,087	32,865
Loss per share (Class A and Class B), Basic	$ (0.24)	$ (0.12)
Loss per share (Class A and Class B), Diluted	$ (0.24)	$ (0.12)

Stock-Based Compensation (Narra

Stock-Based Compensation (Narrative) (Details) - Unvested Restricted Stock [Member] - USD ($) $ in Millions	3 Months Ended
	Apr. 28, 2024	Apr. 30, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock compensation expense	$ 1.4	$ 1
Unrecognized compensation expense	$ 8.7
Unrecognized compensation expense, weighted average recognition period	3 years

Stock-Based Compensation (Summa

Stock-Based Compensation (Summary of Activity in Unvested Restricted Stock) (Details) - Unvested Restricted Stock [Member]	3 Months Ended
	Apr. 28, 2024 $ / shares shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Beginning balance, shares | shares	1,367,270
Granted | shares	764,055
Vested | shares	(247,698)
Forfeited | shares	(14,732)
Ending balance, shares | shares	1,868,895
Weighted average fair value per share, beginning balance | $ / shares	$ 8.77
Weighted average fair value per share, Granted | $ / shares	4.64
Weighted average fair value per share, Vested | $ / shares	8.03
Weighted average fair value per share, Forfeited | $ / shares	8.19
Weighted average fair value per share, ending balance | $ / shares	$ 6.93

Property and Equipment (Schedul

Property and Equipment (Schedule of Property and Equipment) (Details) - USD ($) $ in Thousands	Apr. 28, 2024	Jan. 28, 2024
Property, Plant and Equipment [Line Items]
Property and equipment	$ 270,251	$ 269,488
Accumulated depreciation and amortization	(145,340)	(140,551)
Property and equipment net excluding construction in progress	124,911	128,937
Construction in progress	1,615	3,781
Property and equipment, net	126,526	132,718
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	57,364	56,850
Buildings [Member]
Property, Plant and Equipment [Line Items]
Property and equipment	36,186	36,191
Vehicles [Member]
Property, Plant and Equipment [Line Items]
Property and equipment	121	121
Warehouse Equipment [Member]
Property, Plant and Equipment [Line Items]
Property and equipment	66,594	66,481
Office Equipment and Furniture [Member]
Property, Plant and Equipment [Line Items]
Property and equipment	55,075	54,294
Computer Equipment [Member]
Property, Plant and Equipment [Line Items]
Property and equipment	11,167	11,142
Software [Member]
Property, Plant and Equipment [Line Items]
Property and equipment	$ 39,258	$ 39,923

Revenue (Sales Disaggregated Ba

Revenue (Sales Disaggregated Based Upon Sales Channel) (Details) - USD ($) $ in Thousands	3 Months Ended
	Apr. 28, 2024	Apr. 30, 2023
Disaggregation of Revenue [Line Items]
Revenue	$ 116,684	$ 123,759
Direct-to-Consumer [Member]
Disaggregation of Revenue [Line Items]
Revenue	75,444	79,502
Stores [Member]
Disaggregation of Revenue [Line Items]
Revenue	$ 41,240	$ 44,257

Revenue (Contract Assets and Li

Revenue (Contract Assets and Liabilities on Consolidated Balance Sheets) (Details) - USD ($) $ in Thousands	Apr. 28, 2024	Jan. 28, 2024	Apr. 30, 2023	Jan. 29, 2023
Revenue [Abstract]
Contract assets	$ 2,108	$ 2,373
Contract liabilities	$ 8,105	$ 9,579	$ 8,525	$ 10,249

Revenue (Reconciliation of Cont

Revenue (Reconciliation of Contract Liability Related to Gift Cards) (Details) - USD ($) $ in Thousands	3 Months Ended
	Apr. 28, 2024	Apr. 30, 2023
Disaggregation of Revenue [Line Items]
Balance as of Beginning of Period	$ 9,579	$ 10,249
Balance as of End of Period	8,105	8,525
Gift Cards Sold [Member]
Disaggregation of Revenue [Line Items]
Increase (decrease) in gift cards	2,222	1,878
Gift Cards Redeemed [Member]
Disaggregation of Revenue [Line Items]
Increase (decrease) in gift cards	(3,635)	(3,553)
Gift Card Breakage [Member]
Disaggregation of Revenue [Line Items]
Increase (decrease) in gift cards	$ (61)	$ (49)

Income Taxes (Narrative) (Detai

Income Taxes (Narrative) (Details)	3 Months Ended
	Apr. 28, 2024	Apr. 30, 2023
Income Taxes [Abstract]
Effective tax rate related to controlling interest	21%	27%

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Apr. 28, 2024
Insider Trading Arrangements [Line Items]
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false