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November 1, 2015

February 1, 2015

(in thousands)

Interest rate swap

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Document and Entity Information - shares	9 Months Ended
Document and Entity Information - shares	Nov. 01, 2015	Dec. 15, 2015
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Nov. 01, 2015
Document Fiscal Year Focus	2015
Document Fiscal Period Focus	Q3
Entity Registrant Name	DULUTH HOLDINGS INC.
Entity Central Index Key	0001649744
Current Fiscal Year End Date	--01-31
Entity Filer Category	Non-accelerated Filer
Class A common stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		3,364,200
Class B common stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		28,951,742

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Nov. 01, 2015	Feb. 01, 2015
Current assets:
Cash	$ 209	$ 7,881
Accounts receivable	54	17
Other receivables	576	74
Inventory, less reserve for excess and obsolete items of $1,559 and $1,290, respectively	72,993	41,363
Prepaid expenses	4,068	2,716
Deferred catalog costs	3,040	1,300
Total current assets	80,940	53,351
Property and equipment, net	21,554	16,880
Goodwill	402	402
Other assets, net	329	316
Total assets	103,225	70,949
Current liabilities:
Trade accounts payable	21,456	14,199
Line of credit		600
Bank overdrafts	88
Current maturities of long-term debt	726	828
Accrued expenses: Salaries and benefits	869	3,429
Accrued expenses: Deferred revenue	4,615	4,029
Accrued expenses: Freight	1,304	1,912
Accrued expenses: Product returns	892	961
Accrued expenses: Other	2,442	1,679
Total current liabilities	32,392	27,637
Long-term line of credit	30,293
Long-term debt, less current maturities	4,367	4,255
Deferred rent obligations, less current maturities	930	795
Total liabilities	67,982	32,687
Commitments and contingencies
Stockholders’ equity:
Preferred stock, no par value; 10,000 shares authorized; no shares issued or outstanding as of November 1, 2015 and February 1, 2015	0	0
Capital stock	1,301	802
Retained earnings	32,253	36,025
Accumulated other comprehensive loss	(34)	(45)
Total shareholders' equity of Duluth Holdings Inc.	33,520	36,782
Noncontrolling interest	1,723	1,480
Total shareholders' equity	35,243	38,262
Total liabilities and shareholders' equity	103,225	70,949
Class A common stock
Stockholders’ equity:
Common stock	0	0
Class B common stock
Stockholders’ equity:
Common stock	$ 0	$ 0

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Nov. 01, 2015	Feb. 01, 2015
Reserve for excess and obsolete items	$ 1,559	$ 1,290
Preferred stock, par value	$ 0	$ 0
Preferred stock, shares authorized	10,000,000	10,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Class A common stock
Common stock, par value	$ 0	$ 0
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
Common stock, par value	$ 0	$ 0
Common stock, shares authorized	200,000,000	200,000,000
Common stock, shares issued	21,262,000	20,436,000
Common stock, shares outstanding	21,262,000	20,436,000

Condensed Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Nov. 01, 2015	Nov. 02, 2014	Nov. 01, 2015	Nov. 02, 2014
Net sales	$ 55,296	$ 42,566	$ 163,780	$ 121,736
Cost of goods sold	23,692	18,628	69,051	52,045
Gross profit	31,604	23,938	94,729	69,691
Selling, general and administrative expenses	29,958	20,830	84,574	59,676
Operating income	1,646	3,108	10,155	10,015
Interest expense	114	132	226	259
Other income, net	44	42	119	117
Income before income taxes	1,576	3,018	10,048	9,873
Net Income	1,576	3,018	10,048	9,873
Less: Net income attributable to noncontrolling interest	67	24	149	125
Net income attributable to controlling interest	$ 1,509	$ 2,994	$ 9,899	$ 9,748
Weighted average shares of common stock outstanding, Basic	23,815	23,815	23,815	23,815
Net income per share attributable to controlling interest, Basic	$ 0.06	$ 0.13	$ 0.42	$ 0.41
Weighted average diluted shares outstanding, Diluted	24,026	23,949	24,289	23,997
Net income per share attributable to controlling interest, Diluted	$ 0.06	$ 0.13	$ 0.41	$ 0.41
Pro Forma [Member]
Income before income taxes	$ 1,509	$ 2,994	$ 9,899	$ 9,748
Income tax expense	604	1,198	3,960	3,899
Net income attributable to controlling interest	$ 905	$ 1,796	$ 5,939	$ 5,849
Net income per share attributable to controlling interest, Basic	$ 0.04	$ 0.08	$ 0.25	$ 0.25
Net income per share attributable to controlling interest, Diluted	$ 0.04	$ 0.08	$ 0.24	$ 0.24

Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Nov. 01, 2015	Nov. 02, 2014	Nov. 01, 2015	Nov. 02, 2014
Condensed Consolidated Statements of Comprehensive Income [Abstract]
Net income	$ 1,576	$ 3,018	$ 10,048	$ 9,873
Other comprehensive income
Change in value of interest rate swap agreement	1	6	11	20
Comprehensive income	1,577	3,024	10,059	9,893
Comprehensive income attributable to noncontrolling interest	67	24	149	183
Comprehensive income attributable to controlling interest	$ 1,510	$ 3,000	$ 9,910	$ 9,710

Condensed Consolidated Statement of Shareholders’ Equity - 9 months ended Nov. 01, 2015 - USD ($) shares in Thousands, $ in Thousands	Capital stock [Member]	Retained earnings [Member]	Accumulated other comprehensive loss [Member]	Noncontrolling interest in variable interest entities [Member]	Total
Beginning Balance at Feb. 01, 2015	$ 802	$ 36,025	$ (45)	$ 1,480	$ 38,262
Beginning balance (in shares) at Feb. 01, 2015	24,062
Issuance of common stock, shares	564
Amortization of stock-based compensation	$ 499				499
Capital contributions				344	344
Distributions		(13,671)		(250)	(13,921)
Net income		9,899		149	10,048
Other comprehensive income from change in value of interest rate swap agreement			11		11
Ending balance (in share) at Nov. 01, 2015	24,626
Ending balance at Nov. 01, 2015	$ 1,301	$ 32,253	$ (34)	$ 1,723	$ 35,243

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Nov. 01, 2015	Nov. 02, 2014
Cash flows from operating activities:
Net income	$ 10,048	$ 9,873
Adjustments to reconcile net income to net cash provided
Depreciation and amortization	1,998	1,287
Amortization of stock-based compensation	499	53
Loss on disposal of property and equipment		4
Changes in operating assets and liabilities:
Accounts receivable	(37)	(8)
Other receivables	(654)	(139)
Inventory	(31,187)	(26,254)
Prepaid expense	(1,248)	(519)
Deferred catalog costs	311	(1,014)
Trade accounts payable	4,915	2,421
Accrued expenses and deferred rent obligations	(1,910)	(368)
Net cash used in operating activities	(17,265)	(14,664)
Cash flows from investing activities:
Purchase of property and equipment	(6,553)	(5,125)
Purchases of other assets	(58)	(44)
Deconsolidation of Schlecht Enterprises, LLC		(1,773)
Net cash used in investing activities	(6,611)	(6,942)
Cash flows from financing activities:
Proceeds from line of credit	64,058	51,262
Payments on line of credit	(34,365)	(25,658)
Proceeds from long term debt	800	632
Payments on long term debt	(534)	(868)
Payments on capital lease obligations	(256)	(32)
Change in bank overdrafts	88	856
Distributions to shareholders	(13,671)	(11,724)
Distributions to holders of noncontrolling interest in variable interest entities	(250)	(60)
Capital contributions to variable interest entities	344	50
Other	(10)
Net cash provided by financing activities	16,204	14,458
Decrease in cash	(7,672)	(7,148)
Cash at beginning of period	7,881	7,500
Cash at end of period	209	352
Supplemental disclosure of cash flow information
Interest paid	$ 156	$ 258

Nature of Operations and Basis of Presentation	9 Months Ended
Nature of Operations and Basis of Presentation	Nov. 01, 2015
Nature of Operations and Basis of Presentation [Abstract]
Nature of Operations and Basis of Presentation	1 NATURE OF OPERATIONS AND BASIS OF PRESENTATION A. Nature of Operations Duluth Holdings Inc., (“Duluth Trading” or the “Company”) a Wisconsin corporation, is a lifestyle brand of men’s and women’s casual wear, workwear and accessories sold exclusively through the Company’s own direct and retail channels. The direct segment, consisting of the Company’s website and catalogs, offers products nationwide. In 2010, the Company added retail to its omni-channel platform with the opening of its first store. Since then, Duluth Trading has expanded its retail presence, and as of November 1, 2015, the Company operated six retail stores and two outlet stores across Minnesota, Iowa and Wisconsin. The Company’s products are marketed under the Duluth Trading Company brand, with the majority being exclusively developed and sold as Duluth Trading branded merchandise. 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.” On November 25, 2015, the Company converted from an “S” corporation to a “C” corporation for federal income tax purposes under Section 1362 of the Internal Revenue Code, as amended (the “Code”), and the Company completed its initial public offering (“IPO”). See Note 12 “Subsequent Events,” for more information. B. Basis of Presentation The condensed consolidated financial statements are prepared in accordance with U.S. Generally Accepted Accounting Principles (“U.S. GAAP”). All intercompany balances and transactions have been eliminated. The Company’s fiscal year ends on the Sunday nearest to January 31 of the following year. Fiscal 2015 is a 52-week period and ends on January 31, 2016. Fiscal 2014 was a 52-week period and ended on February 1, 2015. The three and nine months of fiscal 2015 and fiscal 2014 represent the Company’s 13 and 39-week periods ended November 1, 2015 and November 2, 2014, respectively. The accompanying condensed consolidated financial statements as of and for the three and nine months ended November 1, 2015 and November 2, 2014 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 note 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 November 1, 2015 and November 2, 2014. These interim condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes included in the Company’s Registration Statement on Form S-1, as amended (Registration No. 333-207300) (“Form S-1”), which was declared effective by the SEC on November 19, 2015. C. Seasonality of Business The Company’s business is affected by the pattern of seasonality common to most retail apparel businesses. Historically, the Company has recognized a significant portion of its revenue and operating profit in the fourth fiscal quarter of each year as a result of increased sales during the holiday season. D. Unaudited Pro Forma Net Income Information The unaudited pro forma net income information gives effect to the conversion of the Company to a “C” corporation on November 25, 2015. Prior to such conversion, the Company was an “S” corporation and generally not subject to income taxes. The pro forma net income, therefore, includes an adjustment for income tax expense on the income attributable to controlling interest as if the Company had been a “C” corporation as of February 4, 2013 at an assumed combined federal, state and local effective tax rate of 40%, which approximates the calculated statutory rate for each period. No pro forma income tax expense was calculated on the income attributable to noncontrolling interest because this entity did not convert to a “C” corporation. The unaudited pro forma basic and diluted net income per share of Class A and Class B common stock is computed using the unaudited pro forma net income, as discussed above.

Summary of Significant Accounting Policies

9 Months Ended

Nov. 01, 2015

Summary of Significant Accounting Policies [Abstract]

Summary of Significant Accounting Policies

2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Information regarding significant accounting policies is contained in Note B, “Summary of Significant Accounting Policies,” of the consolidated financial statements of the Company’s Form S-1. Presented below in the following note is supplemental information that should be read in conjunction with the “Notes to Consolidated Financial Statements” included in the Form S-1.

A. Principles of Consolidation

The accompanying unaudited condensed consolidated financial statements include the accounts of the parent, Duluth Holdings Inc., and its wholly-owned subsidiary, Duluth Trading Company, LLC. The Company also consolidates Schlecht Retail Ventures LLC (“SRV”) as a variable interest entity (see Note 6 “Variable Interest Entities”). Prior to May 21, 2014, the Company consolidated Schlecht Enterprises, LLC (“SE”) as a variable interest entity. Effective May 21, 2014, SE was no longer considered a variable interest entity and was not consolidated after that date.

B. Use of Estimates

The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

C. Revenue Recognition

The Company recognizes revenue when the following four criteria are met:

persuasive evidence of an arrangement exists;

title has passed to the customer;

the sales price is fixed and determinable and no further obligation exists; and

collectability is reasonably assured.

These criteria are met upon customer receipt of the product (for direct sales) or at the point of sale (for retail store transactions). At the time of revenue recognition, the Company provides for estimated costs that may be incurred for product warranties and sales returns. A liability is recognized at the time a gift card is sold, and revenue is recognized at the time the gift card is redeemed for merchandise.

D. Deferred Catalog and Advertising Expenses

The Company’s direct-response advertising consists of producing, printing and mailing catalogs, which are capitalized as deferred catalog costs and amortized over the expected term of the related revenue stream (generally three to five months from the date catalogs are mailed). The Company’s non-direct response advertising costs are expensed as they are incurred. Non-direct response advertising costs primarily consist of billboards, web marketing programs, and radio and television advertisements.

Catalog and advertising expenses were $12.9 million and $37.0 million for the three and nine months ended November 1, 2015, respectively, and $8.8 million and $27.0 million for the three and nine months ended November 2, 2014, respectively.

E. Shipping and Processing

Shipping and processing revenue generated from customer orders has been classified as a component of net sales. Shipping and processing expense, including handling expense, for the Company’s direct business, has been classified as a component of selling, general and administrative expenses. The Company incurred shipping and processing expenses of $3.4 million and $10.7 million for the three and nine months ended November 1, 2015, respectively, and $2.6 million and $8.0 million for the three and nine months ended November 2, 2014, respectively.

F. Income Taxes

For federal and state income tax purposes, the Company and its shareholders have elected to be treated as an “S” corporation in accordance with the provisions of Subchapter S of the Code. SE and SRV are limited liability companies. Therefore, the Company’s, SE’s and SRV’s taxable income or loss is included in the individual income tax returns of the shareholders and members, as applicable, for both federal and state income tax purposes. Accordingly, no provision has been made for federal or state income taxes in the condensed consolidated financial statements.

ASC 740, Income Taxes, provides guidance related to the accounting for uncertainty in income taxes and establishes the criteria that an individual tax position has to meet for some or all of the benefits of that position to be recognized in the Company’s financial statements. The Company has assessed whether there remains any income tax expense related to its tax positions. The Company does not believe there is any uncertainty with respect to its tax positions that would result in a material change to the condensed consolidated financial statements. The Company recognizes penalties and interest related to uncertain tax positions as income tax expense. There were no amounts recorded as tax expense for interest or penalties for both the three and nine months ended November 1, 2015 and November 2, 2014.

As discussed in Note 1 “Nature of Operations and Basis of Presentation,” and Note 12 “Subsequent Events,” on November 25, 2015, the Company terminated its “S” corporation status and became a “C” corporation.

Debt and Lines of Credit

9 Months Ended

Nov. 01, 2015

Debt and Lines of Credit [Abstract]

Debt

3 DEBT AND LINES OF CREDIT

Debt consists of the following:


	November 1, 2015		February 1, 2015
(in thousands)
Mortgage Note due March 2017	$	3,238	$	3,345
Mortgage Note due May 2019		542		590
SRV Mortgage Note due September 2017		777		—
SRV Mortgage Note due August 2016		461		475
SRV Mortgage Note due February 2015		—		342
Capitalized lease obligations		75		331
	$	5,093	$	5,083
Less: current maturities		(726)		(828)
Long-term debt	$	4,367	$	4,255

SE entered into a mortgage note (“Mortgage 2017 Note”) with an original balance of $3.8 million. The Mortgage 2017 Note expires in March 2017 and requires monthly payments of $11,900, plus interest at a rate equal to the one-month LIBOR rate plus 1.75 percentage points (effective rate of 1.9% on November 1, 2015), with a final balloon payment due in March 2017. In May 2014, the Mortgage 2017 Note was assumed by the Company in conjunction with the Company’s acquisition of the related real property from SE (see Note 6 “Variable Interest Entities”). In connection with the Mortgage 2017 Note, the Company entered into an interest rate swap agreement to reduce the impact of changes in the interest rate (see Note 4 “Derivative Financial Instrument”).

During fiscal 2014, the Company entered into a mortgage note (“Mortgage 2019 Note”) with an original balance of $0.6 million. The Mortgage 2019 Note expires in May 2019 and requires monthly payments of $5,300 plus interest at 4%, with a final balloon payment due in May 2019.

The Mortgage 2017 Note and Mortgage 2019 Note are secured by a commercial guaranty from the Company and collateralized by the existing real property owned by the Company in Belleville, Wisconsin. The Mortgage 2017 Note and the Mortgage 2019 Note require that the Company maintain certain financial and non-financial covenants, including a minimum tangible net worth and a minimum trailing twelve month EBITDA.

Schlecht Retail Ventures LLC

SRV entered into a mortgage note (“SRV 2017 Note”) with an original balance of $0.8 million. The SRV 2017 Note expires in September 2017 and requires monthly payments of $3,300 plus interest at 3.1%, with a final balloon payment due in September 2017.

SRV entered into a mortgage note (“SRV 2016 Note”) with an original balance of $0.5 million. The SRV 2016 Note expires in August 2016 and requires monthly payments of $3,400, including interest at 4.5%, with a final balloon payment due in August 2016.

The SRV 2017 Note and SRV 2016 Note are guaranteed by the Company’s majority shareholder and collateralized by certain real property owned by SRV in Mt. Horeb, Wisconsin. The SRV 2016 Note requires that SRV maintain certain financial and non-financial covenants, including a debt service coverage ratio.

SRV had a mortgage note (“SRV 2015 Note”) with an original balance of $0.4 million due February 2015. The agreement terminated and the SRV 2015 Note was paid in full in February 2015.

Lines of Credit

On July 27, 2015, the Company amended its revolving line of credit from a bank with availability of $40.0 million, subject to certain borrowings base limits, which expires July 2018 and bears interest, payable monthly, at a rate equal to the one-month LIBOR rate plus 1.25 percentage points (effective rate of 1.4% at November 1, 2015). This revolving line of credit requires that the Company maintain certain financial and non-financial covenants, including a minimum tangible net worth and a minimum trailing twelve month EBITDA.

SRV had available a $0.6 million revolving line of credit from a bank which bore interest, payable monthly, at a rate equal to the one-month LIBOR rate plus 1.5 percentage points. SRV had outstanding borrowings of $0.6 million on the revolving line of credit at February 1, 2015. The outstanding balance was paid in full and the agreement terminated in February 2015.

As of November 1, 2015 and for the nine months then ended, the Company was in compliance with all financial and non-financial covenants for all debts discussed above.

Derivative Financial Instrument

9 Months Ended

Nov. 01, 2015

Derivative Financial Instrument [Abstract]

Derivative Financial Instrument

4 DERIVATIVE FINANCIAL INSTRUMENT

The Company uses an interest rate swap to manage its interest rate risk on the Mortgage 2017 Note (see Note 3 “Debt”). The Company does not hold or issue derivative financial instruments for trading purposes. The interest rate swap agreement has a notional principal amount equal to the outstanding balance on the Mortgage 2017 Note and matures in March 2017. The agreement effectively changes the Company’s interest rate exposure on the entire outstanding balance of the mortgage note to a fixed rate of 3%. The interest rate swap is designated as a cash flow hedge and qualifies for hedge accounting treatment using the shortcut method. Under the shortcut method, there are no gains or losses recognized due to hedge ineffectiveness and the change in the fair value of the interest rate swap is assumed to perfectly offset the change in fair value of the hedged debt. As a result, the Company reports changes in the fair value of the interest rate swap as other comprehensive income or loss in the period of change.

The fair value of the interest rate swap agreement is recorded as a liability included in other accrued expenses on the accompanying Condensed Consolidated Balance Sheets as follows:

- Definition

The entire disclosure for derivative instruments and hedging activities including, but not limited to, risk management strategies, non-hedging derivative instruments, assets, liabilities, revenue and expenses, and methodologies and assumptions used in determining the amounts.

+ References

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+ Details

Fair Value of Financial Instruments	9 Months Ended
Fair Value of Financial Instruments	Nov. 01, 2015
Fair Value of Financial Instruments [Abstract]
Fair Value of Financial Instruments	5 FAIR VALUE OF FINANCIAL INSTRUMENTS The Company’s interest rate swap agreement is valued in accordance with ASC 820, Fair Value Measurements. The guidance 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 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 asset’s or liability’s fair value measurement level with the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. The valuation techniques used need to maximize the use of observable inputs and minimize the use of unobservable inputs. Exchange-traded derivatives valued using quoted prices are classified within Level 1 of the fair value hierarchy. However, most derivative contracts are not listed on an exchange and require the use of valuation models. Consistent with the framework, the Company attempts to maximize the use of observable market inputs in its models. When observable inputs are not available, the Company defaults to unobservable inputs. Derivatives valued based on models with significant unobservable inputs that not actively traded (or for which trade activity is one-way) are classified with Level 3 of the fair value hierarchy. The Company obtains fair value information regarding the interest rate swap agreement directly from the counter party. The model is based on observable inputs; therefore, the resulting obligation is classified within Level 2 of the fair value hierarchy at November 1, 2015 and February 1, 2015. The carrying value of cash, accounts receivable, accounts payable and debt approximate fair value. The carrying value of goodwill and intangible assets are tested annually, or more frequently if an event occurs that indicates an impairment loss may have been incurred, using fair value measurements with unobservable inputs (Level 3).

- 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.

+ References + Details

Variable Interest Entities

9 Months Ended

Nov. 01, 2015

Variable Interest Entities [Abstract]

Variable Interest Entities

6 VARIABLE INTEREST ENTITIES

Based upon the criteria set forth in ASC 810, Consolidation, the Company has determined that it was the primary beneficiary of one variable interest entity (“VIE”) as of November 1, 2015 and February 1, 2015, as the Company absorbs significant economics of the entity and has the power to direct the activities that are considered most significant to the entity.

The Company leases certain retail store facilities and office buildings from SRV, a VIE whose primary purpose and activity is to own this real property. SRV is a Wisconsin limited liability company that is owned by the majority shareholder of the Company. The Company considers itself the primary beneficiary for SRV as the Company is expected to receive a majority of SRV’s expected residual returns based on the activity of SRV. As the Company is the primary beneficiary, it consolidates SRV and the leases are eliminated in consolidation.

Through May 21, 2014, the Company leased certain distribution and administrative office facilities from SE, a VIE whose sole purpose and activity was to own this real property. SE is a Wisconsin limited liability company that is owned by the majority shareholder of the Company. Through May 21, 2014, the Company considered itself the primary beneficiary for SE as the Company was expected to receive a majority of SE’s expected residual returns based on the activity of SE. As the Company was the primary beneficiary, it consolidated SE through that date and the lease was eliminated in consolidation. On May 21, 2014, the Company acquired certain real property of SE with a net book value of $3.0 million for total consideration of $5.0 million. The Company assumed SE’s existing mortgage note on the property, which had a carrying value of $3.4 million and paid the remaining consideration of $1.6 million in cash. SE recorded the $2.0 million gain on disposal of these assets as an adjustment to retained earnings. The Company recorded the cost and accumulated depreciation and amortization of the acquired property and loan origination fees at book value and recorded the excess purchase price over net book value as an adjustment to retained earnings. As a result, the consolidated balance sheet was not impacted by this transaction. As a result of the termination of the lease, the Company no longer leases any assets from SE and the Company no longer considers itself the primary beneficiary for SE.

The condensed consolidated balance sheets include the following amounts as a result of the consolidation of SRV as of November 1, 2015 and February 1, 2015:


	November 1, 2015		February 1, 2015
(in thousands)
Cash	$	144	$	61
Other receivables		8		6
Property and equipment, net		2,841		2,852
Other assets, net		12		2
Total assets	$	3,005	$	2,921

Line of credit	$	—	$	600
Other current liabilities		546		24
Long-term debt		736		817
Noncontrolling interest in VIE		1,723		1,480
Total liabilities and shareholders' equity	$	3,005	$	2,921

Earnings Per Share

9 Months Ended

Nov. 01, 2015

Earnings Per Share [Abstract]

Earnings Per Share

7 EARNINGS PER SHARE

Earnings per share is computed under the provisions of ASC 260, Earnings Per Share. Basic earnings per share is based on 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. The weighted average shares used for earnings per share is as follows:


	Three Months Ended				Nine Months Ended
	November 1, 2015		November 2, 2014		November 1, 2015		November 2, 2014
(in thousands)
Basic weighted average shares		23,815		23,815		23,815		23,815
Effect of common stock equivalents		211		134		474		182
Diluted weighted average shares		24,026		23,949		24,289		23,997

Stock-Based Compensation

9 Months Ended

Nov. 01, 2015

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 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 during the three and nine months ended November 1, 2015 was $0.17 million and $0.50 million, respectively. Total stock compensation expense associated with restricted stock recognized by the Company during the three and nine months ended November 2, 2014 was $0.02 million and $0.05 million, respectively.

A summary of the activity in the Company’s non-vested restricted stock during the nine months ended November 1, 2015 is as follows:


		Weighted
		average
		fair value
	Shares	per share
Outstanding at February 1, 2015	246,708	$	1.67
Granted	564,438		3.35
Outstanding at November 1, 2015	811,146	$	2.84

At November 1, 2015, the Company has unrecognized compensation expense of $1.7 million related to the restricted stock awards, which is expected to be recognized over a weighted average period of 2.7 years.

Property and Equipment

9 Months Ended

Nov. 01, 2015

Property and Equipment [Abstract]

Property and Equipment

9 PROPERTY AND EQUIPMENT

Property and equipment consist of the following:


	November 1, 2015		February 1, 2015
(in thousands)
Land and land improvements	$	1,107	$	1,107
Leasehold improvements		5,135		4,052
Buildings		8,991		8,991
Vehicles		98		98
Warehouse equipment		2,380		1,724
Office equipment and furniture		4,814		3,894
Computer equipment		1,663		1,424
Software		6,172		3,620
		30,360		24,910
Accumulated depreciation and amortization		(10,088)		(8,144)
		20,272		16,766
Construction in progress		1,282		114
Property and equipment, net	$	21,554	$	16,880

Segment Reporting

9 Months Ended

Nov. 01, 2015

Segment Reporting [Abstract]

Segment Reporting

10 SEGMENT REPORTING

The Company has two operating segments, which are also its reportable segments: direct and retail. The direct segment includes revenues from the Company’s website and catalogs. The retail segment include revenues from the Company’s retail and outlet stores. These two operating segments are components of the Company for which separate financial information is available and for which operating results are evaluated on a regular basis by the chief operating decision maker in deciding how to allocate resources and in assessing performance of the segments.

Interest expense, income tax expense, corporate expenses, which include but are not limited to: human resources, legal, finance, information technology, design and other corporate related expenses are included in the Company’s direct segment. Depreciation and amortization, and property and equipment expenditures are recognized in each respective segment.

Variable allocations of assets are not made for segment reporting. The Company does not have any assets outside of the United States. Sales outside of the United States were insignificant.

Segment information is presented in the following tables:


	Three Months Ended				Nine Months Ended
	November 1, 2015		November 2, 2014		November 1, 2015		November 2, 2014
(in thousands)
Net sales
Direct	$	46,543	$	36,671	$	141,241	$	108,511
Retail		8,753		5,895		22,539		13,225
Total net sales	$	55,296	$	42,566	$	163,780	$	121,736
Operating income
Direct	$	126	$	2,090	$	6,270	$	8,095
Retail		1,520		1,018		3,885		1,920
Total operating income		1,646		3,108		10,155		10,015
Interest expense		114		132		226		259
Other income, net		44		42		119		117
Income before income taxes	$	1,576	$	3,018	$	10,048	$	9,873

Segment total assets


	November 1, 2015		February 1, 2015
(in thousands)
Direct	$	89,232	$	61,653
Retail		13,993		9,296
Total assets at period end	$	103,225	$	70,949

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

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+ Details

Recent Accounting Pronouncements	9 Months Ended
Recent Accounting Pronouncements	Nov. 01, 2015
Recent Accounting Pronouncements [Abstract]
Recent Accounting Pronouncements	11 RECENT ACCOUNTING PRONOUNCEMENTS Revenue from Contracts with Customers In May 2014, the FASB issued Accounting Standards Update No. 2014-09, Revenue from Contracts with Customers (Topic 606) (“ASU 2014-09”), which supersedes the revenue recognition requirements in ASC Topic 605, Revenue Recognition. ASU 2014-09 requires revenue recognition to depict the transfer of goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The new revenue recognition model requires identifying the contract, identifying the performance obligations, determining the transaction price, allocating the transaction price to performance obligations and recognizing the revenue upon satisfaction of the performance obligations. ASU 2014-09 also requires additional disclosure about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and change in judgments, and assets recognized from costs incurred to obtain or fulfill a contract. ASU 2014-09 can be applied either retrospectively to each prior reporting period presented or retrospectively with the cumulative effect of initially applying the update recognized at the date of the initial application along with additional disclosures. On July 9, 2015, the FASB deferred the effective date of ASU 2014-09 for one year. ASU 2014-09 is effective for annual reporting periods beginning after December 15, 2017 and early adoption is not permitted. Accordingly, the Company will adopt ASU 2014-09 on January 29, 2018, the first day of the Company’s first quarter for the fiscal year ending February 3, 2019, the Company’s fiscal year 2018. The Company has not selected a method for adoption nor determined the potential effects on the Company’s consolidated financial statements. Simplifying the Measurement of Inventory In July 2015, the FASB issued Accounting Standards Update No. 2015-11, Simplifying the Measurement of Inventory (Topic 330) (“ASU 2015-11”), which changes the measurement principle for inventory from the lower of cost or market to the lower of cost and net realizable value. Net realizable value is defined as the “estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal and transportation.” ASU 2015-11 eliminates the guidance that entities consider replacement cost or net realizable value less an approximately normal profit margin in the subsequent measurement of inventory when cost is determined on a first-in, first-out or average cost basis. The provisions of ASU 2015-11 are effective for public entities with fiscal years beginning after December 15, 2016, and interim periods within those fiscal years, with early adoption permitted. Accordingly, the Company will adopt ASU 2015-11 on January 30, 2017, the first day of the Company’s first quarter for the fiscal year ending January 28, 2018, the Company’s fiscal year 2017. The Company has not determined the impact of this new accounting guidance on the Company’s consolidated financial statements.

- Definition

The entire disclosure of changes in accounting principles, including adoption of new accounting pronouncements, that describes the new methods, amount and effects on financial statement line items.

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+ Details

Subsequent Events	9 Months Ended
Subsequent Events	Nov. 01, 2015
Subsequent Events [Abstract]
Subsequent Events	12 SUBSEQUENT EVENTS On November 4, 2015, the Company effectuated a 3,738-for-one stock split on all shares of Class A common stock and Class B common stock. All share and per share data have been retroactively restated in the accompanying condensed consolidated financial statements to give effect to a 3,738-for-one stock split, which became effective November 4, 2015. Prior to November 25, 2015 the Company was taxed as an “S” corporation for federal income tax purposes under Section 1362 of the Code, and therefore was not subject to federal and state income taxes. On November 25, 2015, the Company’s “S” corporation status terminated, and the Company became subject to corporate-level federal and state income taxes at prevailing corporate rates. As a result of the conversion to a “C” corporation, the Company recorded an increase in current deferred tax assets of $1.9 million and an increase in noncurrent deferred tax liabilities of $1.2 million. In connection with the IPO, the Company’s Board of Directors declared a final distribution to shareholders who were shareholders immediately prior to the IPO, including some of the Company’s directors and officers, relating to the termination of the “S” corporation status in an amount equal to 100% of the Company’s cumulative undistributed taxable income from the date of its formation through November 25, 2015, which is currently estimated to be $51.1 million. The final “S” corporation distribution will include an amount of income based on the expected results of operations for the full 2015 calendar year, which is the Company’s 2015 tax year, prorated from January 1, 2015 through the date of conversion to a “C” corporation, unless otherwise required by law. This prorated amount may be increased based on the actual results of operations for the 2015 calendar year. The Company used a portion of the net proceeds from the IPO to repay borrowings under a short-term note in the aggregate principal amount of $46.3 million, which were used to fund part of this final distribution, and the Company intends to fund the balance of this final distribution with cash on hand, the revolving line of credit or the net proceeds of the IPO. On November 25, 2015, the Company completed its IPO in which it issued and sold 7,666,667 shares of its Class B common stock, which includes 1,000,000 shares of Class B common stock issued pursuant to the underwriters’ option to purchase additional shares, at a price to the public of $12.00 per share, less the underwriting discount. The Company received net proceeds of approximately $83.7 million after deducting the underwriting discount of $6.4 million and related fees and expenses of approximately $1.9 million. As described above, the Company used $46.3 million of the net proceeds from the IPO to pay in full the amount previously borrowed from a bank to pay a portion of the distribution of 100% of the cumulative undistributed taxable earnings to its then existing shareholders from the date of its formation through the date of termination of its “S” corporation status. In connection with the IPO, the Company adopted the 2015 Equity Incentive Plan of Duluth Holdings Inc. (“2015 Plan”), which provides compensation alternatives such as stock options, restricted stock awards, restricted stock units, deferred stock and performance share units, using or based on the Company’s Class B common stock. The 2015 Plan is administered by the Company’s compensation committee, and the compensation committee has the full power and authority to select the participants to whom awards are granted, subject to the provisions of the 2015 Plan. The Company has reserved 1,614,631 shares of Class B common stock for the issuance of awards under the 2015 Plan. On the first day of the first four fiscal years following the IPO, the number of shares reserved for future issuance under the 2015 Plan will increase by 1.25% of the number of Class A and Class B common stock outstanding on the last day of the immediately preceding fiscal year. On November 25, 2015, the Company granted an aggregate of 23,331 restricted shares of Class B common stock to its seven non-employee directors under the 2015 Plan. These shares vest on November 25, 2016. The grant date fair value of these awards totaled approximately $0.3 million and the Company is recognizing the expense relating to these awards on a straight line basis through the vesting date.

Nature Of Operations And Basis Of Presentation (Policies)	9 Months Ended
	Nov. 01, 2015
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 exclusively through the Company’s own direct and retail channels. The direct segment, consisting of the Company’s website and catalogs, offers products nationwide. In 2010, the Company added retail to its omni-channel platform with the opening of its first store. Since then, Duluth Trading has expanded its retail presence, and as of November 1, 2015, the Company operated six retail stores and two outlet stores across Minnesota, Iowa and Wisconsin. The Company’s products are marketed under the Duluth Trading Company brand, with the majority being exclusively developed and sold as Duluth Trading branded merchandise. 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.” On November 25, 2015, the Company converted from an “S” corporation to a “C” corporation for federal income tax purposes under Section 1362 of the Internal Revenue Code, as amended (the “Code”), and the Company completed its initial public offering (“IPO”). See Note 12 “Subsequent Events,” for more information.
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”). All intercompany balances and transactions have been eliminated. The Company’s fiscal year ends on the Sunday nearest to January 31 of the following year. Fiscal 2015 is a 52-week period and ends on January 31, 2016. Fiscal 2014 was a 52-week period and ended on February 1, 2015. The three and nine months of fiscal 2015 and fiscal 2014 represent the Company’s 13 and 39-week periods ended November 1, 2015 and November 2, 2014, respectively. The accompanying condensed consolidated financial statements as of and for the three and nine months ended November 1, 2015 and November 2, 2014 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 note 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 November 1, 2015 and November 2, 2014. These interim condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes included in the Company’s Registration Statement on Form S-1, as amended (Registration No. 333-207300) (“Form S-1”), which was declared effective by the SEC on November 19, 2015.
Seasonality of Business	C. Seasonality of Business The Company’s business is affected by the pattern of seasonality common to most retail apparel businesses. Historically, the Company has recognized a significant portion of its revenue and operating profit in the fourth fiscal quarter of each year as a result of increased sales during the holiday season.
Unaudited Pro Forma Net Income Information	D. Unaudited Pro Forma Net Income Information The unaudited pro forma net income information gives effect to the conversion of the Company to a “C” corporation on November 25, 2015. Prior to such conversion, the Company was an “S” corporation and generally not subject to income taxes. The pro forma net income, therefore, includes an adjustment for income tax expense on the income attributable to controlling interest as if the Company had been a “C” corporation as of February 4, 2013 at an assumed combined federal, state and local effective tax rate of 40%, which approximates the calculated statutory rate for each period. No pro forma income tax expense was calculated on the income attributable to noncontrolling interest because this entity did not convert to a “C” corporation. The unaudited pro forma basic and diluted net income per share of Class A and Class B common stock is computed using the unaudited pro forma net income, as discussed above.

Summary of Significant Accounting Policies (Policies)

9 Months Ended

Nov. 01, 2015

Summary of Significant Accounting Policies [Abstract]

Principles of Consolidation

A. Principles of Consolidation

Use of Estimates

B. Use of Estimates

Revenue Recognition

C. Revenue Recognition

The Company recognizes revenue when the following four criteria are met:

persuasive evidence of an arrangement exists;

title has passed to the customer;

the sales price is fixed and determinable and no further obligation exists; and

collectability is reasonably assured.

Deferred Catalog and Advertising Expenses

D. Deferred Catalog and Advertising Expenses

Shipping and Processing

E. Shipping and Processing

Income Taxes

F. Income Taxes

- Definition

Disclosure of accounting policy for income taxes, which may include its accounting policies for recognizing and measuring deferred tax assets and liabilities and related valuation allowances, recognizing investment tax credits, operating loss carryforwards, tax credit carryforwards, and other carryforwards, methodologies for determining its effective income tax rate and the characterization of interest and penalties in the financial statements.

+ References + Details

- Definition

Disclosure of accounting policy for revenue recognition. If the entity has different policies for different types of revenue transactions, the policy for each material type of transaction is generally disclosed. If a sales transaction has multiple element arrangements (for example, delivery of multiple products, services or the rights to use assets) the disclosure may indicate the accounting policy for each unit of accounting as well as how units of accounting are determined and valued. The disclosure may encompass important judgment as to appropriateness of principles related to recognition of revenue. The disclosure also may indicate the entity's treatment of any unearned or deferred revenue that arises from the transaction.

+ References + Details

- Definition

Disclosure of accounting policy for the classification of shipping and handling costs, including whether the costs are included in cost of sales or included in other income statement accounts. If shipping and handling fees are significant and are not included in cost of sales, disclosure includes both the amounts of such costs and the line item on the income statement which includes such costs.

+ References + Details

Debt and Lines of Credit (Tables)

9 Months Ended

Nov. 01, 2015

Debt and Lines of Credit [Abstract]

Schedule of Debt


	November 1, 2015		February 1, 2015
(in thousands)
Mortgage Note due March 2017	$	3,238	$	3,345
Mortgage Note due May 2019		542		590
SRV Mortgage Note due September 2017		777		—
SRV Mortgage Note due August 2016		461		475
SRV Mortgage Note due February 2015		—		342
Capitalized lease obligations		75		331
	$	5,093	$	5,083
Less: current maturities		(726)		(828)
Long-term debt	$	4,367	$	4,255

Derivative Financial Instrument (Tables)

9 Months Ended

Nov. 01, 2015

Derivative Financial Instrument [Abstract]

Fair Value of Interest Rate Swap Agreement Recorded as Liability

Variable Interest Entities (Tables)

9 Months Ended

Nov. 01, 2015

Variable Interest Entities [Abstract]

Amounts Included in Condensed Consolidated Balance Sheets as a Result of consolidation of SRV


	November 1, 2015		February 1, 2015
(in thousands)
Cash	$	144	$	61
Other receivables		8		6
Property and equipment, net		2,841		2,852
Other assets, net		12		2
Total assets	$	3,005	$	2,921

Line of credit	$	—	$	600
Other current liabilities		546		24
Long-term debt		736		817
Noncontrolling interest in VIE		1,723		1,480
Total liabilities and shareholders' equity	$	3,005	$	2,921

- 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

Earnings Per Share (Tables)

9 Months Ended

Nov. 01, 2015

Earnings Per Share [Abstract]

Schedule of Weighted Average Shares Used for Earnings Per Share


	Three Months Ended				Nine Months Ended
	November 1, 2015		November 2, 2014		November 1, 2015		November 2, 2014
(in thousands)
Basic weighted average shares		23,815		23,815		23,815		23,815
Effect of common stock equivalents		211		134		474		182
Diluted weighted average shares		24,026		23,949		24,289		23,997

Stock-Based Compensation (Tables)

9 Months Ended

Nov. 01, 2015

Stock-Based Compensation [Abstract]

Summary of Activity in Non-Vested Restricted Stock


		Weighted
		average
		fair value
	Shares	per share
Outstanding at February 1, 2015	246,708	$	1.67
Granted	564,438		3.35
Outstanding at November 1, 2015	811,146	$	2.84

Property and Equipment (Tables)

9 Months Ended

Nov. 01, 2015

Property and Equipment [Abstract]

Schedule of property and equipment


	November 1, 2015		February 1, 2015
(in thousands)
Land and land improvements	$	1,107	$	1,107
Leasehold improvements		5,135		4,052
Buildings		8,991		8,991
Vehicles		98		98
Warehouse equipment		2,380		1,724
Office equipment and furniture		4,814		3,894
Computer equipment		1,663		1,424
Software		6,172		3,620
		30,360		24,910
Accumulated depreciation and amortization		(10,088)		(8,144)
		20,272		16,766
Construction in progress		1,282		114
Property and equipment, net	$	21,554	$	16,880

Segment Reporting (Tables)

9 Months Ended

Nov. 01, 2015

Segment Reporting [Abstract]

Schedule of Segment Information


	Three Months Ended				Nine Months Ended
	November 1, 2015		November 2, 2014		November 1, 2015		November 2, 2014
(in thousands)
Net sales
Direct	$	46,543	$	36,671	$	141,241	$	108,511
Retail		8,753		5,895		22,539		13,225
Total net sales	$	55,296	$	42,566	$	163,780	$	121,736
Operating income
Direct	$	126	$	2,090	$	6,270	$	8,095
Retail		1,520		1,018		3,885		1,920
Total operating income		1,646		3,108		10,155		10,015
Interest expense		114		132		226		259
Other income, net		44		42		119		117
Income before income taxes	$	1,576	$	3,018	$	10,048	$	9,873

Segment total assets


	November 1, 2015		February 1, 2015
(in thousands)
Direct	$	89,232	$	61,653
Retail		13,993		9,296
Total assets at period end	$	103,225	$	70,949

Nature of Operations and Basis of Presentation (Details)	9 Months Ended
	Nov. 01, 2015 store item
Number of retail stores \| store	6
Number of outlet stores \| store	2
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.
Effective tax rate	40.00%
Class A common stock
Number of votes per share	10
Class B common stock
Number of votes per share	1

Summary of Significant Accounting Policies (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Nov. 01, 2015	Nov. 02, 2014	Nov. 01, 2015	Nov. 02, 2014
Catalog and advertising expenses	$ 12,900	$ 8,800	$ 37,000	$ 27,000
Shipping and processing expenses	3,400	2,600	10,700	8,000
Federal income tax provision			0
State income tax provision			0
Tax expense for interest or penalties	$ 0	$ 0	$ 0	$ 0
Minimum [Member]
Amortization period of capitalized deferred catalog costs			3 months
Maximum [Member]
Amortization period of capitalized deferred catalog costs			5 months

Debt and Lines of Credit (Narrative) (Details) - USD ($)		9 Months Ended	12 Months Ended
	Jul. 27, 2015	Nov. 01, 2015	Feb. 01, 2015
Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Debt instrument, maturity date		Jul. 31, 2018
Debt instrument, effective rate	1.40%
Line of credit facility maximum borrowing capacity	$ 40,000,000
London interbank offered rate (LIBOR) \| Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Debt instrument, percentage point added to reference rate	1.25%
Mortgages Notes [Member]
Debt Instrument [Line Items]
Debt, original balance			$ 600,000
Debt instrument, maturity date			May 31, 2019
Required monthly principal payments			$ 5,300
Debt instrument stated percentage interest rate			4.00%
Line of Credit [Member]
Debt Instrument [Line Items]
Line of credit facility, description		The outstanding balance was paid in full and the agreement terminated in February 2015.
Minimum [Member] \| Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Debt covenants, EBITDA period		12 months
SRV [Member] \| Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Line of credit facility maximum borrowing capacity			$ 600,000
Outstanding borrowing			$ 600,000
SRV [Member] \| London interbank offered rate (LIBOR) \| Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Debt instrument, percentage point added to reference rate			1.50%
SRV [Member] \| SRV Mortgage Note Due September 2017 [Member]
Debt Instrument [Line Items]
Debt, original balance		$ 800,000
Debt instrument, maturity date		Sep. 30, 2017
Required monthly principal payments		$ 3,300
Debt instrument stated percentage interest rate		3.10%
SRV [Member] \| SRV Mortgage Note Due August 2016 [Member]
Debt Instrument [Line Items]
Debt, original balance		$ 500,000
Debt instrument, maturity date		Aug. 31, 2016
Required monthly principal payments		$ 3,400
Debt instrument stated percentage interest rate		4.50%
SRV [Member] \| SRV Mortgage Note Due February 2015 [Member]
Debt Instrument [Line Items]
Debt, original balance		$ 400,000
SE [Member] \| Mortgages Notes [Member]
Debt Instrument [Line Items]
Debt, original balance		$ 3,800,000
Debt instrument, maturity date		Mar. 31, 2017
Required monthly principal payments		$ 11,900
Debt instrument, effective rate		1.90%
SE [Member] \| Mortgages Notes [Member] \| London interbank offered rate (LIBOR)
Debt Instrument [Line Items]
Debt instrument, percentage point added to reference rate		1.75%

Debt and Lines of Credit (Schedule of Debt) (Details) - USD ($) $ in Thousands	Nov. 01, 2015	Feb. 01, 2015
Debt Instrument [Line Items]
Debt	$ 5,093	$ 5,083
Less: current maturities	(726)	(828)
Long-term debt	4,367	4,255
Mortgage Note Due March 2017 [Member]
Debt Instrument [Line Items]
Debt	3,238	3,345
Mortgage Note Due May 2019 [Member]
Debt Instrument [Line Items]
Debt	542	590
SRV Mortgage Note Due September 2017 [Member]
Debt Instrument [Line Items]
Debt	777
SRV Mortgage Note Due August 2016 [Member]
Debt Instrument [Line Items]
Debt	461	475
SRV Mortgage Note Due February 2015 [Member]
Debt Instrument [Line Items]
Debt		342
Capital Lease Obligations [Member]
Debt Instrument [Line Items]
Debt	$ 75	$ 331

Derivative Financial Instrument (Narrative) (Details)	Nov. 01, 2015
Mortgage Note Due March 2017 [Member]
Derivatives, Fair Value [Line Items]
Debt instrument, fixed interest rate	3.00%

Derivative Financial Instrument (Details) - USD ($) $ in Thousands	Nov. 01, 2015	Feb. 01, 2015
Interest Rate Swap [Member]
Derivatives, Fair Value [Line Items]
Derivative liability	$ 34	$ 45

Variable Interest Entities (Narrative) (Details) - Variable Interest Entity, Primary Beneficiary [Member] $ in Millions	May 21, 2014 USD ($)	Nov. 01, 2015 entity	Feb. 01, 2015 entity
Variable Interest Entity [Line Items]
Number of variable interest entity \| entity		1	1
SE [Member]
Variable Interest Entity [Line Items]
Net book value of real property acquired	$ 3.0
Total consideration of real property acquired	5.0
Gain on disposal of assets	2.0
Mortgage note assumed on property acquired	3.4
Payment of remaining consideration for real property acquired	$ 1.6

Variable Interest Entities (Amounts Included in Condensed Consolidated Balance Sheets as a Result of consolidation of SRV) (Details) - USD ($) $ in Thousands	Nov. 01, 2015	Feb. 01, 2015	Nov. 02, 2014	Feb. 02, 2014
Variable Interest Entity [Line Items]
Cash	$ 209	$ 7,881	$ 352	$ 7,500
Other receivables	576	74
Property and equipment, net	21,554	16,880
Other assets, net	329	316
Total assets	103,225	70,949
Noncontrolling interest in VIE	1,723	1,480
Total liabilities and shareholders' equity	103,225	70,949
Variable Interest Entity, Primary Beneficiary [Member] \| SRV [Member]
Variable Interest Entity [Line Items]
Cash	144	61
Other receivables	8	6
Property and equipment, net	2,841	2,852
Other assets, net	12	2
Total assets	3,005	2,921
Line of credit		600
Other current liabilities	546	24
Long-term debt	736	817
Noncontrolling interest in VIE	1,723	1,480
Total liabilities and shareholders' equity	$ 3,005	$ 2,921

Earnings Per Share (Details) - shares shares in Thousands	3 Months Ended		9 Months Ended
Earnings Per Share (Details) - shares shares in Thousands	Nov. 01, 2015	Nov. 02, 2014	Nov. 01, 2015	Nov. 02, 2014
Earnings Per Share [Abstract]
Basic weighted average shares	23,815	23,815	23,815	23,815
Effect of common stock equivalents	211	134	474	182
Diluted weighted average shares	24,026	23,949	24,289	23,997

Stock-Based Compensation (Narrative) (Details) - Restricted Stock [Member] - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Nov. 01, 2015	Nov. 02, 2014	Nov. 01, 2015	Nov. 02, 2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock compensation expense	$ 170	$ 20	$ 500	$ 50
Unrecognized compensation expense	$ 1,700		$ 1,700
Unrecognized compensation expense, weighted average recognition period			2 years 8 months 12 days

Stock-Based Compensation (Summary of activity of Non-Vested Restricted Stock) (Details) - Restricted Stock [Member]	9 Months Ended
	Nov. 01, 2015 $ / shares shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Beginning balance, shares \| shares	246,708
Granted, shares \| shares	564,438
Ending balance, shares \| shares	811,146
Weighted average grant date fair value, beginning balance \| $ / shares	$ 1.67
Weighted average grant date fair value, granted \| $ / shares	3.35
Weighted average grant date fair value, ending balance \| $ / shares	$ 2.84

Property and Equipment (Schedule of Property and Equipment) (Details) - USD ($) $ in Thousands	Nov. 01, 2015	Feb. 01, 2015
Property, Plant and Equipment [Line Items]
Property and equipment	$ 30,360	$ 24,910
Accumulated depreciation and amortization	(10,088)	(8,144)
Property and equipment net excluding construction in progress	20,272	16,766
Property and equipment, net	21,554	16,880
Land and Land Improvements [Member]
Property, Plant and Equipment [Line Items]
Property and equipment	1,107	1,107
Leasehold Improvements [Member]
Property, Plant and Equipment [Line Items]
Property and equipment	5,135	4,052
Buildings [Member]
Property, Plant and Equipment [Line Items]
Property and equipment	8,991	8,991
Vehicles [Member]
Property, Plant and Equipment [Line Items]
Property and equipment	98	98
Warehouse Equipment [Member]
Property, Plant and Equipment [Line Items]
Property and equipment	2,380	1,724
Office Equipment and Furniture [Member]
Property, Plant and Equipment [Line Items]
Property and equipment	4,814	3,894
Computer Equipment [Member]
Property, Plant and Equipment [Line Items]
Property and equipment	1,663	1,424
Software [Member]
Property, Plant and Equipment [Line Items]
Property and equipment	6,172	3,620
Construction in Progress [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, net	$ 1,282	$ 114

Segment Reporting (Narrative) (Details)	9 Months Ended
Segment Reporting (Narrative) (Details)	Nov. 01, 2015 segment
Segment Reporting [Abstract]
Number of operating segments	2
Number of reportable segments	2

Segment Reporting (Schedule of Segment Information) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Nov. 01, 2015	Nov. 02, 2014	Nov. 01, 2015	Nov. 02, 2014	Feb. 01, 2015
Segment Reporting Information [Line Items]
Net sales	$ 55,296	$ 42,566	$ 163,780	$ 121,736
Operating income	1,646	3,108	10,155	10,015
Interest Expense - Direct	114	132	226	259
Other income, net	44	42	119	117
Income before income taxes	1,576	3,018	10,048	9,873
Assets	103,225		103,225		$ 70,949
Direct [Member]
Segment Reporting Information [Line Items]
Net sales	46,543	36,671	141,241	108,511
Operating income	126	2,090	6,270	8,095
Assets	89,232		89,232		61,653
Retail [Member]
Segment Reporting Information [Line Items]
Net sales	8,753	5,895	22,539	13,225
Operating income	1,520	$ 1,018	3,885	$ 1,920
Assets	$ 13,993		$ 13,993		$ 9,296

Subsequent Events (Narrative) (Details) $ / shares in Units, $ in Millions			9 Months Ended
	Nov. 25, 2015 USD ($) employee $ / shares shares	Nov. 04, 2015	Nov. 01, 2015
Subsequent Event [Line Items]
Stock split description			On November 4, 2015, the Company effectuated a 3,738-for-one stock split on all shares of Class A common stock and Class B common stock.
Subsequent Event [Member]
Subsequent Event [Line Items]
Stock split conversion		3,738
IPO [Member]
Subsequent Event [Line Items]
Subsequent event, description			As a result of the conversion to a "C" corporation, the Company recorded an increase in current deferred tax assets of $1.9 million and an increase in noncurrent deferred tax liabilities of $1.2 million. In connection with the IPO, the Company's Board of Directors declared a final distribution to shareholders who were shareholders immediately prior to the IPO, including some of the Company's directors and officers, relating to the termination of the "S" corporation status in an amount equal to 100% of the Company's cumulative undistributed taxable income from the date of its formation through November 25, 2015, which is currently estimated to be $51.1 million.
Common stock issued transaction description			the Company used $46.3 million of the net proceeds from the IPO to pay in full the amount previously borrowed from a bank to pay a portion of the distribution of 100% of the cumulative undistributed taxable earnings to its then existing shareholders from the date of its formation through the date of termination of its "S" corporation status.
Date IPO completed			Nov. 25, 2015
IPO [Member] \| Subsequent Event [Member]
Subsequent Event [Line Items]
Short-term note paid amount	$ 46.3
IPO [Member] \| Subsequent Event [Member] \| Current Deferred Tax Assets [Member]
Subsequent Event [Line Items]
Increase in deferred taxes	1.9
IPO [Member] \| Subsequent Event [Member] \| Noncurrent Deferred Tax Liabilities [Member]
Subsequent Event [Line Items]
Increase in deferred taxes	1.2
IPO [Member] \| Subsequent Event [Member] \| Used to Pay Short Term Note in Full [Member]
Subsequent Event [Line Items]
Net proceed from stock issued	46.3
IPO [Member] \| Subsequent Event [Member] \| Final Distribution to Shareholders Immediately Prior to IPO [Member]
Subsequent Event [Line Items]
Cumulative undistributed taxable income declared estimated amount	$ 51.1
IPO [Member] \| Class B common stock \| Subsequent Event [Member]
Subsequent Event [Line Items]
Number of shares issued and sold \| shares	7,666,667
Price per share issued \| $ / shares	$ 12.00
Net proceed from stock issued	$ 83.7
Stock issuance fees and expenses	$ 1.9
Cumulative undistributed taxable earnings paid to existing shareholders using short term note	100.00%
2015 EIP Plan [Member] \| IPO [Member] \| Class B common stock
Subsequent Event [Line Items]
Share-based compensation, description			On the first day of the first four fiscal years following the IPO, the number of shares reserved for future issuance under the 2015 Plan will increase by 1.25% of the number of Class A and Class B common stock outstanding on the last day of the immediately preceding fiscal year.
2015 EIP Plan [Member] \| IPO [Member] \| Class B common stock \| Subsequent Event [Member]
Subsequent Event [Line Items]
Number of common stock shares reserved for issuance of awards \| shares	1,614,631
Percentage increase on number of shares reserved for future issuance	1.25%
2015 EIP Plan [Member] \| IPO [Member] \| Class B common stock \| Restricted Stock [Member] \| Subsequent Event [Member] \| Shares Vest on November 25, 2016 [Member]
Subsequent Event [Line Items]
Grant date fair value awards aggregate amount	$ 0.3
2015 EIP Plan [Member] \| Independent directors \| IPO [Member] \| Class B common stock \| Restricted Stock [Member] \| Subsequent Event [Member]
Subsequent Event [Line Items]
Number of independent directors \| employee	7
2015 EIP Plan [Member] \| Independent directors \| IPO [Member] \| Class B common stock \| Restricted Stock [Member] \| Subsequent Event [Member] \| Shares Vest on November 25, 2016 [Member]
Subsequent Event [Line Items]
Share-based compensation aggregate shares granted \| shares	23,331
Underwriter [Member] \| IPO [Member] \| Class B common stock \| Subsequent Event [Member]
Subsequent Event [Line Items]
Number of shares issued and sold \| shares	1,000,000
Discount on common stock shares issued	$ 6.4