Duluth drops on FY forecast cut

Duluth Holdings

01/12/2022 13:25

** Shares of apparel retailer Duluth Holdings  DLTH.O  down
11.3% at $7.77 in thin premarket trading
    ** Stock expected to open at its lowest in more than a month
if losses hold
    ** DLTH slashes FY22 EPS outlook to a range of 5 cents-20
cents from 61 cents-71 cents
    ** Co cuts FY22 net sales rev. forecast to $650 mln-$680 mln
from $680 mln-$705 mln, to reflect a softer consumer backdrop 
    ** DLTH reports Q3 net sales of $147.1 mln vs $145.3 mln a
year earlier, beating analyst's expectations of $144.3 mln -
IBES Refinitiv data 
    ** Co reports Q3 loss of 19 cents/shr vs a profit of 9
cents/shr a year earlier 
    ** "We are seeing the impacts of the inflationary
environment on our core consumers which we believe will continue
through Q4 and into next year", CEO Sam Sato 
    ** Up to last close, stock had fallen 42.3% YTD compared
with a 26.7% decline in the Nasdaq Composite Index  .IXIC 
 (Reporting by Shashwat Chauhan in Bengaluru)
 ((Shashwat.Chauhan@thomsonreuters.com))