Gross profit increased 17.8% to $ 83.6 million (Q3 2020: $ 71 million). The significant increase in gross profit is due to a decrease in clearance inventory and an increase in the combination of list-priced sales due to successful dialback of promotional activities.
Similarly, operating income increased $ 2 million from $ 2.9 million in the year-ago quarter to $ 4.9 million, with net income of $ 2.8 million ($ 0.09 per diluted share), but net income of 900,000. It was $ ($ 0.03 per diluted share). The third quarter of the previous year.
Duluth Holdings Inc, a growing US-based lifestyle brand, saw a 7.2% increase in net revenue in the third quarter of 2021 compared to $ 135.5 million in the third quarter of 2020, 145.3 million. Reached the dollar (up 21.3% over the same period). 2019). Gross margin improved 520 basis points from the third quarter of the previous fiscal year to 57.6%.
“Our third-quarter results reflect the continued strength of customer demand for our core products and our strong performance in the face of supply chain disruptions, despite congestion in our transportation networks. However, our business was able to achieve healthy sales growth of 7.2% and net profit growth of over 200%, driven by a significant improvement in gross margin. Encouraged by the trends, we expect this year to be a strong end of the year. ” Sam Sato, President and Chief Executive Officer of the company, Said in a press release.
Retail net sales increased 22.3% to $ 60.1 million. This is a significant increase compared to the third quarter of last year, when store traffic was adversely affected by the pandemic. Net sales of men’s apparel increased 7.5% due to growth in workwear throughout the year, and net sales of women’s apparel increased 5.6% due to the power of woven soles and flannel.
The company closed the quarter with approximately $ 20.4 million in cash, $ 165.1 million in inventory, $ 89.9 million in net working capital, and $ 150 million in outstanding revolving senior credit facility balances.
Based on its quarterly results, the company has updated its 2021 outlook. The outlook for the increase is net sales in the range of $ 700 million to $ 715 million, adjusted EBITDA in the range of $ 73 million to $ 75 million, and diluted $ 0.81 to $ 0.86 per share. Includes EPS, and capital expenditures, including software hosting implementation costs. About $ 18 million.
Fiber2Fashion News Desk (DD)
U.S. brand Duluth boosts outlook with third-quarter 2021 net sales jumping to $ 145.3 million
Source link U.S. brand Duluth boosts outlook with third-quarter 2021 net sales jumping to $ 145.3 million