0001649744-21-000007 | 10-K | XBRL Viewer

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Document and Entity Information - USD ($) $ in Millions	12 Months Ended
Document and Entity Information - USD ($) $ in Millions	Jan. 31, 2021	Mar. 23, 2021	Aug. 02, 2020
Document Information [Line Items]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Jan. 31, 2021
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 Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Filer Category	Accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Entity Shell Company	false
Entity Public Float			$ 84.3
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	FY
Current Fiscal Year End Date	--01-31
Entity Central Index Key	0001649744
Amendment Flag	false
Documents Incorporated by Reference	Portions of the registrant’s definitive proxy statement to be filed within 120 days of January 31, 2021 are incorporated by reference in this Annual Report on Form 10-K in response to Part III, Items 10, 11, 12, 13 and 14.
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		29,548,011

Consolidated Balance Sheets - USD ($) $ in Thousands	Jan. 31, 2021	Feb. 02, 2020
Current Assets:
Cash and cash equivalents	$ 47,221	$ 2,189
Receivables	2,820	1,470
Inventory, net	149,052	147,849
Prepaid expenses & other current assets	10,203	9,503
Prepaid catalog costs	1,014	1,181
Total current assets	210,310	162,192
Property and equipment, net	124,237	137,071
Operating lease right-of-use assets	117,490	120,431
Finance lease right-of-use assets, net	53,468	46,677
Restricted cash		51
Available-for-sale security	6,111	6,432
Other assets, net	3,961	1,196
Total assets	515,577	474,050
Current liabilities:
Trade accounts payable	33,647	33,053
Accrued expenses and other current liabilities	37,686	29,464
Income taxes payable	7,579	3,427
Current portion of operating lease liabilities	11,050	10,674
Current portion of finance lease liabilities	2,629	1,600
Current portion of Duluth long-term debt	2,500	1,000
Current maturities of TRI long-term debt	623	557
Total current liabilities	95,714	79,775
Operating lease liabilities, less current maturities	104,287	106,120
Finance lease liabilities, less current portion	43,299	37,434
Duluth long-term debt, less current portion	45,750	38,332
TRI long-term debt, less current maturities	27,229	27,778
Deferred tax liabilities	8,200	8,505
Total liabilities	324,479	297,944
Commitments and contingencies
Shareholders’ equity:
Preferred stock, no par value; 10,000 shares authorized; no shares issued or outstanding as of January 31, 2021 and February 2, 2020
Treasury stock, at cost; 53 and 19 shares as of January 31, 2021 and February 2, 2020, respectively	(628)	(407)
Capital stock	92,875	90,902
Retained earnings	101,166	87,589
Accumulated other comprehensive income	48	188
Total shareholders' equity of Duluth Holdings Inc.	193,461	178,272
Noncontrolling interest	(2,363)	(2,166)
Total shareholders' equity	191,098	176,106
Total liabilities and shareholders' equity	515,577	474,050
Class A common stock [Member]
Shareholders’ equity:
Common stock
Class B common stock [Member]
Shareholders’ equity:
Common stock

Consolidated Balance Sheets (Parenthetical) - $ / shares	Jan. 31, 2021	Feb. 02, 2020
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	53,000	19,000
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	29,530,000	29,191,000
Common stock, shares outstanding	29,477,000	29,172,000

Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Jan. 31, 2021	Feb. 02, 2020
Consolidated Statements of Operations [Abstract]
Net sales	$ 638,783	$ 615,624
Cost of goods sold (excluding depreciation and amortization)	307,257	287,475
Gross profit	331,526	328,149
Selling, general and administrative expenses	307,311	300,041
Operating income	24,215	28,108
Interest expense	6,263	4,471
Other income, net	65	291
Income before income taxes	18,017	23,928
Income tax expense	4,637	5,429
Net income	13,380	18,499
Less: Net loss attributable to noncontrolling interest	(197)	(422)
Net income attributable to controlling interest	$ 13,577	$ 18,921
Basic earnings per share (Class A and Class B):
Weighted average shares of common stock outstanding	32,447	32,309
Net income per share attributable to controlling interest	$ 0.42	$ 0.59
Diluted earnings per share (Class A and Class B):
Weighted average shares and equivalents outstanding	32,580	32,371
Net income per share attributable to controlling interest	$ 0.42	$ 0.58

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	12 Months Ended
	Jan. 31, 2021	Feb. 02, 2020
Consolidated Statements of Comprehensive Income [Abstract]
Net income	$ 13,380	$ 18,499
Other comprehensive income
Securities available-for-sale: Unrealized security (loss) income	(190)	254
Securities available-for-sale: Income tax (benefit) expense	(50)	66
Other comprehensive (loss) income	(140)	188
Comprehensive income	13,240	18,687
Comprehensive loss attributable to noncontrolling interest	(197)	(422)
Comprehensive income attributable to controlling interest	$ 13,437	$ 19,109

- 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 + 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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+ Details

- Definition

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

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Consolidated Statements of Shareholders’ Equity - USD ($) shares in Thousands, $ in Thousands	Capital Stock [Member]	Treasury Stock [Member]	Retained Earnings [Member] Cumulative Effect from Adoption of ASC 842 [Member]	Retained Earnings [Member]	Accumulated Other Comprehensive Loss [Member]	Noncontrolling Interest in Variable Interest Entities [Member]	Cumulative Effect from Adoption of ASC 842 [Member]	Total
Beginning balance at Feb. 03, 2019	$ 89,849	$ (92)	$ (1,924)	$ 70,592		$ (239)	$ (1,924)	$ 160,110
Beginning balance (in shares) at Feb. 03, 2019	32,574
Issuance of common stock	$ 554							554
Issuance of common stock, shares	211
Consolidation of TRI Holdings, LLC						(1,505)		(1,505)
Restricted stock forfeitures, shares	(234)
Stock-based compensation	$ 499							499
Restricted stock surrendered for taxes		(315)						(315)
Restricted stock surrendered for taxes, shares	(15)
Other comprehensive income (loss)					$ 188			188
Net income				18,921		(422)		18,499
Ending balance at Feb. 02, 2020	$ 90,902	(407)		87,589	188	(2,166)		176,106
Ending balance (in shares) at Feb. 02, 2020	32,536
Issuance of common stock	$ 515							515
Issuance of common stock, shares	355
Restricted stock forfeitures, shares	(16)
Stock-based compensation	$ 1,458							1,458
Restricted stock surrendered for taxes		(221)						(221)
Restricted stock surrendered for taxes, shares	(34)
Other comprehensive income (loss)					(140)			(140)
Net income				13,577		(197)		13,380
Ending balance at Jan. 31, 2021	$ 92,875	$ (628)		$ 101,166	$ 48	$ (2,363)		$ 191,098
Ending balance (in shares) at Jan. 31, 2021	32,841

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Jan. 31, 2021	Feb. 02, 2020
Cash flows from operating activities:
Net income	$ 13,380	$ 18,499
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	28,520	22,083
Stock-based compensation	1,629	647
Deferred income taxes	(255)	(1,151)
Loss on disposal of property and equipment	324
Changes in operating assets and liabilities:
Receivables	(1,350)	877
Income taxes receivable		2,292
Inventory	(1,203)	(50,164)
Prepaid expense & other assets	2,615	5,429
Software hosting implementation costs, net	(4,089)
Deferred catalog costs	167	1,322
Trade accounts payable	(1,464)	7,564
Income taxes payable	4,152	3,209
Accrued expenses and deferred rent obligations	7,719	(2,260)
Noncash lease impacts	606
Net cash provided by operating activities	50,751	8,347
Cash flows from investing activities:
Purchases of property and equipment	(11,743)	(24,435)
Capital contributions towards build-to-suit stores	(520)	(6,354)
Principal receipts from available-for-sale security	131	117
Change in other assets		(15)
Net cash used in investing activities	(12,132)	(30,687)
Cash flows from financing activities:
Proceeds from line of credit	95,388	271,754
Payments on line of credit	(114,720)	(268,965)
Proceeds from delayed draw term loan	30,000	20,000
Payments on delayed draw term loan	(1,750)
Payments on TRI long term debt	(483)	(495)
Payments on finance lease obligations	(1,958)	(891)
Shares withheld for tax payments on vested restricted shares	(221)	(315)
Other	106	407
Net cash provided by financing activities	6,362	21,495
Increase (decrease) in cash, cash equivalents and restricted cash	44,981	(845)
Cash, cash equivalents and restricted cash at beginning of period	2,240	3,085
Cash, cash equivalents and restricted cash at end of period	47,221	2,240
Supplemental disclosure of cash flow information:
Interest paid	6,435	4,565
Income taxes paid	830	562
Supplemental disclosure of non-cash information:
Unpaid liability to acquire property and equipment	$ 962	$ 1,414

Nature of Operations and Basis of Presentation	12 Months Ended
Nature of Operations and Basis of Presentation	Jan. 31, 2021
Nature of Operations and Basis of Presentation [Abstract]
Nature of Operations and Basis of Presentation	1. NATURE OF OPERATIONS AND BASIS OF PRESENTATION 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 Company brand, with the majority of products being exclusively developed and sold as Duluth Trading branded merchandise. The Company has historically identified two operating segments, direct and retail. The direct segment, consisting of the Company’s website and catalogs, offers products nationwide. In 2010, the Company initiated its omnichannel platform with the opening of its first store. Since then, Duluth Trading has expanded its retail presence, and as of January 31, 2021, the Company operated 62 retail stores and three outlet stores. The Company identifies its operating segments according to how its business activities are managed and evaluated. The Company continues to grow its omnichannel distribution network which allows the consumer to interact with the Company through a consistent customer experience whether on the Company website or at Company stores. As the Company expands its distribution network, and in conjunction with assessing the similar nature of products sold, production process, distribution process, target customers and economic characteristics between the two segments, the Company determined that the historical structure of separate reporting segments for direct and retail was no longer representative. Therefore, as of February 3, 2020, the Company updated its segment reporting to 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 The consolidated financial statements are prepared in accordance with U.S. Generally Accepted Accounting Principles (“U.S. GAAP”). 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 2020 and Fiscal 2019 ended on January 31, 2021 and February 2, 2020, respectively. Fiscal 2020 and Fiscal 2019 were a 52-week period. COVID-19 In March 2020, a novel strain of coronavirus (“COVID-19”) was declared a global pandemic by the World Health Organization. This pandemic has negatively affected the U.S. and global economies, disrupted global supply chains and financial markets, led to significant travel and transportation restrictions, including mandatory business closures and orders to shelter in place. The Company’s business operations and financial performance for the year ended January 31, 2021 were impacted by COVID-19. These impacts are discussed within these notes to the consolidated financial statements. The ultimate impact of COVID-19 on our operational and financial performance still depends on future developments outside of our control. Given the uncertainty, we cannot reasonably estimate the continued impact on our business and whether that impact will be different than what we have already experienced. 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. ‎

Summary of Significant Accounting Policies

12 Months Ended

Jan. 31, 2021

Summary of Significant Accounting Policies [Abstract]

Summary of Significant Accounting Policies

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Principles of Consolidation

The accompanying consolidated financial statements consist of the accounts of Duluth Holdings Inc. and TRI Holdings, LLC (“TRI”) as a variable interest entity. See Note 6 “Variable Interest Entities” for further information.

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.

Revenue Recognition

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 following customer payment, which is when the customer obtains control of the product and has the ability to direct the use of the product, including, among other options, the ability to redirect the product to a different shipping destination. Store revenue is recognized at the point of sale. The Company provides the customer the right of return on the product and revenue is adjusted based on an estimate of the expected returns based on historical rates as well as events that may cause changes to historical rates. See Note 5 “Accrued Expense and Other Liabilities” for the Company’s product returns reserve. 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. 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. See Note 8 “Revenue” for further information.

Cost of Goods Sold and Selling, General and Administrative Expenses

The following table illustrates the primary costs classified in cost of goods sold and selling, general and administrative expenses:


Cost of Goods Sold		Selling, General and Administrative Expenses
·	Direct cost of purchased merchandise	·	Payroll and payroll-related expenses
·	Inventory shrinkage and inventory adjustments due to obsolescence	·	Third party logistics ("3PL")
·	Inbound freight	·	Occupancy expenses related to stores and operations at the Company's headquarters, including utilities
·	Freight from the Company's distribution centers to its stores	·	Depreciation and amortization
		·	Advertising expenses including: television, digital and social media advertising; catalog production and mailing; and print advertising costs
		·	Freight associated with shipping product to customers
		·	Consulting and professional fees

Advertising and Catalog Expenses

The Company’s non-direct response advertising primarily consists of billboards, web marketing programs, social media and radio and television advertisements, which are expensed as they are incurred. The Company’s direct-response advertising consists of producing, printing and mailing catalogs, which are expensed upon receipt by customers.

Advertising and Catalog expenses were $72.4 million and $93.9 million for fiscal 2020 and fiscal 2019, respectively.

‎

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, has been classified as a component of selling, general and administrative expenses. Shipping and handling expenses increased in fiscal 2020 due to the shift to online shopping, as well as additional surcharges during our peak holiday season resulting from the strained distribution network. The Company incurred shipping and processing expenses of $46.9 million and $31.3 million for fiscal 2020 and fiscal 2019, respectively.

Income Taxes

The Company accounts for income taxes and related accounts using the liability method in accordance with ASC Topic 740, Income Taxes (“ASC 740”). Under ASC 740, the Company accrues income taxes payable or refundable and recognizes deferred tax assets and liabilities based on differences between U.S. GAAP and tax bases of assets and liabilities. The Company measures deferred tax assets and liabilities using enacted tax rates in effect for the years in which the differences are expected to reverse, and recognizes the effect of a change in enacted rates in the period of enactment. A valuation allowance is established if it is more likely than not that some portion or all of the deferred income tax asset will not be realized.

The Company establishes assets and liabilities for uncertain tax positions taken or expected to be taken in income tax returns, using a more-likely-than-not recognition threshold. The Company recognizes penalties and interest related to uncertain tax positions as income tax expense. See Note 9 “Income Taxes,” of these Notes to Consolidated Financial Statements for further discussion.

Concentrations of Credit Risk

Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of cash deposits. At various times during the year, the Company has certain cash balances deposited in financial institutions in excess of federally insured limits. The Company has not experienced any losses in such accounts and management believes it is not exposed to any significant credit risk.

Restricted Cash and Reconciliation of cash and cash equivalents and restricted cash to the statement of cash flows

The Company’s restricted cash is held in escrow accounts and is used to pay a portion of the construction loans entered into by third party landlords (the “Landlords”) in connection with the Company’s retail store leases. The restricted cash is disbursed based on the escrow agreements entered into by and among the Landlords, the Company and the escrow agent. There was no restricted cash held in escrow accounts as of January 31, 2021.

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.

The following table provides a reconciliation of cash and cash equivalents and restricted cash reported within the Consolidated Balance Sheet that sum to the total of the same such amounts shown in the Consolidated Statement of Cash Flows.


	January 31, 2021		February 2, 2020
(in thousands)
Cash and cash equivalents	$	47,221	$	2,189
Restricted Cash		-		51
Total cash, cash equivalents and restricted cash shown in the ‎ consolidated statement of cash flows	$	47,221	$	2,240

Significant Suppliers

The Company’s principal supplier of inventory accounted for 60% and 54% of total inventory expenditures in fiscal 2020 and fiscal 2019, respectively. The Company also had a second supplier that accounted for 10% and 12% of total inventory expenditures in fiscal 2020 and fiscal 2019, respectively.

Inventories

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 $1.8 million as of January 31, 2021 and February 2, 2020, respectively.

Property and Equipment

Property and equipment consist of the following:



	January 31, 2021		February 2, 2020
(in thousands)
Land and land improvements	$	4,486	$	4,486
Leasehold improvements		47,451		42,784
Buildings		35,344		35,905
Vehicles		161		161
Warehouse equipment		14,685		14,379
Office equipment and furniture		52,614		49,756
Computer equipment		9,861		8,135
Software		34,003		31,500
		198,605		187,106
Accumulated depreciation and amortization		(75,958)		(53,255)
		122,647		133,851
Construction in progress		1,590		3,220
Property and equipment, net	$	124,237	$	137,071

The Company recorded depreciation expense of $24.2 million and $19.2 million for fiscal 2020 and fiscal 2019, respectively. The Company expenses as incurred all routine repair and maintenance costs that do not extend the estimated useful life of the asset.

Property and equipment are carried at cost and are generally depreciated using the straight-line method over the estimated useful lives. Leasehold improvements are depreciated over the shorter of the lease term or estimated useful life. Depreciable lives by major classification are as follows:


	Years
Land improvements	15	-	40
Leasehold improvements	3	-	15
Buildings			39
Vehicles	5	-	10
Warehouse equipment	5	-	10
Office equipment and furniture	5	-	10
Computer equipment	3	-	5
Software	3	-	5

‎

Prepaid Expenses and Other Assets

Prepaid expenses and other assets consist of the following:


	January 31, 2021		February 2, 2020
(in thousands)
Prepaid expenses & other current assets
Pending returns inventory, net	$	2,490	$	1,932
Current software hosting implementation costs, net		1,149		—
Other prepaid expenses		6,564		7,571
Prepaid expenses & other current assets	$	10,203	$	9,503

Other assets, net
Goodwill	$	402	$	402
Intangible assets, net		264		283
Non-current software hosting implementation costs		2,755		—
Other assets, net		540		511
Other assets, net	$	3,961	$	1,196

Software Hosting Implementation Costs

Software hosting implementation costs includes costs of implementation activities of certain cloud computing arrangements in accordance with Accounting Standards Update No. 2018-15, Intangibles – Goodwill and Other – Internal-Use Software (Subtopic 350-40). Amortization expense and accumulated amortization was $0.2 million for fiscal 2020. See Note 13 “Recent Accounting Pronouncements” for more information.

Goodwill

Goodwill represents the excess of purchase price over the fair value of net assets acquired. ASC Topic 350, Intangibles-Goodwill and Other, requires that goodwill be tested for impairment annually, or more often if an event or circumstance indicates that an impairment loss may have been incurred. The Company’s management uses its judgment in assessing whether goodwill may have become impaired between annual impairment tests. Indicators such as unexpected adverse business conditions, economic factors, competitive activities, loss of key personnel and acts by governments may signal that an asset has become impaired.

The Company determined that the effects of COVID-19 may represent indicators of asset impairment, and as a result performed an interim qualitative assessment for the Company’s goodwill at May 3, 2020. The Company determined that it was more likely than not that the fair value was greater than its carrying value and no impairment loss had been incurred. There were no triggering events subsequent to the quarter ended May 3, 2020 and through the year ended January 31, 2021.

Management performed its annual qualitative assessment of goodwill as of December 31, 2020 and 2019 and determined that it was more likely than not that the fair value of the Company was greater than its carrying amount; as such, no further evaluation of goodwill was deemed necessary. No impairment was recognized for the years ended January 31, 2021 or February 2, 2020.

Intangible Assets and Other Assets

Intangible assets and other assets include loan origination fees and trade names which are amortized over their estimated useful lives ranging from three years to fifteen years. Other assets also include security deposits required by certain of the Company’s lease agreements and prepaid expenses. Amortization expense was $0.2 million for fiscal 2020 and $0.1 million for fiscal 2019. Accumulated amortization was $0.7 million and $0.5 million as of January 31, 2021 and February 2, 2020, respectively.

Scheduled future amortization of amortizable other assets are as follows as of January 31, 2021:



Fiscal year
(in thousands)
2021	$	210
2022		193
2023		71
2024		18
2025		17
Thereafter		28
	$	537

Impairment of Long-Lived Assets

The Company’s long-lived assets are reviewed for impairment during the fourth quarter, or whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. If the sum of the expected undiscounted cash flows is less than the carrying value of the related asset or group of assets, a loss is recognized for the difference between the fair value and the carrying value of the asset or group of assets. Such analyses necessarily involve judgment.

The Company determined that the effects of COVID-19 may represent indicators of asset impairment, and as a result, performed an interim impairment assessment at May 3, 2020. In the first fiscal quarter of 2020, the Company performed undiscounted cash flow analyses on certain long-lived assets, including retail stores at the individual store level and determined that the estimated undiscounted future cash flows exceeded the net carrying values. There were no triggering events subsequent to the quarter ended May 3, 2020 and through the year ended January 31, 2021. Consequently, there were no long-lived asset impairment charges recorded for fiscal 2020.

For fiscal 2019, management did not identify any events or changes in circumstances that indicated the potential impairment of long-lived assets.

Store Pre-opening Costs

Store pre-opening costs are expensed as incurred and are included in selling, general and administrative expenses.

Stock-Based Compensation

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, shares, restricted stock, restricted stock units, deferred stock and performance share units, using or based on the Company’s Class B common stock.

The Company accounts for its stock-based compensation plan in accordance with ASC Topic 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. Restricted stock issued to board members generally vests over a period of one year. Restricted stock issued to key employees and executives typically vests over a period of three years to five years based on the terms for each individual award. The fair value of the restricted stock is determined based on the market value of the Company’s Class B common stock on the grant date. Restricted stock forfeitures are recognized as incurred.

Total stock compensation expense associated with restricted stock recognized by the Company was $1.5 million and $0.5 million for fiscal 2020 and fiscal 2019, respectively, and is included in selling, general and administrative expenses on the Consolidated Statements of Operations.

The following is a summary of the activity in the Company’s unvested restricted stock during the years ended January 31, 2021 and February 2, 2020:



		Weighted average
		grant date
		fair value
	Shares	per share
Outstanding at February 3, 2019	321,657		14.29
Granted	165,730		17.67
Vested	(61,647)		18.90
Forfeited	(233,646)		12.65
Outstanding at February 2, 2020	192,094		17.71
Granted	283,063		7.13
Vested	(120,592)		16.21
Forfeited	(16,326)		10.42
Outstanding at January 31, 2021	338,239	$	9.74

At January 31, 2021, the Company had unrecognized compensation expense of $2.2 million related to the restricted stock awards, which is expected to be recognized over a weighted average period of 2.4 years.

Treasury Stock

Treasury stock consists of shares withheld in lieu of tax payments when restricted stock vests using the treasury cost method and is classified in the Consolidated Balance Sheets as a reduction to shareholders’ equity.

Taxes Collected from Customers

The Company presents all non-income government-assessed taxes (sales, use and value-added taxes) collected from its customers and remitted to governmental agencies on a net basis (excluded from revenue) in its consolidated financial statements.

Other Comprehensive Income

Other comprehensive income or loss represents the change in equity from non-shareholder or non-member transactions, which is not included in the statements of earnings but is reported as a separate component of shareholders’ equity. For fiscal 2020 and fiscal 2019, other comprehensive income consists of changes in unrealized gains and losses on available-for-sale securities, net of taxes.

Fair Value Measurements

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 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 fiscal 2020, 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 available-for-sale security and the corresponding amount of gross unrealized gains and losses recognized in accumulated other comprehensive income are as follows.

January 31, 2021

Cost or

Gross

Amortized

Unrealized

Estimated

Cost

Gains

Losses

Fair Value

(in thousands)

Level 3 security:

Corporate trust

6,047

6,111

February 2, 2020

Cost or

Gross

Amortized

Unrealized

Estimated

Cost

Gains

Losses

Fair Value

(in thousands)

Level 3 security:

Corporate trust

6,178

254

6,432

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 security on a quarterly basis to monitor its exposure to other-than-temporary impairment.

No other-than-temporary impairment was recorded in the Consolidated Statements of Operations in fiscal 2020 or fiscal 2019.

The following table presents the future receipts related to the Company’s available-for-sale security by contractual maturity as of January 31, 2021.


	Amortized		Estimated
	Cost		Fair Value
(in thousands)
Within one year	$	147	$	150
After one year through five years		1,004		1,022
After five years through ten years		1,563		1,581
After ten years		3,333		3,358
Total	$	6,047	$	6,111

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


	January 31, 2021				February 2, 2020
(in thousands)		Carrying Amount		Fair Value		Carrying Amount		Fair Value
TRI Long-term debt, including short-term portion	$	27,852	$	28,697	$	28,335	$	30,238

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.

As of January 31, 2021, and February 2, 2020, the carrying values of the long-term delayed draw term loan and long-term line of credit both approximated its fair value.

Reclassifications

Certain reclassifications have been made to the 2019 financial statements in order to conform to the 2020 presentation. There were no changes to previously reported shareholders' equity or net income as a result of the reclassifications.

Leases

12 Months Ended

Jan. 31, 2021

Leases [Abstract]

Leases

3. LEASES

Based on the criteria set forth in ASC Topic 842, Leases (“ASC 842”), the Company recognizes 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 rate. The Company bases this discount rate 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.

Due to the adverse impacts of COVID-19, the Company has negotiated rent deferral and payback periods with a number of the Company’s store landlords for the months of April and May 2020. Based on the guidance set forth in the Financial Accounting Standards Board (“FASB”) issued Staff Q&A “Topic 842 and Topic 840: Accounting for Lease Concessions Related to the Effects of the COVID-19 Pandemic” the Company has accounted for these deferrals as if no changes to the lease contract were made and will not elect to apply the lease modification guidance under ASC 842. As of January 31, 2021 the Company has deferred rent of approximately $0.8 million which was recorded within accrued expenses and other current liabilities and will be paid in accordance with the concession arrangements.

The expense components of the Company’s leases reflected on the Company’s Consolidated Statement of Operations were as follows:


	Consolidated Statement of Operations	January 31, 2021		February 2, 2020
(in thousands)
Finance lease
Amortization of right-of-use ‎ assets	Selling, general and administrative expenses	$	2,929	$	1,362
Interest on lease liabilities	Interest expense		1,858		1,230
Total finance lease expense		$	4,787	$	2,592
Operating lease expense	Selling, general and administrative expenses	$	16,141	$	15,636
Amortization of build-to-suit leases capital contribution	Selling, general and administrative expenses		1,309		1,129
Variable lease expense	Selling, general and administrative expenses		9,453		7,347
Total lease expense		$	31,690	$	26,704

‎

Other information related to leases were as follows:



	January 31, 2021		February 2, 2020
(in thousands)
Cash paid for amounts included in the measurement of lease liabilities:
Financing cash flows from finance leases	$	1,958	$	891
Operating cash flows from finance leases	$	1,858	$	1,230
Operating cash flows from operating leases	$	15,652	$	13,621

Right-of-use assets obtained in exchange for lease liabilities:
Finance leases	$	8,966	$	41,566
Operating leases	$	11,642	$	17,629

Weighted-average remaining lease term (in years):
Finance leases		13		15
Operating leases		9		10

Weighted-average discount rate:
Finance leases		4.4%		4.5%
Operating leases		4.3%		4.3%

Future minimum lease payments under the non-cancellable leases are as follows as of January 31, 2021:



		Finance	Operating
Fiscal year		Leases	Leases
(in thousands)
2021	$	4,575	$	15,721
2022		4,554		15,851
2023		4,582		16,033
2024		4,769		15,383
2025		5,133		14,593
Thereafter		37,522		63,427
Total future minimum lease payments	$	61,135	$	141,008
Less - Discount		15,207		25,671
Lease liability	$	45,928	$	115,337

Total rent expense under non-cancellable leases was $17.1 million and $16.2 million for fiscal 2020 and fiscal 2019, respectively.

Debt and Credit Agreement

12 Months Ended

Jan. 31, 2021

Debt and Credit Agreement [Abstract]

Debt and Credit Agreement

4. DEBT AND CREDIT AGREEMENT

Debt consists of the following:


	January 31, 2021		February 2, 2020
(in thousands)
TRI Senior Secured Note	$	24,352	$	24,835
TRI Note		3,500		3,500
	$	27,852	$	28,335
Less: current maturities		623		557
TRI Long-term debt	$	27,229	$	27,778

Duluth Line of credit	$	—	$	19,332
Duluth Delayed draw term loan		48,250		20,000
	$	48,250	$	39,332
Less: current maturities		2,500		1,000
Duluth long-term debt	$	45,750	$	38,332

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 the obligor of these notes.

Credit Agreement

On May 17, 2018, the Company entered into a credit agreement (the “Credit Agreement”) which provides for borrowing availability of up to $80.0 million in revolving credit and associated swing line (the “Revolver”) and borrowing availability of up to $50.0 million in a delayed draw term loan (“DDTL”), for a total credit facility of $130.0 million. The $80.0 million revolving credit matures on May 17, 2023. The $50.0 million DDTL was available to draw upon in differing amounts through May 16, 2020 and matures on May 17, 2023. Outstanding balances under the DDTL require quarterly principal payments with a final balloon payment at maturity. The Credit Agreement is 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 April 30, 2020, the Credit Agreement was amended to include an incremental DDTL of $20.5 million (the “Incremental DDTL”) that is available to draw upon before March 31, 2021, and matures on April 29, 2021, for a total credit facility of $150.5 million. As of and for the fiscal year ended January 31, 2021, no amount of the Incremental DDTL was funded. The loan covenants were also amended to allow for greater flexibility during the Company’s peak borrowing periods in fiscal 2020. The interest rate applicable to the Revolver or DDTL will be a fixed rate for a one-, two-, three- or six-month interest period equal to LIBOR (with a 1% floor) for such interest period plus a margin of 225 to 300 basis points, based upon the Company’s rent adjusted leverage ratio (effective rate of 3.5% for the Revolver and the DDTL at January 31, 2021). The interest rate applicable to the Incremental DDTL will also be a fixed rate over the aforementioned interest periods equal to LIBOR (with a 1% floor) for such interest period plus a margin of 275 to 350 basis points.

As of January 31, 2021, and for the fiscal year then ended, the Company was in compliance with all financial and non-financial covenants for all debts discussed above.

‎

Future principal maturities of all TRI debt, excluding financing fees of $1.3 million associated with the TRI debt, and the Company’s Credit Agreement, are as follows as of January 31, 2021:


Fiscal year
(in thousands)
2021	$	3,123
2022		3,193
2023		44,018
2024		847
2025		931
Thereafter		25,292
	$	77,404

Accrued Expenses and Other Current Liabilities

12 Months Ended

Jan. 31, 2021

Accrued Expenses and Other Current Liabilities [Abstract]

Accrued Expenses and Other Current Liabilities

5. ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES

Accrued expenses and other current liabilities consist of the following:


	January 31, 2021		February 2, 2020
(in thousands)
Salaries and benefits	$	8,826	$	2,775
Deferred revenue		9,944		9,946
Freight		6,769		5,404
Product returns		5,304		3,508
Catalog costs		396		542
Unpaid purchases of property & equipment		503		971
Accrued advertising		981		633
Other		4,963		5,685
Total accrued expenses and other current liabilities	$	37,686	$	29,464

Variable Interest Entities

12 Months Ended

Jan. 31, 2021

Variable Interest Entities [Abstract]

Variable Interest Entities

6. VARIABLE INTEREST ENTITIES

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 January 31, 2021 and February 2, 2020.

The Company leases the Company’s headquarters in Mt. Horeb, Wisconsin from TRI. In conjunction with the lease, the Company originally 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 Consolidated Balance Sheets include the following amounts as a result of the consolidation of TRI as of January 31, 2021 and February 2, 2020.


	January 31, 2021		February 2, 2020
(in thousands)
Cash	$	747	$	279
Property and equipment, net		24,800		25,981
Total assets	$	25,547	$	26,260

Other current liabilities	$	58	$	91
Current maturities of TRI long-term debt		623		557
TRI long-term debt		27,229		27,778
Noncontrolling interest in VIE		(2,363)		(2,166)
Total liabilities and shareholders' equity	$	25,547	$	26,260

Earnings Per Share

12 Months Ended

Jan. 31, 2021

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 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:



	Fiscal Year Ended
	January 31, 2021		February 2, 2020
(in thousands, except per share data)
Numerator - net income attributable to controlling interest	$	13,577	$	18,921
Denominator - weighted average shares (Class A and Class B)
Basic		32,447		32,309
Dilutive shares		133		62
Diluted		32,580		32,371
Earnings per share (Class A and Class B)
Basic	$	0.42	$	0.59
Diluted	$	0.42	$	0.58

Revenue

12 Months Ended

Jan. 31, 2021

Revenue [Abstract]

Revenue

8. 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.


	January 31, 2021		February 2, 2020
(in thousands)
Direct-to-consumer	$	460,839	$	350,371
Stores		177,944		265,253
	$	638,783	$	615,624

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 upon issuance in Accrued expenses and other current liabilities under deferred revenue (see Note 5 “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:


	January 31, 2021		February 2, 2020
(in thousands)
Contract assets	$	2,490	$	1,932
Contract liabilities	$	9,788	$	9,790

Revenue from gift cards is recognized when the gift card is redeemed by the customer for merchandise, or as 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:


	January 31, 2021		February 2, 2020
(in thousands)
Balance as of Beginning of Period	$	9,790	$	8,508
Gift cards sold		17,098		17,523
Gift cards redeemed		(14,766)		(15,137)
Gift card breakage		(2,334)		(1,047)
Gift card escheat		-		(57)
Balance as of End of Period	$	9,788	$	9,790

- 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
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-URI http://asc.fasb.org/topic&trid=49130388

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130551-203045

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
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-Paragraph 13
-Subparagraph (b)(2)
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-Name Accounting Standards Codification
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-Name Accounting Standards Codification
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-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
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-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
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-Section 50
-Paragraph 12
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

+ Details

Income Taxes

12 Months Ended

Jan. 31, 2021

Income Taxes [Abstract]

Income Taxes

9. INCOME TAXES

The components of income tax expense were as follows:


	Fiscal Year Ended


	January 31, 2021		February 2, 2020
(in thousands)
Current:
Federal	$	3,350	$	4,727
State		1,283		1,308
		4,633		6,035
Noncurrent:
Federal	$	168	$	—
State		91		—
		259		—
Deferred:
Federal		353		(568)
State		(608)		(38)
		(255)		(606)
Total income tax expense	$	4,637	$	5,429

The tax effects of unrealized gains and losses on securities are components of other comprehensive income and therefore excluded from deferred tax expense.

The reconciliation of income tax expense to the amount computed at the federal statutory rate was as follows:


	Fiscal Year Ended

	January 31, 2021				February 2, 2020
(in thousands)
Federal taxes at statutory rate	$	3,824	21.0	%	$	5,114	21.0	%
State and local income taxes, net of federal benefit		786	4.3	%		965	4.0	%
Research and development tax credits		(151)	(0.8)	%		(487)	(2.0)	%
Other		178	1.0	%		(163)	(0.7)	%
Total income tax expense	$	4,637	25.5	%	$	5,429	22.3	%

‎

Deferred income taxes reflect the net tax effects of temporary differences between U.S. GAAP and tax bases of assets and liabilities. Significant components of deferred tax assets and liabilities were as follows:



	January 31, 2021		February 2, 2020
(in thousands)
Deferred tax assets:
Returns allowance	$	1,330	$	912
Uniform capitalization		3,425		2,930
Deferred rent		205		—
Accruals		1,841		388
Stock-based compensation		231		352
Advance payments		685		820
Unrecognized tax benefits		2		—
Total deferred tax assets		7,719		5,402

Deferred tax liabilities:
Property and equipment		13,202		10,346
Unrealized gain on investment		16		66
Inventory		223		27
Prepaid expenses		868		857
Goodwill and intangibles		66		66
Capital lease		1,454		2,358
Revenue recognition method adjustment		90		187
Total deferred tax liabilities		15,919		13,907
Net deferred tax liabilities	$	8,200	$	8,505

Uncertain Tax Positions

A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows:


	January 31, 2021		February 2, 2020
(in thousands)
Balance beginning of year	$	—	$	—
Additions for tax positions in prior year		214		—
Additions for tax positions in current year		45		—
Balance at end of year	$	259	$	—

If recognized, $0.3 million of the Company’s unrecognized tax benefits as of January 31, 2021, would affect the Company’s effective tax rate. The Company does not anticipate that there will be a material change in the balance of the unrecognized tax benefits in the next 12 months. Any interest and penalties related to uncertain tax positions are recorded in income tax expense. There were no amounts recorded as tax expense for interest or penalties for the years ended February 2, 2020.

The Company files income tax returns in the United States federal jurisdiction and in various state jurisdictions. Federal tax returns for tax years beginning January 1, 2017, and state tax returns for tax years beginning January 1, 2016, are open for examination.

CARES Act

On March 27, 2020, the Coronavirus Aid, Relief, and Economic Security (CARES) Act was signed. The CARES Act, among other things, included provisions relating to refundable payroll tax credits, deferment of employer social security payments, alternative minimum tax credit refunds and modifications to net interest deduction limitations. The Company has concluded the analysis of these provisions as of year-end and the CARES Act did not have a material impact on the Company’s income taxes for the year ended January 31, 2021.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References + Details

Retirement Plan

12 Months Ended

Jan. 31, 2021

Retirement Plan [Abstract]

Retirement Plan

10. RETIREMENT PLAN

The Company has a contributory 401(k) profit sharing plan (the “Plan”) which covers all employees who have attained age 21 and who have met minimum service requirements. The Company makes quarterly non-discretionary “safe harbor” matching contributions to the Plan equal to 100% of the basic contribution made by each participant on the first 3% of his or her compensation plus 50% of the basic contribution made by each participant on the next 2% of his or her compensation.

The Company is also permitted to make discretionary profit sharing contributions to the Plan. There were no profit sharing contributions for the plan year ended December 31, 2020.

The Company’s total expenses under the Plan were $1.6 million and $1.5 million for fiscal 2020 and fiscal 2019, respectively.

- Definition

The entire disclosure for retirement benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 55
-Paragraph 17
-URI http://asc.fasb.org/extlink&oid=118257860&loc=d3e4179-114921

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Topic 715
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-Section S99
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-Publisher FASB
-Name Accounting Standards Codification
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-URI http://asc.fasb.org/topic&trid=2235017

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
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-Paragraph 3
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-Publisher FASB
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+ Details

Commitments and Contingencies	12 Months Ended
Commitments and Contingencies	Jan. 31, 2021
Commitments and Contingencies [Abstract]
Commitments and Contingencies	11. COMMITMENTS AND CONTINGENCIES From time to time, the Company becomes involved in lawsuits and other claims arising from its ordinary course of business. Because of the uncertainties related to the incurrence, amount and range of loss on any pending litigation or claim, management is currently unable to predict the ultimate outcome of any litigation or claim, determine whether a liability has been incurred or make an estimate of the reasonably possible liability that could result from an unfavorable outcome. Management believes, after considering a number of factors and the nature of any outstanding litigation or claims, that the outcome will not have a material effect upon the Company’s results of operations, financial condition or cash flows. However, because of the unpredictable nature of these matters, the Company cannot provide any assurances regarding the outcome of any litigation or claim to which it is a party or the impact on it of an adverse ruling in such matters.

Quarterly Financial Data

12 Months Ended

Jan. 31, 2021

Quarterly Financial Data [Abstract]

Quarterly Financial Data (Unaudited)

12. QUARTERLY FINANCIAL DATA (UNAUDITED)



	Fiscal 2020
	First ‎Quarter		% of Net ‎Sales	Second ‎Quarter		% of Net ‎Sales	Third ‎Quarter		% of Net ‎Sales	Fourth ‎Quarter		% of Net ‎Sales
(in thousands, except earnings per share)
Net sales	$	109,917	100.0%	$	137,375	100.0%	$	135,531	100.0%	$	255,960	100.0%
Gross profit		52,332	47.6%		72,472	52.8%		71,037	52.4%		135,685	53.0%
Operating (loss) income		(18,974)	(17.3)%		9,792	7.1%		2,848	2.1%		30,549	11.9%
Net (loss) income attributable to ‎ controlling interest		(15,135)	(13.8)%		5,941	4.3%		940	0.7%		21,831	8.5%
Basic (loss) earnings per share ‎ attributable to controlling interest ‎ (Class A and Class B)		(0.47)			0.18			0.03			0.67
Diluted (loss) earnings per share ‎ attributable to controlling interest ‎ (Class A and Class B)		(0.47)			0.18			0.03			0.67



	Fiscal 2019
	First ‎Quarter		% of Net ‎Sales	Second ‎Quarter		% of Net ‎Sales	Third ‎Quarter		% of Net ‎Sales	Fourth ‎Quarter		% of Net ‎Sales
(in thousands, except earnings per share)
Net sales	$	114,244	100.0%	$	121,963	100.0%	$	119,768	100.0%	$	259,649	100.0%
Gross profit		60,918	53.3%		64,804	53.1%		65,365	54.6%		137,062	52.8%
Operating (loss) income		(10,104)	(8.8)%		3,735	3.1%		1,328	1.1%		33,149	12.8%
Net (loss) income attributable to ‎ controlling interest		(7,572)	(6.6)%		1,936	1.6%		182	0.2%		24,375	9.4%
Basic (loss) earnings per share ‎ attributable to controlling interest ‎ (Class A and Class B)		(0.23)			0.06			0.01			0.75
Diluted (loss) earnings per share ‎ attributable to controlling interest ‎ (Class A and Class B)		(0.23)			0.06			0.01			0.75

Subsequent to the issuance of the May 5, 2019 interim financial statements, the Company identified a reclass error for disclosure purposes between selling, general and administration and interest expense, which had no impact on net income for the May 5, 2019 unaudited Consolidated Statement of Operations. The reclass error has been corrected in the above table. The Company assessed the reclass error and determined it is immaterial to the interim financial statements.

Recent Accounting Pronouncements

12 Months Ended

Jan. 31, 2021

Recent Accounting Pronouncements [Abstract]

Recent Accounting Pronouncements

13. RECENT ACCOUNTING PRONOUNCEMENTS

Recently Adopted Accounting Pronouncements

Intangibles – Goodwill and Other – Internal-use Software

On February 3, 2020, the Company adopted Accounting Standards Update (“ASU”) No. 2018-15, Intangibles – Goodwill and Other – Internal-Use Software (Subtopic 350-40) (“ASU 2018-15”) which provides additional guidance on the accounting for costs of implementation activities performed in a cloud computing arrangement that is a service contract. ASU 2018-15 requires a customer in a cloud computing arrangement that is a service contract to follow the new internal-use software guidance to determine which implementation costs to capitalize as assets or expense as incurred. The new internal-use software guidance requires that certain costs incurred during the application development stage be capitalized and other costs incurred during the preliminary project and post-implementation stages be expensed as they are incurred. The Company adopted ASU 2018-15 using the prospective method. In fiscal 2020, $3.9 million of capitalized costs associated with implementation activities, net of amortization are classified within Prepaid expenses & other current assets on the Company’s Consolidated Balance Sheets and $0.2 million of related amortization costs are included in Selling, general and administrative expenses on the Company’s Consolidated Statement of Operations.

Recently Issued Accounting Pronouncements Not Yet Adopted

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 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 expects to adopt ASU 2016-13 on January 30, 2023, the first day of the Company’s first quarter for the fiscal year ending January 28, 2024, the Company’s fiscal year 2023. The Company is evaluating the level of impact adopting ASU 2016-13 will have on the Company’s 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
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-Section 65
-Paragraph 4
-Subparagraph (e)(2)
-URI http://asc.fasb.org/extlink&oid=121646688&loc=SL121648383-210437

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (b)(1)
-URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22499-107794

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 65
-Paragraph 8
-Subparagraph (e)(1)

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 65
-Paragraph 8
-Subparagraph (e)(2)

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 65
-Paragraph 8
-Subparagraph (e)(3)

+ Details

Schedule II Valuation and Qualifying Accounts

12 Months Ended

Jan. 31, 2021

Schedule II Valuation And Qualifying Accounts [Abstract]

Schedule II Valuation and Qualifying Accounts

DULUTH HOLDINGS INC.

SCHEDULE II

VALUATION AND QUALIFYING ACCOUNTS

For the Years Ended January 31, 2021 and February 2, 2020

(Amounts in thousands)



			Charged to		Charged to
	Beginning		Cost and		Other				Ending
	Balance		Expenses		Accounts		Deductions		Balance
Inventory reserve
Year ended January 31, 2021	$	1,826	$	—	$	—	$	(226)	$	1,600
Year ended February 2, 2020		2,420		—		—		(594)		1,826

Product returns reserve
Year ended January 31, 2021	$	3,508	$	1,796	$	—	$	—	$	5,304
Year ended February 2, 2020		2,088		1,420		—		—		3,508

See accompanying Report of Independent Registered Public Accounting Firm.

‎

Nature of Operations and Basis of Presentation (Policy)	12 Months Ended
Nature of Operations and Basis of Presentation (Policy)	Jan. 31, 2021
Nature of Operations and Basis of Presentation [Abstract]
Nature of Operations	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 Company brand, with the majority of products being exclusively developed and sold as Duluth Trading branded merchandise. The Company has historically identified two operating segments, direct and retail. The direct segment, consisting of the Company’s website and catalogs, offers products nationwide. In 2010, the Company initiated its omnichannel platform with the opening of its first store. Since then, Duluth Trading has expanded its retail presence, and as of January 31, 2021, the Company operated 62 retail stores and three outlet stores. The Company identifies its operating segments according to how its business activities are managed and evaluated. The Company continues to grow its omnichannel distribution network which allows the consumer to interact with the Company through a consistent customer experience whether on the Company website or at Company stores. As the Company expands its distribution network, and in conjunction with assessing the similar nature of products sold, production process, distribution process, target customers and economic characteristics between the two segments, the Company determined that the historical structure of separate reporting segments for direct and retail was no longer representative. Therefore, as of February 3, 2020, the Company updated its segment reporting to 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	Basis of Presentation The consolidated financial statements are prepared in accordance with U.S. Generally Accepted Accounting Principles (“U.S. GAAP”). 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 2020 and Fiscal 2019 ended on January 31, 2021 and February 2, 2020, respectively. Fiscal 2020 and Fiscal 2019 were a 52-week period.
Covid-19	COVID-19 In March 2020, a novel strain of coronavirus (“COVID-19”) was declared a global pandemic by the World Health Organization. This pandemic has negatively affected the U.S. and global economies, disrupted global supply chains and financial markets, led to significant travel and transportation restrictions, including mandatory business closures and orders to shelter in place. The Company’s business operations and financial performance for the year ended January 31, 2021 were impacted by COVID-19. These impacts are discussed within these notes to the consolidated financial statements. The ultimate impact of COVID-19 on our operational and financial performance still depends on future developments outside of our control. Given the uncertainty, we cannot reasonably estimate the continued impact on our business and whether that impact will be different than what we have already experienced.
Seasonality of Business	Seasonality of BusinessThe 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.

Summary of Significant Accounting Policies (Policy)

12 Months Ended

Jan. 31, 2021

Summary of Significant Accounting Policies [Abstract]

Principles of Consolidation

Use of Estimates

Revenue Recognition

Cost of Goods Sold and Selling, General and Administrative Expenses

The following table illustrates the primary costs classified in cost of goods sold and selling, general and administrative expenses:


Cost of Goods Sold		Selling, General and Administrative Expenses
·	Direct cost of purchased merchandise	·	Payroll and payroll-related expenses
·	Inventory shrinkage and inventory adjustments due to obsolescence	·	Third party logistics ("3PL")
·	Inbound freight	·	Occupancy expenses related to stores and operations at the Company's headquarters, including utilities
·	Freight from the Company's distribution centers to its stores	·	Depreciation and amortization
		·	Advertising expenses including: television, digital and social media advertising; catalog production and mailing; and print advertising costs
		·	Freight associated with shipping product to customers
		·	Consulting and professional fees

Advertising and Catalog Expenses


Cost of Goods Sold		Selling, General and Administrative Expenses
·	Direct cost of purchased merchandise	·	Payroll and payroll-related expenses
·	Inventory shrinkage and inventory adjustments due to obsolescence	·	Third party logistics ("3PL")
·	Inbound freight	·	Occupancy expenses related to stores and operations at the Company's headquarters, including utilities
·	Freight from the Company's distribution centers to its stores	·	Depreciation and amortization
		·	Advertising expenses including: television, digital and social media advertising; catalog production and mailing; and print advertising costs
		·	Freight associated with shipping product to customers
		·	Consulting and professional fees

Advertising and Catalog Expenses

Advertising and Catalog expenses were $72.4 million and $93.9 million for fiscal 2020 and fiscal 2019, respectively.

Shipping and Processing

Income Taxes

Concentrations of Credit Risk

Restricted Cash and Reconciliation of Cash and Cash Equivalents and Restricted Cash to the Statement of Cash Flows

Restricted Cash and Reconciliation of cash and cash equivalents and restricted cash to the statement of cash flows


	January 31, 2021		February 2, 2020
(in thousands)
Cash and cash equivalents	$	47,221	$	2,189
Restricted Cash		-		51
Total cash, cash equivalents and restricted cash shown in the ‎ consolidated statement of cash flows	$	47,221	$	2,240

Significant Suppliers


	January 31, 2021		February 2, 2020
(in thousands)
Cash and cash equivalents	$	47,221	$	2,189
Restricted Cash		-		51
Total cash, cash equivalents and restricted cash shown in the ‎ consolidated statement of cash flows	$	47,221	$	2,240

Significant Suppliers

Inventories

InventoriesInventory 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 $1.8 million as of January 31, 2021 and February 2, 2020, respectively.

Property and Equipment

Property and equipment consist of the following:



	January 31, 2021		February 2, 2020
(in thousands)
Land and land improvements	$	4,486	$	4,486
Leasehold improvements		47,451		42,784
Buildings		35,344		35,905
Vehicles		161		161
Warehouse equipment		14,685		14,379
Office equipment and furniture		52,614		49,756
Computer equipment		9,861		8,135
Software		34,003		31,500
		198,605		187,106
Accumulated depreciation and amortization		(75,958)		(53,255)
		122,647		133,851
Construction in progress		1,590		3,220
Property and equipment, net	$	124,237	$	137,071


	Years
Land improvements	15	-	40
Leasehold improvements	3	-	15
Buildings			39
Vehicles	5	-	10
Warehouse equipment	5	-	10
Office equipment and furniture	5	-	10
Computer equipment	3	-	5
Software	3	-	5

Prepaid Expenses and Other Assets

Prepaid expenses and other assets consist of the following:


	January 31, 2021		February 2, 2020
(in thousands)
Prepaid expenses & other current assets
Pending returns inventory, net	$	2,490	$	1,932
Current software hosting implementation costs, net		1,149		—
Other prepaid expenses		6,564		7,571
Prepaid expenses & other current assets	$	10,203	$	9,503

Other assets, net
Goodwill	$	402	$	402
Intangible assets, net		264		283
Non-current software hosting implementation costs		2,755		—
Other assets, net		540		511
Other assets, net	$	3,961	$	1,196

Software Hosting Implementation Costs

Goodwill

Intangible Assets and Other Assets

Scheduled future amortization of amortizable other assets are as follows as of January 31, 2021:



Fiscal year
(in thousands)
2021	$	210
2022		193
2023		71
2024		18
2025		17
Thereafter		28
	$	537

Impairment of Long-Lived Assets

For fiscal 2019, management did not identify any events or changes in circumstances that indicated the potential impairment of long-lived assets.

Store Pre-opening Costs

Store pre-opening costs are expensed as incurred and are included in selling, general and administrative expenses.

Stock-Based Compensation

The following is a summary of the activity in the Company’s unvested restricted stock during the years ended January 31, 2021 and February 2, 2020:



		Weighted average
		grant date
		fair value
	Shares	per share
Outstanding at February 3, 2019	321,657		14.29
Granted	165,730		17.67
Vested	(61,647)		18.90
Forfeited	(233,646)		12.65
Outstanding at February 2, 2020	192,094		17.71
Granted	283,063		7.13
Vested	(120,592)		16.21
Forfeited	(16,326)		10.42
Outstanding at January 31, 2021	338,239	$	9.74

Treasury Stock

Taxes Collected from Customers

Other Comprehensive Income

Fair Value Measurements

Level 1 – Quoted prices in active markets for identical 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.

‎

January 31, 2021

Cost or

Gross

Amortized

Unrealized

Estimated

Cost

Gains

Losses

Fair Value

(in thousands)

Level 3 security:

Corporate trust

6,047

6,111

February 2, 2020

Cost or

Gross

Amortized

Unrealized

Estimated

Cost

Gains

Losses

Fair Value

(in thousands)

Level 3 security:

Corporate trust

6,178

254

6,432

No other-than-temporary impairment was recorded in the Consolidated Statements of Operations in fiscal 2020 or fiscal 2019.

The following table presents the future receipts related to the Company’s available-for-sale security by contractual maturity as of January 31, 2021.


	Amortized		Estimated
	Cost		Fair Value
(in thousands)
Within one year	$	147	$	150
After one year through five years		1,004		1,022
After five years through ten years		1,563		1,581
After ten years		3,333		3,358
Total	$	6,047	$	6,111

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


	January 31, 2021				February 2, 2020
(in thousands)		Carrying Amount		Fair Value		Carrying Amount		Fair Value
TRI Long-term debt, including short-term portion	$	27,852	$	28,697	$	28,335	$	30,238

As of January 31, 2021, and February 2, 2020, the carrying values of the long-term delayed draw term loan and long-term line of credit both approximated its fair value.

Reclassifications

ReclassificationsCertain reclassifications have been made to the 2019 financial statements in order to conform to the 2020 presentation. There were no changes to previously reported shareholders' equity or net income as a result of the reclassifications.

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Jan. 31, 2021

Summary of Significant Accounting Policies [Abstract]

Schedule of Reconciliation of Cash and Restricted Cash


	January 31, 2021		February 2, 2020
(in thousands)
Cash and cash equivalents	$	47,221	$	2,189
Restricted Cash		-		51
Total cash, cash equivalents and restricted cash shown in the ‎ consolidated statement of cash flows	$	47,221	$	2,240

Schedule of Property and Equipment



	January 31, 2021		February 2, 2020
(in thousands)
Land and land improvements	$	4,486	$	4,486
Leasehold improvements		47,451		42,784
Buildings		35,344		35,905
Vehicles		161		161
Warehouse equipment		14,685		14,379
Office equipment and furniture		52,614		49,756
Computer equipment		9,861		8,135
Software		34,003		31,500
		198,605		187,106
Accumulated depreciation and amortization		(75,958)		(53,255)
		122,647		133,851
Construction in progress		1,590		3,220
Property and equipment, net	$	124,237	$	137,071

Property and Equipment Depreciable Lives by Major Classification


	Years
Land improvements	15	-	40
Leasehold improvements	3	-	15
Buildings			39
Vehicles	5	-	10
Warehouse equipment	5	-	10
Office equipment and furniture	5	-	10
Computer equipment	3	-	5
Software	3	-	5

Schedule of Prepaid Expenses and Other Assets


	January 31, 2021		February 2, 2020
(in thousands)
Prepaid expenses & other current assets
Pending returns inventory, net	$	2,490	$	1,932
Current software hosting implementation costs, net		1,149		—
Other prepaid expenses		6,564		7,571
Prepaid expenses & other current assets	$	10,203	$	9,503

Other assets, net
Goodwill	$	402	$	402
Intangible assets, net		264		283
Non-current software hosting implementation costs		2,755		—
Other assets, net		540		511
Other assets, net	$	3,961	$	1,196

Scheduled Future Amortization of Amortizable Other Assets



Fiscal year
(in thousands)
2021	$	210
2022		193
2023		71
2024		18
2025		17
Thereafter		28
	$	537

Summary of Activity in Unvested Restricted Stock



		Weighted average
		grant date
		fair value
	Shares	per share
Outstanding at February 3, 2019	321,657		14.29
Granted	165,730		17.67
Vested	(61,647)		18.90
Forfeited	(233,646)		12.65
Outstanding at February 2, 2020	192,094		17.71
Granted	283,063		7.13
Vested	(120,592)		16.21
Forfeited	(16,326)		10.42
Outstanding at January 31, 2021	338,239	$	9.74

Amortized Cost, Fair Value, and Corresponding Amount of Gross Unrealized Gains and Losses Recognized in AOCI of Available-for-Sale Security

January 31, 2021

Cost or

Gross

Amortized

Unrealized

Estimated

Cost

Gains

Losses

Fair Value

(in thousands)

Level 3 security:

Corporate trust

6,047

6,111

February 2, 2020

Cost or

Gross

Amortized

Unrealized

Estimated

Cost

Gains

Losses

Fair Value

(in thousands)

Level 3 security:

Corporate trust

6,178

254

6,432

Future Principal Receipts Related to Available-For-Sale Security by Contractual Maturity


	Amortized		Estimated
	Cost		Fair Value
(in thousands)
Within one year	$	147	$	150
After one year through five years		1,004		1,022
After five years through ten years		1,563		1,581
After ten years		3,333		3,358
Total	$	6,047	$	6,111

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


	January 31, 2021				February 2, 2020
(in thousands)		Carrying Amount		Fair Value		Carrying Amount		Fair Value
TRI Long-term debt, including short-term portion	$	27,852	$	28,697	$	28,335	$	30,238

Leases (Tables)

12 Months Ended

Jan. 31, 2021

Leases [Abstract]

Expense Components Leases Reflected Consolidated Statement of Operations


	Consolidated Statement of Operations	January 31, 2021		February 2, 2020
(in thousands)
Finance lease
Amortization of right-of-use ‎ assets	Selling, general and administrative expenses	$	2,929	$	1,362
Interest on lease liabilities	Interest expense		1,858		1,230
Total finance lease expense		$	4,787	$	2,592
Operating lease expense	Selling, general and administrative expenses	$	16,141	$	15,636
Amortization of build-to-suit leases capital contribution	Selling, general and administrative expenses		1,309		1,129
Variable lease expense	Selling, general and administrative expenses		9,453		7,347
Total lease expense		$	31,690	$	26,704

Other Information Related to Leases



	January 31, 2021		February 2, 2020
(in thousands)
Cash paid for amounts included in the measurement of lease liabilities:
Financing cash flows from finance leases	$	1,958	$	891
Operating cash flows from finance leases	$	1,858	$	1,230
Operating cash flows from operating leases	$	15,652	$	13,621

Right-of-use assets obtained in exchange for lease liabilities:
Finance leases	$	8,966	$	41,566
Operating leases	$	11,642	$	17,629

Weighted-average remaining lease term (in years):
Finance leases		13		15
Operating leases		9		10

Weighted-average discount rate:
Finance leases		4.4%		4.5%
Operating leases		4.3%		4.3%

Future Minimum Lease Payments Under Non-Cancellable Leases



		Finance	Operating
Fiscal year		Leases	Leases
(in thousands)
2021	$	4,575	$	15,721
2022		4,554		15,851
2023		4,582		16,033
2024		4,769		15,383
2025		5,133		14,593
Thereafter		37,522		63,427
Total future minimum lease payments	$	61,135	$	141,008
Less - Discount		15,207		25,671
Lease liability	$	45,928	$	115,337

Debt and Credit Agreement (Tables)

12 Months Ended

Jan. 31, 2021

Debt and Credit Agreement [Abstract]

Schedule of Debt


	January 31, 2021		February 2, 2020
(in thousands)
TRI Senior Secured Note	$	24,352	$	24,835
TRI Note		3,500		3,500
	$	27,852	$	28,335
Less: current maturities		623		557
TRI Long-term debt	$	27,229	$	27,778

Duluth Line of credit	$	—	$	19,332
Duluth Delayed draw term loan		48,250		20,000
	$	48,250	$	39,332
Less: current maturities		2,500		1,000
Duluth long-term debt	$	45,750	$	38,332

Future Principal Maturities of All TRI Debt And Credit Agreement


Fiscal year
(in thousands)
2021	$	3,123
2022		3,193
2023		44,018
2024		847
2025		931
Thereafter		25,292
	$	77,404

Accrued Expenses and Other Current Liabilities (Tables)

12 Months Ended

Jan. 31, 2021

Accrued Expenses and Other Current Liabilities [Abstract]

Schedule of Accrued Expenses and Other Current Liabilities


	January 31, 2021		February 2, 2020
(in thousands)
Salaries and benefits	$	8,826	$	2,775
Deferred revenue		9,944		9,946
Freight		6,769		5,404
Product returns		5,304		3,508
Catalog costs		396		542
Unpaid purchases of property & equipment		503		971
Accrued advertising		981		633
Other		4,963		5,685
Total accrued expenses and other current liabilities	$	37,686	$	29,464

Variable Interest Entities (Tables)

12 Months Ended

Jan. 31, 2021

Variable Interest Entities [Abstract]

Schedule Assets and Liabilities of Variable Interest Entity


	January 31, 2021		February 2, 2020
(in thousands)
Cash	$	747	$	279
Property and equipment, net		24,800		25,981
Total assets	$	25,547	$	26,260

Other current liabilities	$	58	$	91
Current maturities of TRI long-term debt		623		557
TRI long-term debt		27,229		27,778
Noncontrolling interest in VIE		(2,363)		(2,166)
Total liabilities and shareholders' equity	$	25,547	$	26,260

- 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)

12 Months Ended

Jan. 31, 2021

Earnings Per Share [Abstract]

Reconciliation of Numerator and Denominator of Basic and Diluted Earnings (Loss) Per Share



	Fiscal Year Ended
	January 31, 2021		February 2, 2020
(in thousands, except per share data)
Numerator - net income attributable to controlling interest	$	13,577	$	18,921
Denominator - weighted average shares (Class A and Class B)
Basic		32,447		32,309
Dilutive shares		133		62
Diluted		32,580		32,371
Earnings per share (Class A and Class B)
Basic	$	0.42	$	0.59
Diluted	$	0.42	$	0.58

Revenue (Tables)

12 Months Ended

Jan. 31, 2021

Revenue [Abstract]

Sales Disaggregated Based Upon Sales Channel


	January 31, 2021		February 2, 2020
(in thousands)
Direct-to-consumer	$	460,839	$	350,371
Stores		177,944		265,253
	$	638,783	$	615,624

Contract Assets and Liabilities on Consolidated Balance Sheets


	January 31, 2021		February 2, 2020
(in thousands)
Contract assets	$	2,490	$	1,932
Contract liabilities	$	9,788	$	9,790

Reconciliation of Contract Liability Related to Gift Cards


	January 31, 2021		February 2, 2020
(in thousands)
Balance as of Beginning of Period	$	9,790	$	8,508
Gift cards sold		17,098		17,523
Gift cards redeemed		(14,766)		(15,137)
Gift card breakage		(2,334)		(1,047)
Gift card escheat		-		(57)
Balance as of End of Period	$	9,788	$	9,790

Income Taxes (Tables)

12 Months Ended

Jan. 31, 2021

Income Taxes [Abstract]

Components of Income Tax Expense


	Fiscal Year Ended


	January 31, 2021		February 2, 2020
(in thousands)
Current:
Federal	$	3,350	$	4,727
State		1,283		1,308
		4,633		6,035
Noncurrent:
Federal	$	168	$	—
State		91		—
		259		—
Deferred:
Federal		353		(568)
State		(608)		(38)
		(255)		(606)
Total income tax expense	$	4,637	$	5,429

Reconciliation of Income Tax Expense to Amount Computed at Federal Statutory Rate


	Fiscal Year Ended

	January 31, 2021				February 2, 2020
(in thousands)
Federal taxes at statutory rate	$	3,824	21.0	%	$	5,114	21.0	%
State and local income taxes, net of federal benefit		786	4.3	%		965	4.0	%
Research and development tax credits		(151)	(0.8)	%		(487)	(2.0)	%
Other		178	1.0	%		(163)	(0.7)	%
Total income tax expense	$	4,637	25.5	%	$	5,429	22.3	%

Significant Components of Deferred Tax Assets and Liabilities



	January 31, 2021		February 2, 2020
(in thousands)
Deferred tax assets:
Returns allowance	$	1,330	$	912
Uniform capitalization		3,425		2,930
Deferred rent		205		—
Accruals		1,841		388
Stock-based compensation		231		352
Advance payments		685		820
Unrecognized tax benefits		2		—
Total deferred tax assets		7,719		5,402

Deferred tax liabilities:
Property and equipment		13,202		10,346
Unrealized gain on investment		16		66
Inventory		223		27
Prepaid expenses		868		857
Goodwill and intangibles		66		66
Capital lease		1,454		2,358
Revenue recognition method adjustment		90		187
Total deferred tax liabilities		15,919		13,907
Net deferred tax liabilities	$	8,200	$	8,505

Reconciliation of Beginning and Ending Amount of Unrecognized Tax Benefits


	January 31, 2021		February 2, 2020
(in thousands)
Balance beginning of year	$	—	$	—
Additions for tax positions in prior year		214		—
Additions for tax positions in current year		45		—
Balance at end of year	$	259	$	—

Quarterly Financial Data (Unaudited) (Tables)

12 Months Ended

Jan. 31, 2021

Quarterly Financial Data [Abstract]

Schedule of Quarterly Financial Data



	Fiscal 2020
	First ‎Quarter		% of Net ‎Sales	Second ‎Quarter		% of Net ‎Sales	Third ‎Quarter		% of Net ‎Sales	Fourth ‎Quarter		% of Net ‎Sales
(in thousands, except earnings per share)
Net sales	$	109,917	100.0%	$	137,375	100.0%	$	135,531	100.0%	$	255,960	100.0%
Gross profit		52,332	47.6%		72,472	52.8%		71,037	52.4%		135,685	53.0%
Operating (loss) income		(18,974)	(17.3)%		9,792	7.1%		2,848	2.1%		30,549	11.9%
Net (loss) income attributable to ‎ controlling interest		(15,135)	(13.8)%		5,941	4.3%		940	0.7%		21,831	8.5%
Basic (loss) earnings per share ‎ attributable to controlling interest ‎ (Class A and Class B)		(0.47)			0.18			0.03			0.67
Diluted (loss) earnings per share ‎ attributable to controlling interest ‎ (Class A and Class B)		(0.47)			0.18			0.03			0.67



	Fiscal 2019
	First ‎Quarter		% of Net ‎Sales	Second ‎Quarter		% of Net ‎Sales	Third ‎Quarter		% of Net ‎Sales	Fourth ‎Quarter		% of Net ‎Sales
(in thousands, except earnings per share)
Net sales	$	114,244	100.0%	$	121,963	100.0%	$	119,768	100.0%	$	259,649	100.0%
Gross profit		60,918	53.3%		64,804	53.1%		65,365	54.6%		137,062	52.8%
Operating (loss) income		(10,104)	(8.8)%		3,735	3.1%		1,328	1.1%		33,149	12.8%
Net (loss) income attributable to ‎ controlling interest		(7,572)	(6.6)%		1,936	1.6%		182	0.2%		24,375	9.4%
Basic (loss) earnings per share ‎ attributable to controlling interest ‎ (Class A and Class B)		(0.23)			0.06			0.01			0.75
Diluted (loss) earnings per share ‎ attributable to controlling interest ‎ (Class A and Class B)		(0.23)			0.06			0.01			0.75

Nature of Operations and Basis of Presentation (Narrative) (Details)		12 Months Ended
	Feb. 03, 2020 segment	Jan. 31, 2021 store item	Feb. 02, 2020 segment	Feb. 03, 2019 segment
Number of operating segments \| segment			2	2
Number of reportable segments \| segment	1
Number of retail stores \| store		62
Number of outlet stores \| store		3
Number of classes of authorized common stock		2
Common stock voting and conversion rights		Each share of Class A common stock is entitled to ten votes per share and is convertible at any time into one share of Class B common stock. Each share of Class B common stock is entitled to one vote per share.
Class A common stock [Member]
Number of votes per share		10
Class B common stock [Member]
Number of votes per share		1

Summary of Significant Accounting Policies (Narrative) (Details) - USD ($)	12 Months Ended
	Jan. 31, 2021	Feb. 02, 2020
Catalog and advertising expenses	$ 72,400,000	$ 93,900,000
Shipping and processing expenses	307,257,000	287,475,000
Depreciation expense	24,200,000	19,200,000
Inventory reserve for excess and obsolete items	1,600,000	1,800,000
Long-lived asset impairment charges	0
Amortization expense of other assets	200,000	100,000
Accumulated amortization of other assets	700,000	500,000
Other-than-temporary impairment	0	0
Accounting Standards Update 2018-15 [Member]
Software hosting implementation costs amortization expense	200,000
Shipping and Handling [Member]
Shipping and processing expenses	46,900,000	31,300,000
Direct [Member]
Goodwill impairment loss	$ 0	$ 0
Inventory Expenditures [Member] \| Supplier One [Member]
Concentration risk, percentage	60.00%	54.00%
Inventory Expenditures [Member] \| Supplier Two [Member]
Concentration risk, percentage	10.00%	12.00%
Minimum [Member]
Period for amounts receivable from credit card issuers converted to cash	2 days
Other assets amortization estimated useful life	3 years
Maximum [Member]
Period for amounts receivable from credit card issuers converted to cash	4 days
Other assets amortization estimated useful life	15 years
Unvested Restricted Stock [Member]
Stock compensation expense	$ 1,500,000	$ 500,000
Unrecognized compensation expense	$ 2,200,000
Unrecognized compensation expense, weighted average recognition period	2 years 4 months 24 days
Unvested Restricted Stock [Member] \| Board Members [Member]
Stock-based compensation, vesting period	1 year
Unvested Restricted Stock [Member] \| Key Employees And Executives [Member] \| Minimum [Member]
Stock-based compensation, vesting period	3 years
Unvested Restricted Stock [Member] \| Key Employees And Executives [Member] \| Maximum [Member]
Stock-based compensation, vesting period	5 years

Summary Of Significant Accounting Policies (Schedule of Reconciliation of Cash and Restricted Cash) (Details) - USD ($) $ in Thousands	Jan. 31, 2021	Feb. 02, 2020	Feb. 03, 2019
Cash and Cash Equivalents [Abstract]
Cash and cash equivalents	$ 47,221	$ 2,189
Restricted cash		51
Total cash, cash equivalents and restricted cash shown in the consolidated statement of cash flows	$ 47,221	$ 2,240	$ 3,085

Summary of Significant Accounting Policies (Schedule of Property and Equipment) (Details) - USD ($) $ in Thousands	12 Months Ended
	Jan. 31, 2021	Feb. 02, 2020
Property, Plant and Equipment [Line Items]
Property and equipment	$ 198,605	$ 187,106
Accumulated depreciation and amortization	(75,958)	(53,255)
Property and equipment net excluding construction in progress	122,647	133,851
Construction in progress	1,590	3,220
Property and equipment, net	124,237	137,071
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	47,451	42,784
Buildings [Member]
Property, Plant and Equipment [Line Items]
Property and equipment	$ 35,344	35,905
Property and equipment estimated useful Life	39 years
Vehicles [Member]
Property, Plant and Equipment [Line Items]
Property and equipment	$ 161	161
Warehouse Equipment [Member]
Property, Plant and Equipment [Line Items]
Property and equipment	14,685	14,379
Office Equipment and Furniture [Member]
Property, Plant and Equipment [Line Items]
Property and equipment	52,614	49,756
Computer Equipment [Member]
Property, Plant and Equipment [Line Items]
Property and equipment	9,861	8,135
Software [Member]
Property, Plant and Equipment [Line Items]
Property and equipment	$ 34,003	$ 31,500
Minimum [Member] \| Land and Land Improvements [Member]
Property, Plant and Equipment [Line Items]
Property and equipment estimated useful Life	15 years
Minimum [Member] \| Leasehold Improvements [Member]
Property, Plant and Equipment [Line Items]
Property and equipment estimated useful Life	3 years
Minimum [Member] \| Vehicles [Member]
Property, Plant and Equipment [Line Items]
Property and equipment estimated useful Life	5 years
Minimum [Member] \| Warehouse Equipment [Member]
Property, Plant and Equipment [Line Items]
Property and equipment estimated useful Life	5 years
Minimum [Member] \| Office Equipment and Furniture [Member]
Property, Plant and Equipment [Line Items]
Property and equipment estimated useful Life	5 years
Minimum [Member] \| Computer Equipment [Member]
Property, Plant and Equipment [Line Items]
Property and equipment estimated useful Life	3 years
Minimum [Member] \| Software [Member]
Property, Plant and Equipment [Line Items]
Property and equipment estimated useful Life	3 years
Maximum [Member] \| Land and Land Improvements [Member]
Property, Plant and Equipment [Line Items]
Property and equipment estimated useful Life	40 years
Maximum [Member] \| Leasehold Improvements [Member]
Property, Plant and Equipment [Line Items]
Property and equipment estimated useful Life	15 years
Maximum [Member] \| Vehicles [Member]
Property, Plant and Equipment [Line Items]
Property and equipment estimated useful Life	10 years
Maximum [Member] \| Warehouse Equipment [Member]
Property, Plant and Equipment [Line Items]
Property and equipment estimated useful Life	10 years
Maximum [Member] \| Office Equipment and Furniture [Member]
Property, Plant and Equipment [Line Items]
Property and equipment estimated useful Life	10 years
Maximum [Member] \| Computer Equipment [Member]
Property, Plant and Equipment [Line Items]
Property and equipment estimated useful Life	5 years
Maximum [Member] \| Software [Member]
Property, Plant and Equipment [Line Items]
Property and equipment estimated useful Life	5 years

Summary of Significant Accounting Policies (Schedule of Prepaid Expenses and Other Assets) (Details) - USD ($) $ in Thousands	Jan. 31, 2021	Feb. 02, 2020
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Pending returns inventory, net	$ 2,490	$ 1,932
Current software hosting implementation costs, net	1,149
Other prepaid expenses	6,564	7,571
Prepaid expenses & other current assets	10,203	9,503
Goodwill	402	402
Intangible assets, net	264	283
Non-current software hosting implementation costs	2,755
Other assets, net	540	511
Other assets, net	$ 3,961	$ 1,196

Summary of Significant Accounting Policies (Scheduled Future Amortization of Amortizable Other Assets) (Details) $ in Thousands	Jan. 31, 2021 USD ($)
Finite-Lived Intangible Assets, Amortization Expense, Maturity Schedule [Abstract]
2021	$ 210
2022	193
2023	71
2024	18
2025	17
Thereafter	28
Other Assets	$ 537

Summary of Significant Accounting Policies (Summary of Activity in Unvested Restricted Stock) (Details) - Unvested Restricted Stock [Member] - $ / shares	12 Months Ended
	Jan. 31, 2021	Feb. 02, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Beginning balance, shares	192,094	321,657
Granted	283,063	165,730
Vested	(120,592)	(61,647)
Forfeited	(16,326)	(233,646)
Ending balance, shares	338,239	192,094
Weighted average fair value per share, beginning balance	$ 17.71	$ 14.29
Weighted average fair value per share, Granted	7.13	17.67
Weighted average grant date fair value, Vested	16.21	18.90
Weighted average grant date fair value per share, Forfeited	10.42	12.65
Weighted average fair value per share, ending balance	$ 9.74	$ 17.71

Summary of Significant Accounting Policies (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	Jan. 31, 2021	Feb. 02, 2020
Debt Securities, Available-for-sale [Line Items]
Estimated Fair Value	$ 6,111	$ 6,432
Fair Value, Inputs, Level 3 [Member] \| Corporate Trust [Member]
Debt Securities, Available-for-sale [Line Items]
Cost or Amortized Cost	6,047	6,178
Gross Unrealized Gains	64	254
Gross Unrealized Losses
Estimated Fair Value	$ 6,111	$ 6,432

Summary of Significant Accounting Policies (Future Principal Receipts Related to Available-For-Sale Security by Contractual Maturity) (Details) $ in Thousands	Jan. 31, 2021 USD ($)
Available For Sale Securities [Abstract]
Amortized Cost, Within one year	$ 147
Amortized Cost, After one year through five years	1,004
Amortized Cost, After five years through ten years	1,563
Amortized Cost, After ten years	3,333
Amortized Cost, Total	6,047
Estimated Fair Value, Within one year	150
Estimated Fair Value, After one year through five years	1,022
Estimated Fair Value, After five years through ten years	1,581
Estimated Fair Value, After ten years	3,358
Estimated Fair Value, Total	$ 6,111

Summary of Significant Accounting Policies (Carrying Values and Fair Values of Other Financial Instruments in Consolidated Balance Sheets) (Details) - TRI Debt [Member] - USD ($) $ in Thousands	Jan. 31, 2021	Feb. 02, 2020
Reported Value Measurement [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, including short-term portion, Carrying Amount	$ 27,852	$ 28,335
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	$ 28,697	$ 30,238

Leases (Narrative) (Details) - USD ($)	12 Months Ended
Leases (Narrative) (Details) - USD ($)	Jan. 31, 2021	Feb. 02, 2020
Operating lease right-of-use assets	$ 117,490,000	$ 120,431,000
Operating lease liability	115,337,000
Rent expense under non-cancellable operating leases	17,100,000	$ 16,200,000
Accounting Standards Update 2016-02 (Topic 842) [Member]
Operating lease right-of-use assets	0
Operating lease liability	0
Accounting Standards Update 2016-02 (Topic 842) [Member] \| Covid-19 [Member]
Deferred rent	$ 800,000
Minimum [Member]
Store leases initial lease term	5 years
Maximum [Member]
Store leases initial lease term	15 years

Leases (Expense Components Leases Reflected Consolidated Statement of Operations) (Details) - USD ($) $ in Thousands	12 Months Ended
	Jan. 31, 2021	Feb. 02, 2020
Lease, Cost [Abstract]
Finance lease: Amortization of right-of-use assets	$ 2,929	$ 1,362
Finance lease: Interest on lease liabilities	1,858	1,230
Total finance lease expense	4,787	2,592
Operating lease expense	16,141	15,636
Amortization of build-to-suit leases capital contribution	1,309	1,129
Variable lease expense	9,453	7,347
Total lease expense	$ 31,690	$ 26,704

Leases (Other Information Related To Leases) (Details) - USD ($) $ in Thousands	12 Months Ended
	Jan. 31, 2021	Feb. 02, 2020
Cash paid for amounts included in the measurement of lease liabilities:
Financing cash flows from finance leases	$ 1,958	$ 891
Operating cash flows from finance leases	1,858	1,230
Operating cash flows from operating leases	15,652	13,621
Right-of-use assets obtained in exchange for lease liabilities:
Finance leases	8,966	41,566
Operating leases	$ 11,642	$ 17,629
Weighted-average remaining lease term (in years):
Finance leases	13 years	15 years
Operating leases	9 years	10 years
Weighted-average discount rate:
Finance leases	4.40%	4.50%
Operating leases	4.30%	4.30%

Leases (Future Minimum Lease Payments Under Non-Cancellable Leases) (Details) $ in Thousands	Jan. 31, 2021 USD ($)
Finance
2021	$ 4,575
2022	4,554
2023	4,582
2024	4,769
2025	5,133
Thereafter	37,522
Total future minimum lease payments	61,135
Less – Discount	15,207
Lease liability	45,928
Operating
2021	15,721
2022	15,851
2023	16,033
2024	15,383
2025	14,593
Thereafter	63,427
Total future minimum lease payments	141,008
Less – Discount	25,671
Lease liability	$ 115,337

Debt and Credit Agreement (Narrative) (Details) - USD ($)	12 Months Ended
	Jan. 31, 2021	Apr. 30, 2020	May 17, 2018
TRI Senior Secured Note [Member]
Debt Instrument [Line Items]
Debt, original balance	$ 26,700,000
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	$ 3,500,000
TRI note maturity date	2038-11
Debt instrument stated percentage interest rate	3.05%
Amended Credit Agreement [Member]
Debt Instrument [Line Items]
Line of credit facility maximum borrowing capacity		$ 150,500,000
Amended Credit Agreement [Member] \| Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Debt instrument, effective rate	3.50%
Amended Credit Agreement [Member] \| Incremental Delayed Draw Term Loan [Member]
Debt Instrument [Line Items]
Line of credit facility maximum borrowing capacity		$ 20,500,000
Line of credit maturity date	Apr. 29, 2021
Amended Credit Agreement [Member] \| Floor Rate [Member] \| Delayed Draw Term Loan ("DDTL") [Member]
Debt Instrument [Line Items]
Debt instrument variable interest rate	1.00%
Amended Credit Agreement [Member] \| Floor Rate [Member] \| Incremental Delayed Draw Term Loan [Member]
Debt Instrument [Line Items]
Debt instrument variable interest rate	1.00%
Credit Agreement [Member]
Debt Instrument [Line Items]
Line of credit facility maximum borrowing capacity			$ 130,000,000.0
Debt instrument description of variable interest rate	On April 30, 2020, the Credit Agreement was amended to include an incremental DDTL of $20.5 million (the “Incremental DDTL”) that is available to draw upon before March 31, 2021, and matures on April 29, 2021, for a total credit facility of $150.5 million. As of and for the fiscal year ended January 31, 2021, no amount of the Incremental DDTL was funded. The loan covenants were also amended to allow for greater flexibility during the Company’s peak borrowing periods in fiscal 2020. The interest rate applicable to the Revolver or DDTL will be a fixed rate for a one-, two-, three- or six-month interest period equal to LIBOR (with a 1% floor) for such interest period plus a margin of 225 to 300 basis points, based upon the Company’s rent adjusted leverage ratio (effective rate of 3.5% for the Revolver and the DDTL at January 31, 2021). The interest rate applicable to the Incremental DDTL will also be a fixed rate over the aforementioned interest periods equal to LIBOR (with a 1% floor) for such interest period plus a margin of 275 to 350 basis points.
Credit Agreement [Member] \| Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Line of credit facility maximum borrowing capacity			80,000,000.0
Line of credit maturity date	May 17, 2023
Credit Agreement [Member] \| Delayed Draw Term Loan ("DDTL") [Member]
Debt Instrument [Line Items]
Line of credit facility maximum borrowing capacity			$ 50,000,000.0
Line of credit maturity date	May 17, 2023
Minimum [Member] \| Amended Credit Agreement [Member] \| LIBOR [Member] \| Delayed Draw Term Loan ("DDTL") [Member]
Debt Instrument [Line Items]
Debt instrument variable interest rate	2.25%
Minimum [Member] \| Amended Credit Agreement [Member] \| LIBOR [Member] \| Incremental Delayed Draw Term Loan [Member]
Debt Instrument [Line Items]
Debt instrument variable interest rate	2.75%
Maximum [Member] \| Amended Credit Agreement [Member] \| LIBOR [Member] \| Delayed Draw Term Loan ("DDTL") [Member]
Debt Instrument [Line Items]
Debt instrument variable interest rate	3.00%
Maximum [Member] \| Amended Credit Agreement [Member] \| LIBOR [Member] \| Incremental Delayed Draw Term Loan [Member]
Debt Instrument [Line Items]
Debt instrument variable interest rate	3.50%

Debt and Credit Agreement (Schedule of Debt) (Details) - USD ($) $ in Thousands	Jan. 31, 2021	Feb. 02, 2020
TRI Long-term Debt [Member]
Debt Instrument [Line Items]
Debt	$ 27,852	$ 28,335
Less: current maturities	623	557
Long-term debt	27,229	27,778
Duluth Long Term Debt [Member]
Debt Instrument [Line Items]
Less: current maturities	2,500	1,000
Delayed draw term loan	45,750	38,332
TRI Senior Secured Note [Member] \| TRI Long-term Debt [Member]
Debt Instrument [Line Items]
Debt	24,352	24,835
TRI Note [Member] \| TRI Long-term Debt [Member]
Debt Instrument [Line Items]
Debt	3,500	3,500
Duluth Line of Credit [Member] \| Duluth Long Term Debt [Member]
Debt Instrument [Line Items]
Delayed draw term loan		19,332
Delayed Draw Term Loan ("DDTL") [Member] \| Duluth Long Term Debt [Member]
Debt Instrument [Line Items]
Delayed draw term loan	48,250	20,000
Capital Lease Obligations [Member] \| Duluth Long Term Debt [Member]
Debt Instrument [Line Items]
Delayed draw term loan	$ 48,250	$ 39,332

Debt and Credit Agreement (Future Principal Maturities of All TRI Debt And Credit Agreement) (Details) $ in Thousands	12 Months Ended
	Jan. 31, 2021 USD ($)
TRI Debt [Member]
Debt financing fees	$ 1,300
TRI Debt, Line Of Credit And Delayed Draw Term Loan [Member]
2021	3,123
2022	3,193
2023	44,018
2024	847
2025	931
Thereafter	25,292
Long-term Debt	$ 77,404

Accrued Expenses and Other Current Liabilities (Schedule of Accrued Expenses and Other Current Liabilities) (Details) - USD ($) $ in Thousands	Jan. 31, 2021	Feb. 02, 2020
Accrued Expenses and Other Current Liabilities [Abstract]
Salaries and benefits	$ 8,826	$ 2,775
Deferred revenue	9,944	9,946
Freight	6,769	5,404
Product returns	5,304	3,508
Catalog costs	396	542
Unpaid purchases of property & equipment	503	971
Accrued advertising	981	633
Other	4,963	5,685
Total accrued expenses and other current liabilities	$ 37,686	$ 29,464

Variable Interest Entities (Narrative) (Details) $ in Millions	12 Months Ended
	Jan. 31, 2021 USD ($)
Wisconsin [Member] \| TRI Holdings, LLC [Member]
Variable Interest Entities [Line Items]
Amount invested in a trust	$ 6.3

Variable Interest Entities (Schedule Assets and Liabilities of Variable Interest Entity) (Details) - USD ($) $ in Thousands	Jan. 31, 2021	Feb. 02, 2020
Variable Interest Entity [Line Items]
Property and equipment, net	$ 124,237	$ 137,071
Total assets	515,577	474,050
Noncontrolling interest in VIE	(2,363)	(2,166)
Total liabilities and shareholders' equity	515,577	474,050
Wisconsin [Member] \| TRI Holdings, LLC [Member] \| Variable Interest Entity, Primary Beneficiary [Member]
Variable Interest Entity [Line Items]
Cash	747	279
Property and equipment, net	24,800	25,981
Total assets	25,547	26,260
Other current liabilities	58	91
Current maturities of TRI long-term debt	623	557
TRI long-term debt	27,229	27,778
Noncontrolling interest in VIE	(2,363)	(2,166)
Total liabilities and shareholders' equity	$ 25,547	$ 26,260

Earnings Per Share (Reconciliation of Numerator and Denominator of Basic and Diluted Earnings (Loss) Per Share) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended								12 Months Ended
	Jan. 31, 2021	Nov. 01, 2020	Aug. 02, 2020	May 03, 2020	Feb. 02, 2020	Nov. 03, 2019	Aug. 04, 2019	May 05, 2019	Jan. 31, 2021	Feb. 02, 2020
Earnings Per Share [Abstract]
Net income attributable to controlling interest	$ 21,831	$ 940	$ 5,941	$ (15,135)	$ 24,375	$ 182	$ 1,936	$ (7,572)	$ 13,577	$ 18,921
Basic weighted average shares									32,447	32,309
Dilutive shares weighted average shares									133	62
Diluted weighted average shares									32,580	32,371
Earnings per share (Class A and Class B), Basic	$ 0.67	$ 0.03	$ 0.18	$ (0.47)	$ 0.75	$ 0.01	$ 0.06	$ (0.23)	$ 0.42	$ 0.59
Earnings per share (Class A and Class B), Diluted	$ 0.67	$ 0.03	$ 0.18	$ (0.47)	$ 0.75	$ 0.01	$ 0.06	$ (0.23)	$ 0.42	$ 0.58

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22583-107794

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 11
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22694-107794

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 45
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=121326447&loc=d3e1448-109256

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22595-107794

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 11
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22694-107794

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 45
-Paragraph 7
-URI http://asc.fasb.org/extlink&oid=121326447&loc=d3e1337-109256

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 55
-Paragraph 52
-URI http://asc.fasb.org/extlink&oid=120380238&loc=d3e4984-109258

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(23))
-URI http://asc.fasb.org/extlink&oid=120400993&loc=SL114874131-224263

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 55
-Paragraph 15
-URI http://asc.fasb.org/extlink&oid=120380238&loc=d3e3842-109258

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 7
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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.

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

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Revenue (Sales Disaggregated Based Upon Sales Channel) (Details) - USD ($) $ in Thousands	12 Months Ended
	Jan. 31, 2021	Feb. 02, 2020
Disaggregation of Revenue [Line Items]
Revenue	$ 638,783	$ 615,624
Direct-to-Consumer [Member]
Disaggregation of Revenue [Line Items]
Revenue	460,839	350,371
Stores [Member]
Disaggregation of Revenue [Line Items]
Revenue	$ 177,944	$ 265,253

- 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

Revenue (Contract Assets and Liabilities on Consolidated Balance Sheets) (Details) - USD ($) $ in Thousands	Jan. 31, 2021	Feb. 02, 2020	Feb. 03, 2019
Revenue [Abstract]
Contract assets	$ 2,490	$ 1,932
Contract liabilities	$ 9,788	$ 9,790	$ 8,508

Revenue (Reconciliation of Contract Liability Related to Gift Cards) (Details) - USD ($) $ in Thousands	12 Months Ended
	Jan. 31, 2021	Feb. 02, 2020
Balance as of Beginning of Period	$ 9,790	$ 8,508
Balance as of End of Period	9,788	9,790
Gift Cards Sold [Member]
Increase (decrease) in gift cards	17,098	17,523
Gift Cards Redeemed [Member]
Increase (decrease) in gift cards	(14,766)	(15,137)
Gift Card Breakage [Member]
Increase (decrease) in gift cards	$ (2,334)	(1,047)
Gift Card Escheat [Member]
Increase (decrease) in gift cards		$ (57)

Income Taxes (Narrative) (Details) - USD ($)	12 Months Ended
Income Taxes (Narrative) (Details) - USD ($)	Jan. 31, 2021	Feb. 02, 2020
Unrecognized tax benefits that would impact effective tax rate	$ 300,000
Tax expense for interest or penalties		$ 0
Federal [Member] \| Tax Year 2016 [Member]
Tax years open for tax examination	2017
State [Member] \| Tax Year 2015 [Member]
Tax years open for tax examination	2016

Income Taxes (Components of Income Tax Expense) (Details) - USD ($) $ in Thousands	12 Months Ended
	Jan. 31, 2021	Feb. 02, 2020
Current:
Federal	$ 3,350	$ 4,727
State	1,283	1,308
Total current income tax expense	4,633	6,035
Noncurrent:
Federal	168
State	91
Total noncurrent income tax expense	259
Deferred:
Federal	353	(568)
State	(608)	(38)
Total deferred income tax expense	(255)	(606)
Total income tax expense	$ 4,637	$ 5,429

Income Taxes (Reconciliation of Income Tax Expense to Amount Computed at Federal Statutory Rate) (Details) - USD ($) $ in Thousands	12 Months Ended
	Jan. 31, 2021	Feb. 02, 2020
Income Taxes [Abstract]
Federal taxes at statutory rate	$ 3,824	$ 5,114
State and local income taxes, net of federal benefit	786	965
Research and development tax credits	(151)	(487)
Other	178	(163)
Total income tax expense	$ 4,637	$ 5,429
Federal taxes at statutory rate	21.00%	21.00%
State and local income taxes, net of federal benefit	4.30%	4.00%
Research and development tax credits	(0.80%)	(2.00%)
Other	1.00%	(0.70%)
Total income tax expense	25.50%	22.30%

Income Taxes (Significant Components of Deferred Tax Assets and Liabilities) (Details) - USD ($) $ in Thousands	Jan. 31, 2021	Feb. 02, 2020
Deferred tax assets:
Returns allowance	$ 1,330	$ 912
Uniform capitalization	3,425	2,930
Deferred rent	205
Accruals	1,841	388
Stock-based compensation	231	352
Advance payments	685	820
Unrecognized tax benefits	2
Total deferred tax assets	7,719	5,402
Deferred tax liabilities:
Property and equipment	13,202	10,346
Unrealized gain on investment	16	66
Inventory	223	27
Prepaid expenses	868	857
Goodwill and intangibles	66	66
Capital lease	1,454	2,358
Revenue recognition method adjustment	90	187
Total deferred tax liabilities	15,919	13,907
Net deferred tax liabilities	$ 8,200	$ 8,505

Income Taxes (Reconciliation of Beginning and Ending Amount of Unrecognized Tax Benefits) (Details) - USD ($) $ in Thousands	12 Months Ended
	Jan. 31, 2021	Feb. 02, 2020
Unrecognized Tax Benefits, Income Tax Penalties and Interest Expense [Abstract]
Balance beginning of year
Additions for tax positions in prior year	214
Additions for tax positions in current year	45
Balance at end of year	$ 259

Retirement Plan (Narrative) (Details) - 401(k) profit sharing plan [Member] - USD ($) $ in Millions	12 Months Ended
	Jan. 31, 2021	Dec. 31, 2020	Feb. 02, 2020
Profit sharing contributions percent on eligible wages		0.00%
Total expenses under the retirement plan	$ 1.6		$ 1.5
Contribution on 3% of Participant Compensation [Member]
Quarterly employer matching contribution percent	100.00%
Contribution on 2% of Participant Compensation [Member]
Quarterly employer matching contribution percent	50.00%
Employer Matching Contribution 100% [Member]
Participant percentage contribution to the plan	3.00%
Employer Matching Contribution 50% [Member]
Participant percentage contribution to the plan	2.00%

Quarterly Financial Data (Unaudited) (Schedule of Quarterly Financial Data) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Jan. 31, 2021	Nov. 01, 2020	Aug. 02, 2020	May 03, 2020	Feb. 02, 2020	Nov. 03, 2019	Aug. 04, 2019	May 05, 2019	Jan. 31, 2021	Feb. 02, 2020
Quarterly Financial Data [Abstract]
Net sales	$ 255,960	$ 135,531	$ 137,375	$ 109,917	$ 259,649	$ 119,768	$ 121,963	$ 114,244	$ 638,783	$ 615,624
% of Net Sales, Net sales	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%
Gross profit	$ 135,685	$ 71,037	$ 72,472	$ 52,332	$ 137,062	$ 65,365	$ 64,804	$ 60,918	331,526	328,149
% of Net Sales, Gross profit	53.00%	52.40%	52.80%	47.60%	52.80%	54.60%	53.10%	53.30%
Operating income (loss)	$ 30,549	$ 2,848	$ 9,792	$ (18,974)	$ 33,149	$ 1,328	$ 3,735	$ (10,104)	24,215	28,108
% of Net Sales, Operating income (loss)	11.90%	2.10%	7.10%	(17.30%)	12.80%	1.10%	3.10%	(8.80%)
Net income (loss) attributable to controlling interest	$ 21,831	$ 940	$ 5,941	$ (15,135)	$ 24,375	$ 182	$ 1,936	$ (7,572)	$ 13,577	$ 18,921
% of Net Sales, Net income (loss) attributable to controlling interest	8.50%	0.70%	4.30%	(13.80%)	9.40%	0.20%	1.60%	(6.60%)
Basic (loss) earnings per share attributable to controlling interest (Class A and Class B)	$ 0.67	$ 0.03	$ 0.18	$ (0.47)	$ 0.75	$ 0.01	$ 0.06	$ (0.23)	$ 0.42	$ 0.59
Diluted (loss) earnings per share attributable to controlling interest (Class A and Class B)	$ 0.67	$ 0.03	$ 0.18	$ (0.47)	$ 0.75	$ 0.01	$ 0.06	$ (0.23)	$ 0.42	$ 0.58

Recent Accounting Pronouncements (Details) - Accounting Standards Update 2018-15 [Member] $ in Millions	12 Months Ended
	Jan. 31, 2021 USD ($)
Capitalized costs associated with implementation activities	$ 3.9
Amortization costs related to implementation activities	$ 0.2

Schedule II Valuation and Qualifying Accounts (Details) - USD ($) $ in Thousands	12 Months Ended
	Jan. 31, 2021	Feb. 02, 2020
Inventory Reserve [Member]
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items]
Beginning Balance	$ 1,826	$ 2,420
Charged to Cost and Expenses
Charges to Other Accounts
Deductions	(226)	(594)
Ending Balance	1,600	1,826
Product Returns Reserve [Member]
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items]
Beginning Balance	3,508	2,088
Charged to Cost and Expenses	1,796	1,420
Charges to Other Accounts
Deductions
Ending Balance	$ 5,304	$ 3,508