0001649744-24-000021 | 10-Q | XBRL Viewer

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Revenue (Reconciliation of Contract Liability Related to Gift Cards) (Details) - USD ($) $ in Thousands	9 Months Ended
	Oct. 27, 2024	Oct. 29, 2023
Disaggregation of Revenue [Line Items]
Balance as of Beginning of Period	$ 9,579	$ 10,249
Balance as of End of Period	7,155	7,651
Gift Cards Sold [Member]
Disaggregation of Revenue [Line Items]
Increase (decrease) in gift cards	7,144	6,717
Gift Cards Redeemed [Member]
Disaggregation of Revenue [Line Items]
Increase (decrease) in gift cards	(9,330)	(9,055)
Gift Card Breakage [Member]
Disaggregation of Revenue [Line Items]
Increase (decrease) in gift cards	$ (238)	$ (260)

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Variable Interest Entity (Tables)

9 Months Ended

Oct. 27, 2024

Variable Interest Entity [Abstract]

Schedule Assets and Liabilities of Variable Interest Entity


	October 27, 2024		January 28, 2024
(in thousands)
Cash	$	27	$	17
Property and equipment, net		22,476		22,941
Total assets	$	22,503	$	22,958

Other current liabilities	$	106	$	26
Current maturities of long-term debt		909		847
TRI long-term debt		24,510		25,141
Noncontrolling interest in VIE		(3,022)		(3,056)
Total liabilities and shareholders' equity	$	22,503	$	22,958

- Definition

Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide.

+ References + Details

Restructuring (Narrative) (Details) $ in Thousands		3 Months Ended	9 Months Ended
Restructuring (Narrative) (Details) $ in Thousands	Jul. 12, 2024 USD ($) item	Oct. 27, 2024 USD ($)	Oct. 27, 2024 USD ($)
Restructuring [Abstract]
Lease Expiration Date	Oct. 27, 2024
Termination penalty	$ 3,700
Number of quarterly payment \| item	4
Restructuring charges		$ 6,152	$ 7,748

Loss Per Share (Tables)

9 Months Ended

Oct. 27, 2024

Loss Per Share [Abstract]

Reconciliation of Numerator and Denominator of Basic and Diluted Earnings Per Share


	Three Months Ended				Nine Months Ended
	October 27, 2024		October 29, 2023		October 27, 2024		October 29, 2023
(in thousands, except per share data)
Numerator - net loss attributable to ‎controlling interest	$	(28,539)	$	(10,466)	$	(40,156)	$	(16,339)
Denominator - weighted average shares ‎ (Class A and Class B)
Basic		33,448		32,987		33,314		32,937
Dilutive shares		—		—		—		—
Diluted		33,448		32,987		33,314		32,937
Loss per share (Class A and Class B)
Basic	$	(0.85)	$	(0.32)	$	(1.21)	$	(0.50)
Diluted	$	(0.85)	$	(0.32)	$	(1.21)	$	(0.50)

Variable Interest Entity (Schedule Assets and Liabilities of Variable Interest Entity) (Details) - USD ($) $ in Thousands	Oct. 27, 2024	Jan. 28, 2024
Variable Interest Entity [Line Items]
Property and equipment, net	$ 116,941	$ 132,718
Total assets	533,099	490,453
Noncontrolling interest in VIE	(3,022)	(3,056)
Total liabilities and shareholders' equity	533,099	490,453
Wisconsin [Member] \| TRI Holdings, LLC [Member] \| Variable Interest Entity, Primary Beneficiary [Member]
Variable Interest Entity [Line Items]
Cash	27	17
Property and equipment, net	22,476	22,941
Total assets	22,503	22,958
Other current liabilities	106	26
Current maturities of TRI long-term debt	909	847
TRI long-term debt	24,510	25,141
Noncontrolling interest in VIE	(3,022)	(3,056)
Total liabilities and shareholders' equity	$ 22,503	$ 22,958

Restructuring (Tables)

9 Months Ended

Oct. 27, 2024

Restructuring [Abstract]

Schedule Of Restructuring Costs


	Three Months Ended		Nine Months Ended
	October 27, 2024		October 27, 2024
(in thousands)
Early contract termination expense	$	2,759	$	3,679
Lease remeasurement expense		1,596		1,889
Accelerated depreciation expense		766		1,149
Employee termination benefit expense		370		370
Other restructuring expense		661		661
Total restructuring expenses	$	6,152	$	7,748

Contingencies

9 Months Ended

Oct. 27, 2024

Contingencies [Abstract]

Contingencies

13. CONTINGENCIES

In the second quarter of 2024, in conjunction with ongoing state sales tax audits the Company began a review of its sales tax positions. As a result of the review, the Company determined that sales in a state were subject to certain local sales tax and that the Company had not sufficiently assessed such sales tax on sales to customers in prior fiscal years.

The Company concluded that some payment to the state is probable. As of October 27, 2024, the Company recorded an estimated sales tax expense accrual of $2.4 million that is reflected in Selling, general and administrative expenses within the Consolidated Statements of Operations.
‎

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. 27, 2024	Jan. 28, 2024
Debt Securities, Available-for-sale [Line Items]
Estimated Fair Value	$ 4,840	$ 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	5,409	5,556
Gross Unrealized Losses	(569)	(570)
Estimated Fair Value	$ 4,840	$ 4,986

- Definition

Amount of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale).

+ References

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- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

Leases (Future Minimum Lease Payments Under Non-Cancellable Leases) (Details) $ in Thousands	Oct. 27, 2024 USD ($)
Finance
2024 (remainder of fiscal year)	$ 987
2025	3,972
2026	3,993
2027	3,993
2028	4,017
Thereafter	25,215
Total future minimum lease payments	42,177
Less – Discount	(8,403)
Lease liability	33,774
Operating
2024 (remainder of fiscal year)	4,938
2025	19,183
2026	18,465
2027	17,193
2028	15,391
Thereafter	44,696
Total future minimum lease payments	119,866
Less – Discount	(15,986)
Lease liability	$ 103,880

Debt and Credit Agreement

9 Months Ended

Oct. 27, 2024

Debt and Credit Agreement [Abstract]

Debt and Credit Agreement

3. DEBT AND CREDIT AGREEMENT

Debt consists of the following:


	October 27, 2024		January 28, 2024
(in thousands)
TRI Senior Secured Note	$	21,919	$	22,488
TRI Note		3,500		3,500
	$	25,419	$	25,988
Less: current maturities		909		847
TRI long-term debt	$	24,510	$	25,141

Duluth Line of credit	$	44,000	$	—
Less: current maturities		44,000		—
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 27, 2024 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.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

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+ Details

Nature of Operations and Basis of Presentation (Schedule of Prepaid Expenses and Other Assets) (Details) - USD ($) $ in Thousands	Oct. 27, 2024	Jan. 28, 2024
Nature of Operations and Basis of Presentation [Abstract]
Pending returns inventory, net	$ 2,146	$ 2,778
Current software hosting implementation costs, net	4,636	3,353
Other prepaid expenses	12,209	10,357
Prepaid expenses & other current assets	18,991	16,488
Goodwill	402	402
Intangible assets, net	419	436
Non-current software hosting implementation costs	9,273	6,705
Other assets, net	1,348	1,477
Other assets, net	$ 11,442	$ 9,020

Fair Value

9 Months Ended

Oct. 27, 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 nine months ended October 27, 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:


	October 27, 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	$	5,409	$	—	$	(569)	$	4,840


	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 October 27, 2024 or October 29, 2023.

The following table presents future principal receipts related to the Company’s available-for-sale security by contractual maturity as of October 27, 2024.


	Amortized		Estimated
	Cost		Fair Value
(in thousands)
Within one year	$	214	$	174
After one year through five years		1,408		1,204
After five years through ten years		2,102		1,899
After ten years		1,685		1,563
Total	$	5,409	$	4,840

The carrying values and fair values of other financial instruments in the Consolidated Balance Sheets are as follows:


	October 27, 2024				January 28, 2024
		Carrying Amount		Fair Value		Carrying Amount		Fair Value
(in thousands)
TRI Long-term debt, including short-term portion	$	25,419	$	22,957	$	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.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

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+ Details

Leases (Narrative) (Details) - USD ($)	Oct. 27, 2024	Jan. 28, 2024
Lessee, Lease, Description [Line Items]
Operating lease right-of-use assets	$ 101,784,000	$ 121,430,000
Operating lease liability	103,880,000
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

Revenue (Contract Assets and Liabilities on Consolidated Balance Sheets) (Details) - USD ($) $ in Thousands	Oct. 27, 2024	Jan. 28, 2024	Oct. 29, 2023	Jan. 29, 2023
Revenue [Abstract]
Contract assets	$ 2,146	$ 2,778
Contract liabilities	$ 7,155	$ 9,579	$ 7,651	$ 10,249

Leases (Other Information Related To Leases) (Details) - USD ($) $ in Thousands	9 Months Ended
	Oct. 27, 2024	Oct. 29, 2023
Cash paid for amounts included in the measurement of lease liabilities:
Financing cash flows from finance leases	$ 2,109	$ 2,116
Operating cash flows from finance leases	1,189	1,293
Operating cash flows from operating leases	$ 16,092	15,562
Right-of-use assets obtained in exchange for lease liabilities:
Operating leases		$ 5,174
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%	4.20%

Revenue (Sales Disaggregated Based Upon Sales Channel) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Oct. 27, 2024	Oct. 29, 2023	Oct. 27, 2024	Oct. 29, 2023
Disaggregation of Revenue [Line Items]
Revenue	$ 127,056	$ 138,210	$ 385,359	$ 401,068
Direct-to-Consumer [Member]
Disaggregation of Revenue [Line Items]
Revenue	79,833	87,015	246,961	253,362
Stores [Member]
Disaggregation of Revenue [Line Items]
Revenue	$ 47,223	$ 51,195	$ 138,398	$ 147,706

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

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+ Details

Accrued Expenses and Other Current Liabilities

9 Months Ended

Oct. 27, 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:


	October 27, 2024		January 28, 2024
(in thousands)
Salaries and benefits	$	4,714	$	2,692
Deferred revenue		7,155		9,579
Freight		2,980		4,001
Product returns		4,550		5,541
Unpaid purchases of property & equipment		1,852		765
Accrued advertising		5,628		1,129
Other		9,373		7,223
Total accrued expenses and other current liabilities	$	36,252	$	30,930

Nature of Operations and Basis of Presentation (Tables)

9 Months Ended

Oct. 27, 2024

Nature of Operations and Basis of Presentation [Abstract]

Schedule of Prepaid Expenses and Other Assets


	October 27, 2024		January 28, 2024
(in thousands)
Prepaid expenses & other current assets
Pending returns inventory, net	$	2,146	$	2,778
Current software hosting implementation costs, net		4,636		3,353
Other prepaid expenses		12,209		10,357
Prepaid expenses & other current assets	$	18,991	$	16,488

Other assets, net
Goodwill	$	402	$	402
Intangible assets, net		419		436
Non-current software hosting implementation costs		9,273		6,705
Other assets, net		1,348		1,477
Other assets, net	$	11,442	$	9,020

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. 27, 2024	Oct. 29, 2023	Oct. 27, 2024	Oct. 29, 2023
Loss Per Share [Abstract]
Numerator - net loss attributable to controlling interest	$ (28,539)	$ (10,466)	$ (40,156)	$ (16,339)
Basic weighted average shares	33,448	32,987	33,314	32,937
Diluted weighted average shares	33,448	32,987	33,314	32,937
Loss per share (Class A and Class B), Basic	$ (0.85)	$ (0.32)	$ (1.21)	$ (0.50)
Loss per share (Class A and Class B), Diluted	$ (0.85)	$ (0.32)	$ (1.21)	$ (0.50)

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

+ References

+ Details

- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

+ References

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- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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-Publisher FASB
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Reference 26: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 1A
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
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Reference 29: http://www.xbrl.org/2003/role/disclosureRef
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Reference 30: http://www.xbrl.org/2003/role/disclosureRef
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Reference 31: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147478524/942-220-S99-1

+ Details

Condensed Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Oct. 27, 2024	Oct. 29, 2023	Oct. 27, 2024	Oct. 29, 2023
Condensed Consolidated Statements of Operations [Abstract]
Net sales	$ 127,056	$ 138,210	$ 385,359	$ 401,068
Cost of goods sold (excluding depreciation and amortization)	60,645	68,806	183,328	194,530
Gross profit	66,411	69,404	202,031	206,538
Selling, general and administrative expenses	82,850	81,832	229,731	224,958
Restructuring expense	6,152		7,748
Operating loss	(22,591)	(12,428)	(35,448)	(18,420)
Interest expense	1,251	1,219	3,232	3,033
Other income, net	6	47	167	304
Loss before income taxes	(23,836)	(13,600)	(38,513)	(21,149)
Income tax expense (benefit)	4,688	(3,126)	1,609	(4,786)
Net loss	(28,524)	(10,474)	(40,122)	(16,363)
Less: Net income (loss) attributable to noncontrolling interest	15	(8)	34	(24)
Net loss attributable to controlling interest	$ (28,539)	$ (10,466)	$ (40,156)	$ (16,339)
Basic earnings per share (Class A and Class B):
Weighted average shares of common stock outstanding	33,448	32,987	33,314	32,937
Net loss per share attributable to controlling interest	$ (0.85)	$ (0.32)	$ (1.21)	$ (0.50)
Diluted earnings per share (Class A and Class B):
Weighted average shares and equivalents outstanding	33,448	32,987	33,314	32,937
Net loss per share attributable to controlling interest	$ (0.85)	$ (0.32)	$ (1.21)	$ (0.50)

Leases

9 Months Ended

Oct. 27, 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				Nine Months Ended
	of Operations	October 27, 2024		October 29, 2023		October 27, 2024		October 29, 2023
(in thousands)
Finance lease expenses
Amortization of right-of-use ‎assets	Selling, general and ‎administrative expenses	$	722	$	840	$	2,374	$	2,520
Interest on lease liabilities	Interest expense		382		423		1,189		1,292
Total finance lease expense		$	1,104	$	1,263	$	3,563	$	3,812
Operating lease expense	Selling, general and ‎administrative expenses	$	6,921	$	5,074	$	17,516	$	15,175
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		3,091		2,685		9,052		8,158
Total lease expense		$	11,437	$	9,343	$	31,094	$	28,108

‎

Other information related to leases were as follows:


	Nine Months Ended
	October 27, 2024		October 29, 2023
(in thousands)
Cash paid for amounts included in the measurement of lease liabilities:
Financing cash flows from finance leases	$	2,109	$	2,116
Operating cash flows from finance leases	$	1,189	$	1,293
Operating cash flows from operating leases	$	16,092	$	15,562

Right-of-use assets obtained in exchange for lease liabilities:
Operating leases	$	-	$	5,174

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%		4.2%

Future minimum lease payments under the non-cancellable leases are as follows as of October 27, 2024:


Fiscal year	Finance		Operating
(in thousands)
2024 (remainder of fiscal year)	$	987		4,938
2025		3,972		19,183
2026		3,993		18,465
2027		3,993		17,193
2028		4,017		15,391
Thereafter		25,215		44,696
Total future minimum lease payments	$	42,177	$	119,866
Less – Discount		(8,403)		(15,986)
Lease liability	$	33,774	$	103,880

Document and Entity Information - shares	9 Months Ended
Document and Entity Information - shares	Oct. 27, 2024	Dec. 04, 2024
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Oct. 27, 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	2024
Document Fiscal Period Focus	Q3
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		31,812,954

Revenue

9 Months Ended

Oct. 27, 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				Nine Months Ended
	October 27, 2024		October 29, 2023		October 27, 2024		October 29, 2023
(in thousands)
Direct-to-consumer	$	79,833	$	87,015	$	246,961	$	253,362
Stores		47,223		51,195		138,398		147,706
	$	127,056	$	138,210	$	385,359	$	401,068

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 27, 2024		January 28, 2024
(in thousands)
Contract assets	$	2,146	$	2,778
Contract liabilities	$	7,155	$	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 nine months ended:


	October 27, 2024		October 29, 2023
(in thousands)
Balance as of beginning of period	$	9,579	$	10,249
Gift cards sold		7,144		6,717
Gift cards redeemed		(9,330)		(9,055)
Gift card breakage		(238)		(260)
Balance as of end of period	$	7,155	$	7,651

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-9

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Paragraph 10
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-URI https://asc.fasb.org/1943274/2147479806/606-10-50-10

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147479806/606-10-50-15

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Section 50
-Paragraph 13
-Subparagraph (b)(2)
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org/606/tableOfContent

+ Details

Condensed Consolidated Statement of Shareholders’ Equity - USD ($) shares in Thousands, $ in Thousands	Capital Stock [Member]	Treasury Stock [Member]	Retained Earnings [Member]	Accumulated Other Comprehensive (Loss) Income [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. 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 loss (income)						(405)
Net (loss) income						(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 loss (income)				(88)		(88)
Net (loss) income			(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 loss (income)				(258)		(258)
Net (loss) income			(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
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
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
Other comprehensive loss (income)						1
Net (loss) income						(40,122)
Ending balance at Oct. 27, 2024	$ 107,224	(2,331)	83,660	(426)	(3,022)	185,105
Ending balance (in shares) at Oct. 27, 2024	35,171
Beginning balance at Apr. 28, 2024	$ 105,061	(2,121)	115,943	(532)	(3,048)	215,303
Beginning balance (in shares) at Apr. 28, 2024	35,074
Issuance of common stock	$ 97					97
Issuance of common stock, shares	202
Stock-based compensation	$ 1,011					1,011
Restricted stock forfeitures, shares	(168)
Restricted stock surrendered for taxes		(122)				(122)
Restricted stock surrendered for taxes, shares	(29)
Other comprehensive loss (income)				96		96
Net (loss) income			(3,744)		11	(3,733)
Ending balance at Jul. 28, 2024	$ 106,169	(2,243)	112,199	(436)	(3,037)	212,652
Ending balance (in shares) at Jul. 28, 2024	35,079
Issuance of common stock	$ 86					86
Issuance of common stock, shares	171
Stock-based compensation	$ 969					969
Restricted stock forfeitures, shares	(57)
Restricted stock surrendered for taxes		(88)				(88)
Restricted stock surrendered for taxes, shares	(22)
Other comprehensive loss (income)				10		10
Net (loss) income			(28,539)		15	(28,524)
Ending balance at Oct. 27, 2024	$ 107,224	$ (2,331)	$ 83,660	$ (426)	$ (3,022)	$ 185,105
Ending balance (in shares) at Oct. 27, 2024	35,171

Nature of Operations and Basis of Presentation (Policy)

9 Months Ended

Oct. 27, 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 October 27, 2024 and October 29, 2023, respectively.

The accompanying condensed consolidated financial statements as of and for the three and nine months ended October 27, 2024 and October 29, 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 and nine months ended October 27, 2024 and October 29, 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.

Inventory

C. InventoryInventory consists of finished goods stated at the lower of cost or net realizable value, with cost determined using the first-in, first-out valuation method. The Company records an inventory reserve for the anticipated loss associated with selling inventories below cost. Inventory reserve for excess and obsolete items was $1.6 million and $1.4 million as of October 27, 2024 and January 28, 2024, respectively.

Prepaid Expenses and Other Assets

D. Prepaid Expenses and Other Assets

Prepaid expenses and other assets consist of the following:


	October 27, 2024		January 28, 2024
(in thousands)
Prepaid expenses & other current assets
Pending returns inventory, net	$	2,146	$	2,778
Current software hosting implementation costs, net		4,636		3,353
Other prepaid expenses		12,209		10,357
Prepaid expenses & other current assets	$	18,991	$	16,488

Other assets, net
Goodwill	$	402	$	402
Intangible assets, net		419		436
Non-current software hosting implementation costs		9,273		6,705
Other assets, net		1,348		1,477
Other assets, net	$	11,442	$	9,020

Seasonality of Business

E. Seasonality of BusinessThe 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

F. Cash and Cash EquivalentsThe 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

G. 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.

‎

- Definition

Disclosure of inventory accounting policy for inventory classes, including, but not limited to, basis for determining inventory amounts, methods by which amounts are added and removed from inventory classes, loss recognition on impairment of inventories, and situations in which inventories are stated above cost.

+ References + Details

Stock-Based Compensation (Tables)

9 Months Ended

Oct. 27, 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	1,099,121		4.62
Vested	(538,093)		8.96
Forfeited	(239,402)		6.67
Outstanding at October 27, 2024	1,688,896	$	6.03

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Oct. 27, 2024	Oct. 29, 2023
Cash flows from operating activities:
Net loss	$ (40,122)	$ (16,363)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	24,730	23,434
Stock based compensation	3,352	3,305
Deferred income taxes	1,133	(4,800)
Loss on disposal of property and equipment	102	37
Changes in operating assets and liabilities:
Receivables	1,559	362
Income taxes receivable	479	(99)
Inventory	(105,673)	(19,044)
Prepaid expense & other current assets	(585)	(952)
Software hosting implementation costs, net	(4,485)	(800)
Trade accounts payable	53,160	(10,171)
Income taxes payable		(1,761)
Accrued expenses and deferred rent obligations	5,286	(3,691)
Other assets	(3)	20
Noncash lease impacts	2,942	(483)
Net cash used in operating activities	(58,125)	(31,006)
Cash flows from investing activities:
Purchases of property and equipment	(5,813)	(39,958)
Principal receipts from available-for-sale security	147	133
Net cash used in investing activities	(5,666)	(39,825)
Cash flows from financing activities:
Net borrowings on line of credit	44,000	36,000
Payments on TRI long term debt	(623)	(564)
Payments on finance lease obligations	(2,109)	(2,116)
Payments of tax withholding on vested restricted shares	(593)	(278)
Other	294	418
Net cash provided by financing activities	40,969	33,460
Decrease in cash and cash equivalents	(22,822)	(37,371)
Cash and cash equivalents at beginning of period	32,157	45,548
Cash and cash equivalents at end of period	9,335	8,177
Supplemental disclosure of cash flow information:
Interest paid	3,232	3,033
Income taxes paid	125	1,875
Supplemental disclosure of non-cash information:
Unpaid liability to acquire property and equipment	$ 2,173	$ 8,391

Recent Accounting Pronouncements

9 Months Ended

Oct. 27, 2024

Recent Accounting Pronouncements [Abstract]

Recent Accounting Pronouncements

14. 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.

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 an annual period beginning after December 15, 2024, with early adoption permitted. Management is currently evaluating the effects 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 this guidance will have on its consolidated financial statements.

Income Statement – Reporting Comprehensive Income – Expense Disaggregation Disclosures

In November 2024, the FASB issued ASU No. 2024-03, “Income Statement – Reporting Comprehensive Income – Expense Disaggregation Disclosures.” This ASU requires that each interim and annual reporting period an entity disclose more information about the components of certain expense captions that is currently disclosed in the financial statements. This update is effective for annual reporting periods beginning after December 15, 2027. Early adoption is permitted. Management is currently evaluating the effects this guidance will have on its consolidated financial statements.

- Definition

The entire disclosure for change in accounting principle. Includes, but is not limited to, nature, reason, and method of adopting amendment to accounting standards or other change in accounting principle.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147483443/250-10-50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Section 65
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-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479343/105-10-65-7

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Paragraph 1
-Subparagraph (g)
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-URI https://asc.fasb.org/1943274/2147476176/805-60-65-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483550/848-10-65-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Paragraph 2
-Subparagraph (g)(2)
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147478666/740-323-65-2

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-Subparagraph (g)(1)
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-URI https://asc.fasb.org/1943274/2147478666/740-323-65-2

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147480016/944-40-65-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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Reference 20: http://www.xbrl.org/2003/role/disclosureRef
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Reference 24: http://www.xbrl.org/2003/role/disclosureRef
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Reference 25: http://www.xbrl.org/2003/role/disclosureRef
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Reference 26: http://www.xbrl.org/2003/role/disclosureRef
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Reference 27: http://www.xbrl.org/2003/role/disclosureRef
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Reference 28: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480175/815-40-65-1

+ Details

Stock-Based Compensation

9 Months Ended

Oct. 27, 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 $1.0 million and $3.4 million for the three and nine months ended October 27, 2024, 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 27, 2024 is as follows:


		Weighted
		average
		fair value
	Shares	per share
Outstanding at January 28, 2024	1,367,270	$	8.77
Granted	1,099,121		4.62
Vested	(538,093)		8.96
Forfeited	(239,402)		6.67
Outstanding at October 27, 2024	1,688,896	$	6.03

At October 27, 2024, the Company had unrecognized compensation expense of $6.8 million related to the restricted stock awards, which is expected to be recognized over a weighted average period of 2.6 years.

Property and Equipment (Tables)

9 Months Ended

Oct. 27, 2024

Property and Equipment [Abstract]

Schedule of Property and Equipment


	October 27, 2024		January 28, 2024
(in thousands)
Land and land improvements	$	4,486	$	4,486
Leasehold improvements		57,658		56,850
Buildings		36,272		36,191
Vehicles		84		121
Warehouse equipment		66,255		66,481
Office equipment and furniture		54,446		54,294
Computer equipment		9,628		11,142
Software		39,817		39,923
		268,646		269,488
Accumulated depreciation and amortization		(153,765)		(140,551)
		114,881		128,937
Construction in progress		2,060		3,781
Property and equipment, net	$	116,941	$	132,718

Loss Per Share (Narrative) (Details) - shares shares in Millions	3 Months Ended		9 Months Ended
	Oct. 27, 2024	Oct. 29, 2023	Oct. 27, 2024	Oct. 29, 2023
Loss Per Share [Abstract]
Anti-dilutive securities excluded from computation of loss per share amount	(0.3)	(0.1)	(0.0)	(0.5)

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Oct. 27, 2024	Jan. 28, 2024
Inventory reserves	$ 1,558	$ 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	265,000	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	32,072,000	31,178,000
Common stock, shares outstanding	31,807,000	31,023,000

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Oct. 27, 2024	Jan. 28, 2024
Current Assets:
Cash and cash equivalents	$ 9,335	$ 32,157
Receivables	4,396	5,955
Income tax receivable	138	617
Inventory, less reserves of $1,558 and $1,361, respectively	231,430	125,757
Prepaid expenses & other current assets	18,991	16,488
Total current assets	264,290	180,974
Property and equipment, net	116,941	132,718
Operating lease right-of-use assets	101,784	121,430
Finance lease right-of-use assets, net	33,802	40,315
Available-for-sale security	4,840	4,986
Other assets, net	11,442	9,020
Deferred tax assets		1,010
Total assets	533,099	490,453
Current liabilities:
Trade accounts payable	104,546	51,122
Accrued expenses and other current liabilities	36,252	30,930
Current portion of operating lease liabilities	15,439	16,401
Current portion of finance lease liabilities	2,502	3,149
Duluth line of credit	44,000
Current maturities of TRI long-term debt	909	847
Total current liabilities	203,648	102,449
Operating lease liabilities, less current maturities	88,441	106,413
Finance lease liabilities, less current maturities	31,272	34,276
TRI long-term debt, less current maturities	24,510	25,141
Deferred tax liabilities	123
Total liabilities	347,994	268,279
Shareholders’ equity:
Preferred stock, no par value; 10,000 shares authorized; no shares issued or outstanding as of October 27, 2024 and January 28, 2024
Treasury stock, at cost; 265 and 155 shares as of October 27, 2024 and January 28, 2024, respectively	(2,331)	(1,738)
Capital stock	107,224	103,579
Retained earnings	83,660	123,816
Accumulated other comprehensive loss	(426)	(427)
Total shareholders' equity of Duluth Holdings Inc.	188,127	225,230
Noncontrolling interest	(3,022)	(3,056)
Total shareholders' equity	185,105	222,174
Total liabilities and shareholders' equity	533,099	490,453
Class A Common Stock [Member]
Shareholders’ equity:
Common stock
Class B Common Stock [Member]
Shareholders’ equity:
Common stock

Income Taxes

9 Months Ended

Oct. 27, 2024

Income Taxes [Abstract]

Income Taxes

11. INCOME TAXES

The Company’s provision for income taxes during the interim reporting periods has historically been calculated by applying an estimate of the annual effective tax rate for the full year to “ordinary” income or loss (pre-tax income or loss excluding unusual or infrequently occurring discrete items) for the reporting period. The effective tax rate related to controlling interest was (4.2%) and 23% for the nine months ended October 27, 2024 and October 29, 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 tax. The effective tax rate fluctuated significantly year over year primarily as a result of the Company recording a valuation allowance on its deferred tax assets as of October 27, 2024.

The Company regularly assesses the realizability of deferred tax assets and under the asset and liability method prescribed under ASC 740, Income Taxes, the Company recognizes deferred tax assets and liabilities for the future tax consequences attributable to differences between financial statement carrying amounts of assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be realized or settled. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income in the period that includes the enactment date. The realizability of deferred tax assets is assessed throughout the year and a valuation allowance is recorded, if necessary, to reduce net deferred tax assets to the amount more likely than not to be realized. The Company considers all available evidence, both positive and negative, to determine the realizability of deferred tax assets and includes historical information about results of operations for the current and preceding years as well as more subjective information about future years. In conducting this assessment, a significant piece of objective negative evidence evaluated by management was a cumulative loss over the most recent 36-month period ended October 27, 2024, which was not outweighed by available positive evidence and which limited the Company’s ability to give weight to projections of future growth for purposes of this assessment. Accordingly, as of October 27, 2024, a valuation allowance of $10.1 million was provided against the net amount of deferred tax assets. The amount of the deferred tax assets considered realizable, however, could be adjusted if estimates of future taxable income during the carryforward period are increased or if objective negative evidence in the form of cumulative losses is no longer present and additional weight is given to subjective evidence such as our projections for growth. As of January 28, 2024, there was no valuation allowance for deferred tax assets.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

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-URI https://asc.fasb.org/1943274/2147482603/740-30-50-2

+ Details

Stock-Based Compensation (Summary of Activity in Unvested Restricted Stock) (Details) - Unvested Restricted Stock [Member]	9 Months Ended
	Oct. 27, 2024 $ / shares shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Beginning balance, shares \| shares	1,367,270
Granted \| shares	1,099,121
Vested \| shares	(538,093)
Forfeited \| shares	(239,402)
Ending balance, shares \| shares	1,688,896
Weighted average fair value per share, beginning balance \| $ / shares	$ 8.77
Weighted average fair value per share, Granted \| $ / shares	4.62
Weighted average fair value per share, Vested \| $ / shares	8.96
Weighted average fair value per share, Forfeited \| $ / shares	6.67
Weighted average fair value per share, ending balance \| $ / shares	$ 6.03

Fair Value (Tables)

9 Months Ended

Oct. 27, 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


	October 27, 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	$	5,409	$	—	$	(569)	$	4,840


	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	$	214	$	174
After one year through five years		1,408		1,204
After five years through ten years		2,102		1,899
After ten years		1,685		1,563
Total	$	5,409	$	4,840

Carrying Values and Fair Values of Other Financial Instruments in Consolidated Balance Sheets


	October 27, 2024				January 28, 2024
		Carrying Amount		Fair Value		Carrying Amount		Fair Value
(in thousands)
TRI Long-term debt, including short-term portion	$	25,419	$	22,957	$	25,988	$	23,554

Debt and Credit Agreement (Schedule of Debt) (Details) - USD ($) $ in Thousands	Oct. 27, 2024	Jan. 28, 2024
TRI Long-term Debt [Member]
Debt Instrument [Line Items]
Debt	$ 25,419	$ 25,988
Less: current maturities	909	847
Long-term debt	24,510	25,141
TRI Senior Secured Note [Member] \| TRI Long-term Debt [Member]
Debt Instrument [Line Items]
Debt	21,919	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	44,000
Less: current maturities	44,000
Long-term debt

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

- Definition

Amount, after deduction of unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

+ References + Details

Debt and Credit Agreement (Tables)

9 Months Ended

Oct. 27, 2024

Debt and Credit Agreement [Abstract]

Schedule of Debt


	October 27, 2024		January 28, 2024
(in thousands)
TRI Senior Secured Note	$	21,919	$	22,488
TRI Note		3,500		3,500
	$	25,419	$	25,988
Less: current maturities		909		847
TRI long-term debt	$	24,510	$	25,141

Duluth Line of credit	$	44,000	$	—
Less: current maturities		44,000		—
Duluth long-term debt	$	—	$	—

Property and Equipment (Schedule of Property and Equipment) (Details) - USD ($) $ in Thousands	Oct. 27, 2024	Jan. 28, 2024
Property, Plant and Equipment [Line Items]
Property and equipment	$ 268,646	$ 269,488
Accumulated depreciation and amortization	(153,765)	(140,551)
Property and equipment net excluding construction in progress	114,881	128,937
Construction in progress	2,060	3,781
Property and equipment, net	116,941	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	57,658	56,850
Buildings [Member]
Property, Plant and Equipment [Line Items]
Property and equipment	36,272	36,191
Vehicles [Member]
Property, Plant and Equipment [Line Items]
Property and equipment	84	121
Warehouse Equipment [Member]
Property, Plant and Equipment [Line Items]
Property and equipment	66,255	66,481
Office Equipment and Furniture [Member]
Property, Plant and Equipment [Line Items]
Property and equipment	54,446	54,294
Computer Equipment [Member]
Property, Plant and Equipment [Line Items]
Property and equipment	9,628	11,142
Software [Member]
Property, Plant and Equipment [Line Items]
Property and equipment	$ 39,817	$ 39,923

Income Taxes (Narrative) (Details) - USD ($)	9 Months Ended
Income Taxes (Narrative) (Details) - USD ($)	Oct. 27, 2024	Oct. 29, 2023	Jan. 28, 2024
Income Taxes [Abstract]
Effective tax rate related to controlling interest	(4.20%)	23.00%
Deferred tax assets, valuation allowance	$ 10,100,000		$ 0

Restructuring

9 Months Ended

Oct. 27, 2024

Restructuring [Abstract]

Restructuring

12. RESTRUCTURING

As part of the Company’s in-depth review of the retail portfolio strategy, fulfillment center network, and benchmarking to identify structural opportunities to improve operating margin, working capital, and asset efficiency, the Company began phase two of its fulfillment center network plan to maximize productivity and capacity. This was initiated in the second quarter of 2024 and is expected to continue beyond this fiscal year as we implement further structural changes.

On July 12, 2024, as a result of the phase two analysis of the fulfillment center network, the Company voluntarily entered into a lease amendment for one of its legacy fulfillment center leases in Dubuque, Iowa. The amended lease accelerated the lease expiration date from September 30, 2030 to October 27, 2024. The amended lease requires Duluth to pay an aggregate of $3.7 million (the “Termination Penalty”) in consideration of accelerating the lease termination date, which will be paid in four equal quarterly installments from October 2024 through August 2025. The Company amortized the loss from the Termination Penalty, as well as the net loss from writing off the right-of-use asset and lease liability over the modified remaining lease term. In addition, the Company accelerated the depreciation of the non-transferrable fixed assets to have no remaining net book value as of the modified lease expiration date.

During the three and nine months ended October 27, 2024, the Company recognized restructuring charges of $6.2 million and $7.7 million, respectively.


	Three Months Ended		Nine Months Ended
	October 27, 2024		October 27, 2024
(in thousands)
Early contract termination expense	$	2,759	$	3,679
Lease remeasurement expense		1,596		1,889
Accelerated depreciation expense		766		1,149
Employee termination benefit expense		370		370
Other restructuring expense		661		661
Total restructuring expenses	$	6,152	$	7,748

Fair Value (Carrying Values and Fair Values of Other Financial Instruments in Consolidated Balance Sheets) (Details) - TRI Debt [Member] - USD ($) $ in Thousands	Oct. 27, 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	$ 25,419	$ 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	$ 22,957	$ 23,554

- Definition

Fair value portion of debt instrument payable, including, but not limited to, notes payable and loans payable.

+ References

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-Section 50
-Paragraph 2E
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+ Details

- Definition

Amount, after deduction of unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

+ References + Details

Restructuring (Schedule Of Restructuring Cost) (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Oct. 27, 2024	Oct. 27, 2024
Restructuring [Abstract]
Early contract termination expense	$ 2,759	$ 3,679
Lease remeasurement expense	1,596	1,889
Accelerated depreciation expense	766	1,149
Employee termination benefit expense	370	370
Other restructuring expense	661	661
Total restructuring expenses	$ 6,152	$ 7,748

Accrued Expenses and Other Current Liabilities (Tables)

9 Months Ended

Oct. 27, 2024

Accrued Expenses and Other Current Liabilities [Abstract]

Schedule of Accrued Expenses and Other Current Liabilities


	October 27, 2024		January 28, 2024
(in thousands)
Salaries and benefits	$	4,714	$	2,692
Deferred revenue		7,155		9,579
Freight		2,980		4,001
Product returns		4,550		5,541
Unpaid purchases of property & equipment		1,852		765
Accrued advertising		5,628		1,129
Other		9,373		7,223
Total accrued expenses and other current liabilities	$	36,252	$	30,930

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Oct. 27, 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

Variable Interest Entity (Narrative) (Details) $ in Millions	9 Months Ended
	Oct. 27, 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

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Revenue (Tables)

9 Months Ended

Oct. 27, 2024

Revenue [Abstract]

Sales Disaggregated Based Upon Sales Channel


	Three Months Ended				Nine Months Ended
	October 27, 2024		October 29, 2023		October 27, 2024		October 29, 2023
(in thousands)
Direct-to-consumer	$	79,833	$	87,015	$	246,961	$	253,362
Stores		47,223		51,195		138,398		147,706
	$	127,056	$	138,210	$	385,359	$	401,068

Contract Assets and Liabilities on Consolidated Balance Sheets


	October 27, 2024		January 28, 2024
(in thousands)
Contract assets	$	2,146	$	2,778
Contract liabilities	$	7,155	$	9,579

Reconciliation of Contract Liability Related to Gift Cards


	October 27, 2024		October 29, 2023
(in thousands)
Balance as of beginning of period	$	9,579	$	10,249
Gift cards sold		7,144		6,717
Gift cards redeemed		(9,330)		(9,055)
Gift card breakage		(238)		(260)
Balance as of end of period	$	7,155	$	7,651

Condensed Consolidated Statements of Comprehensive (Loss) Income - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Oct. 27, 2024	Oct. 29, 2023	Oct. 27, 2024	Oct. 29, 2023
Condensed Consolidated Statements of Comprehensive (Loss) Income [Abstract]
Net loss	$ (28,524)	$ (10,474)	$ (40,122)	$ (16,363)
Other comprehensive loss
Securities available-for sale: Unrealized security gain (loss) arising during the period	13	(342)	1	(539)
Securities available-for sale: Income tax expense (benefit)	3	(84)		(134)
Other comprehensive income (loss)	10	(258)	1	(405)
Comprehensive loss	(28,514)	(10,732)	(40,121)	(16,768)
Comprehensive income (loss) attributable to noncontrolling interest	15	(8)	34	(24)
Comprehensive loss attributable to controlling interest	$ (28,529)	$ (10,724)	$ (40,155)	$ (16,744)

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income, attributable to parent entity. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income (loss) and other comprehensive income (loss), attributable to noncontrolling interests. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References

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+ Details

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

- Definition

Amount after tax and reclassification adjustments of other comprehensive income (loss).

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Amount of tax expense (benefit) allocated to other comprehensive income (loss).

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The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.

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+ Details

Accrued Expenses and Other Current Liabilities (Schedule of Accrued Expenses and Other Current Liabilities) (Details) - USD ($) $ in Thousands	Oct. 27, 2024	Jan. 28, 2024
Accrued Expenses and Other Current Liabilities [Abstract]
Salaries and benefits	$ 4,714	$ 2,692
Deferred revenue	7,155	9,579
Freight	2,980	4,001
Product returns	4,550	5,541
Unpaid purchases of property & equipment	1,852	765
Accrued advertising	5,628	1,129
Other	9,373	7,223
Total accrued expenses and other current liabilities	$ 36,252	$ 30,930

Contingencies (Narrative) (Details) $ in Millions	Oct. 27, 2024 USD ($)
Contingencies [Abstract]
Sales tax expense	$ 2.4

Debt and Credit Agreement (Narrative) (Details) - USD ($) $ in Millions		9 Months Ended
	May 14, 2021	Oct. 27, 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	$ 150.0
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	5.0
New Credit Agreement [Member] \| Swing Line Loans [Member]
Debt Instrument [Line Items]
Line of credit facility maximum borrowing capacity	$ 10.0
First Amendment [Member] \| Revolving Senior Credit Facility [Member]
Debt Instrument [Line Items]
Line of credit facility maximum borrowing capacity		$ 200.0
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	2.00%
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	1.00%

Nature of Operations and Basis of Presentation (Narrative) (Details) $ in Thousands	9 Months Ended
	Oct. 27, 2024 USD ($) segment item	Jan. 28, 2024 USD ($)
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.
Inventory reserves \| $	$ 1,558	$ 1,361
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

Fair Value (Future Principal Receipts Related to Available-For-Sale Security by Contractual Maturity) (Details) $ in Thousands	Oct. 27, 2024 USD ($)
Fair Value [Abstract]
Amortized Cost, Within one year	$ 214
Amortized Cost, After one year through five years	1,408
Amortized Cost, After five years through ten years	2,102
Amortized Cost, After ten years	1,685
Amortized Cost, Total	5,409
Estimated Fair Value, Within one year	174
Estimated Fair Value, After one year through five years	1,204
Estimated Fair Value, After five years through ten years	1,899
Estimated Fair Value, After ten years	1,563
Estimated Fair Value, Total	$ 4,840

Stock-Based Compensation (Narrative) (Details) - Unvested Restricted Stock [Member] $ in Millions	3 Months Ended	9 Months Ended
	Oct. 27, 2024 USD ($)	Oct. 27, 2024 USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock compensation expense	$ 1.0	$ 3.4
Unrecognized compensation expense	$ 6.8	$ 6.8
Unrecognized compensation expense, weighted average recognition period		2 years 7 months 6 days

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

Variable Interest Entity

9 Months Ended

Oct. 27, 2024

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 VIE as of October 27, 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 October 27, 2024 and January 28, 2024:


	October 27, 2024		January 28, 2024
(in thousands)
Cash	$	27	$	17
Property and equipment, net		22,476		22,941
Total assets	$	22,503	$	22,958

Other current liabilities	$	106	$	26
Current maturities of long-term debt		909		847
TRI long-term debt		24,510		25,141
Noncontrolling interest in VIE		(3,022)		(3,056)
Total liabilities and shareholders' equity	$	22,503	$	22,958

Property and Equipment

9 Months Ended

Oct. 27, 2024

Property and Equipment [Abstract]

Property and Equipment

9. PROPERTY AND EQUIPMENT

Property and equipment consist of the following:


	October 27, 2024		January 28, 2024
(in thousands)
Land and land improvements	$	4,486	$	4,486
Leasehold improvements		57,658		56,850
Buildings		36,272		36,191
Vehicles		84		121
Warehouse equipment		66,255		66,481
Office equipment and furniture		54,446		54,294
Computer equipment		9,628		11,142
Software		39,817		39,923
		268,646		269,488
Accumulated depreciation and amortization		(153,765)		(140,551)
		114,881		128,937
Construction in progress		2,060		3,781
Property and equipment, net	$	116,941	$	132,718

Loss Per Share

9 Months Ended

Oct. 27, 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				Nine Months Ended
	October 27, 2024		October 29, 2023		October 27, 2024		October 29, 2023
(in thousands, except per share data)
Numerator - net loss attributable to ‎controlling interest	$	(28,539)	$	(10,466)	$	(40,156)	$	(16,339)
Denominator - weighted average shares ‎ (Class A and Class B)
Basic		33,448		32,987		33,314		32,937
Dilutive shares		—		—		—		—
Diluted		33,448		32,987		33,314		32,937
Loss per share (Class A and Class B)
Basic	$	(0.85)	$	(0.32)	$	(1.21)	$	(0.50)
Diluted	$	(0.85)	$	(0.32)	$	(1.21)	$	(0.50)

The computation of diluted loss per share excluded (0.3) million and 0.1 million of unvested restricted stock for the three months ended October 27, 2024 and October 29, 2023, because their inclusion would be anti-dilutive due to a net loss.

The computation of diluted loss per share excluded 0.0 million and 0.5 million of unvested restricted stock for the nine months ended October 27, 2024 and October 29, 2023, because their inclusion would be anti-dilutive due to a net loss.

Leases (Expense Components Leases Reflected Consolidated Statement of Operations) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Oct. 27, 2024	Oct. 29, 2023	Oct. 27, 2024	Oct. 29, 2023
Leases [Abstract]
Finance lease expense: Amortization of right-of-use assets	$ 722	$ 840	$ 2,374	$ 2,520
Finance lease expense: Interest on lease liabilities	382	423	1,189	1,292
Total finance lease expense	1,104	1,263	3,563	3,812
Operating lease expense	6,921	5,074	17,516	15,175
Amortization of build-to-suit leases capital contribution	321	321	963	963
Variable lease expense	3,091	2,685	9,052	8,158
Total lease expense	$ 11,437	$ 9,343	$ 31,094	$ 28,108

Fair Value (Narrative) (Details) - USD ($)	3 Months Ended
Fair Value (Narrative) (Details) - USD ($)	Oct. 27, 2024	Oct. 29, 2023
Fair Value [Abstract]
Other than temporary impairment on available for sale securities	$ 0	$ 0

Leases (Tables)

9 Months Ended

Oct. 27, 2024

Leases [Abstract]

Expense Components Leases Reflected Consolidated Statement of Operations


	Consolidated Statement	Three Months Ended				Nine Months Ended
	of Operations	October 27, 2024		October 29, 2023		October 27, 2024		October 29, 2023
(in thousands)
Finance lease expenses
Amortization of right-of-use ‎assets	Selling, general and ‎administrative expenses	$	722	$	840	$	2,374	$	2,520
Interest on lease liabilities	Interest expense		382		423		1,189		1,292
Total finance lease expense		$	1,104	$	1,263	$	3,563	$	3,812
Operating lease expense	Selling, general and ‎administrative expenses	$	6,921	$	5,074	$	17,516	$	15,175
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		3,091		2,685		9,052		8,158
Total lease expense		$	11,437	$	9,343	$	31,094	$	28,108

Other Information Related to Leases


	Nine Months Ended
	October 27, 2024		October 29, 2023
(in thousands)
Cash paid for amounts included in the measurement of lease liabilities:
Financing cash flows from finance leases	$	2,109	$	2,116
Operating cash flows from finance leases	$	1,189	$	1,293
Operating cash flows from operating leases	$	16,092	$	15,562

Right-of-use assets obtained in exchange for lease liabilities:
Operating leases	$	-	$	5,174

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%		4.2%

Future Minimum Lease Payments Under Non-Cancellable Leases


Fiscal year	Finance		Operating
(in thousands)
2024 (remainder of fiscal year)	$	987		4,938
2025		3,972		19,183
2026		3,993		18,465
2027		3,993		17,193
2028		4,017		15,391
Thereafter		25,215		44,696
Total future minimum lease payments	$	42,177	$	119,866
Less – Discount		(8,403)		(15,986)
Lease liability	$	33,774	$	103,880

Nature of Operations and Basis of Presentation

9 Months Ended

Oct. 27, 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

B. Basis of Presentation

C. Inventory

Inventory consists of finished goods stated at the lower of cost or net realizable value, with cost determined using the first-in, first-out valuation method. The Company records an inventory reserve for the anticipated loss associated with selling inventories below cost. Inventory reserve for excess and obsolete items was $1.6 million and $1.4 million as of October 27, 2024 and January 28, 2024, respectively.

D. Prepaid Expenses and Other Assets

Prepaid expenses and other assets consist of the following:


	October 27, 2024		January 28, 2024
(in thousands)
Prepaid expenses & other current assets
Pending returns inventory, net	$	2,146	$	2,778
Current software hosting implementation costs, net		4,636		3,353
Other prepaid expenses		12,209		10,357
Prepaid expenses & other current assets	$	18,991	$	16,488

Other assets, net
Goodwill	$	402	$	402
Intangible assets, net		419		436
Non-current software hosting implementation costs		9,273		6,705
Other assets, net		1,348		1,477
Other assets, net	$	11,442	$	9,020

E. 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.

F. 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.

G. 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.