3 unchanged sentences
(Amounts in thousands)
−Removed: August 1, 2021
+Added: October 31, 2021
January 31, 2021
1 unchanged sentence
Cash and cash equivalents
+Added: Income tax receivable
Inventory, less reserves of $ 1,439 and $ 1,600 , respectively
11 unchanged sentences
(Amounts in thousands)
−Removed: August 1, 2021
+Added: October 31, 2021
January 31, 2021
18 unchanged sentences
10,000 shares authorized;
−Removed: issued or outstanding as of August 1, 2021 and January 31, 2021
+Added: issued or outstanding as of October 31, 2021 and January 31, 2021
Common stock (Class A), no par value;
10,000 shares authorized;
−Removed: 3,364 shares issued and outstanding as of August 1, 2021 and January 31, 2021
+Added: 3,364 shares issued and outstanding as of October 31, 2021 and January 31, 2021
Common stock (Class B), no par value;
200,000 shares authorized;
−Removed: 29,771 shares issued and 29,693 shares outstanding as of August 1, 2021 and
+Added: 29,782 shares issued and 29,703 shares outstanding as of October 31, 2021 and
29,530 shares issued and 29,477 shares outstanding as of January 31, 2021
Treasury stock, at cost;
−Removed: 78 and 53 shares as of August 1, 2021 and
+Added: 79 and 53 shares as of October 31, 2021 and
January 31, 2021, respectively
12 unchanged sentences
Three Months Ended
−Removed: Six Months Ended
−Removed: August 1, 2021
−Removed: August 2, 2020
−Removed: August 1, 2021
−Removed: August 2, 2020
+Added: Nine Months Ended
+Added: October 31, 2021
+Added: November 1, 2020
+Added: October 31, 2021
+Added: November 1, 2020
Cost of goods sold (excluding depreciation and amortization)
2 unchanged sentences
Interest expense
−Removed: Other income (loss), net
+Added: Other (loss) income, net
Income (loss) before income taxes
14 unchanged sentences
Three Months Ended
−Removed: Six Months Ended
−Removed: August 1, 2021
−Removed: August 2, 2020
−Removed: August 1, 2021
−Removed: August 2, 2020
+Added: Nine Months Ended
+Added: October 31, 2021
+Added: November 1, 2020
+Added: October 31, 2021
+Added: November 1, 2020
Net income (loss)
1 unchanged sentence
Securities available-for sale:
−Removed: Unrealized security income (loss) arising during the period
−Removed: Income tax expense (benefit)
−Removed: Other comprehensive income (loss)
+Added: Unrealized security (loss) income arising during the period
+Added: Income tax (benefit) expense
+Added: Other comprehensive (loss) income
Comprehensive income (loss)
6 unchanged sentences
(Amounts in thousands)
−Removed: Six Months Ended August 1, 2021
+Added: Nine Months Ended October 31, 2021
Noncontrolling
18 unchanged sentences
Balance at August 1, 2021
+Added: Issuance of common stock
+Added: Stock-based compensation
+Added: Restricted stock forfeitures
+Added: Restricted stock surrendered for taxes
+Added: Other comprehensive income
+Added: Net income (loss)
+Added: Balance at October 31, 2021
The accompanying notes are an integral part of these condensed consolidated financial statements.
2 unchanged sentences
(Amounts in thousands)
−Removed: Six Months Ended August 2, 2020
+Added: Nine Months Ended November 1, 2020
Noncontrolling
17 unchanged sentences
Balance at August 2, 2020
+Added: Issuance of common stock
+Added: Stock-based compensation
+Added: Restricted stock forfeitures
+Added: Restricted stock surrendered for taxes
+Added: Other comprehensive income
+Added: Net income (loss)
+Added: Balance at November 1, 2020
The accompanying notes are an integral part of these condensed consolidated financial statements.
2 unchanged sentences
(Amounts in thousands)
−Removed: Six Months Ended
−Removed: August 1, 2021
−Removed: August 2, 2020
+Added: Nine Months Ended
+Added: October 31, 2021
+Added: November 1, 2020
Cash flows from operating activities:
63 unchanged sentences
Fiscal 2020 was a 52-week period and ended on January 31, 2021.
−Removed: The three months of fiscal 2021 and fiscal 2020 represent the Company’s 13 week periods ended August 1, 2021 and August 2, 2020, respectively.
−Removed: The accompanying condensed consolidated financial statements as of and for the three and six months ended August 1, 2021 and August 2, 2020 have been prepared by the Company, without audit, pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) and, in the opinion of the Company, include all adjustments (which are normal and recurring in nature) necessary to present fairly the financial position, results of operations and cash flows of the Company for the interim periods presented.
+Added: The three months of fiscal 2021 and fiscal 2020 represent the Company’s 13 week periods ended October 31, 2021 and November 1, 2020, respectively.
+Added: The accompanying condensed consolidated financial statements as of and for the three and nine months ended October 31, 2021 and November 1, 2020 have been prepared by the Company, without audit, pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) and, in the opinion of the Company, include all adjustments (which are normal and recurring in nature) necessary to present fairly the financial position, results of operations and cash flows of the Company for the interim periods presented.
Certain information and footnote disclosures normally included in consolidated financial statements prepared in accordance with U.S.
−Removed: GAAP have been condensed or omitted pursuant to such SEC rules and regulations as of and for the three and six months ended August 1, 2021 and August 2, 2020.
+Added: GAAP have been condensed or omitted pursuant to such SEC rules and regulations as of and for the three and nine months ended October 31, 2021 and November 1, 2020.
These interim condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes included in the Company’s annual report on Form 10-K for the fiscal year ended January 31, 2021.
6 unchanged sentences
Impairment Analysis
−Removed: As of August 1, 2021 and for the three and six months then ended, no triggering events or indicators of asset impairment were noted.
−Removed: 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.
−Removed: The Company records an inventory reserve for the anticipated loss associated with selling
+Added: As of October 31, 2021 and for the three and nine months then ended, no triggering events or indicators of asset impairment were noted.
DULUTH HOLDINGS INC.
Notes to Condensed Consolidated Financial Statements (Unaudited)
−Removed: inventories below cost.
−Removed: Inventory reserve for excess and obsolete items was $ 1.1 million and $ 1.6 million as of August 1, 2021 and January 31, 2021, respectively.
+Added: Inventory, consisting of purchased product, is valued at the lower of cost or net realizable value, under the first-in, first-out method.
+Added: The significant estimates used in inventory valuation are obsolescence (including excess and slow-moving inventory and lower of cost or market reserves) and estimates of inventory shrinkage.
+Added: Both estimates have calculations that require the Company to make assumptions and apply judgment regarding a number of factors, including market conditions, the selling environment, historical results and current inventory trends.
+Added: Inventory is adjusted periodically to reflect current market conditions, which requires management’s judgment that may significantly affect the ending inventory valuation, as well as gross margin.
The reserve for inventory shrinkage is adjusted to reflect the trend of historical physical inventory count results.
2 unchanged sentences
Prepaid expenses and other assets consist of the following:
−Removed: August 1, 2021
+Added: October 31, 2021
January 31, 2021
21 unchanged sentences
There have been no significant changes to the Company’s significant accounting policies as described in the Company’s Annual Report on Form 10-K for the year ended January 31, 2021.
+Added: DULUTH HOLDINGS INC.
+Added: Notes to Condensed Consolidated Financial Statements (Unaudited)
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.
6 unchanged sentences
Store leases generally have initial lease terms ranging from five years to fifteen years with renewal options and rent escalation provisions.
−Removed: At the commencement of a lease, the Company includes only
−Removed: DULUTH HOLDINGS INC.
−Removed: Notes to Condensed Consolidated Financial Statements (Unaudited)
−Removed: the initial lease term as the option to extend is not reasonably certain.
+Added: 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.
6 unchanged sentences
Three Months Ended
−Removed: Six Months Ended
+Added: Nine Months Ended
of Operations
−Removed: August 1, 2021
−Removed: August 2, 2020
−Removed: August 1, 2021
−Removed: August 2, 2020
+Added: October 31, 2021
+Added: November 1, 2020
+Added: October 31, 2021
+Added: November 1, 2020
(in thousands)
20 unchanged sentences
Other information related to leases were as follows:
−Removed: Six Months Ended
−Removed: August 1, 2021
−Removed: August 2, 2020
+Added: Nine Months Ended
+Added: October 31, 2021
+Added: November 1, 2020
(in thousands)
9 unchanged sentences
Operating leases
−Removed: Future minimum lease payments under the non-cancellable leases are as follows as of August 1, 2021:
+Added: Future minimum lease payments under the non-cancellable leases are as follows as of October 31, 2021:
(in thousands)
7 unchanged sentences
Debt consists of the following:
−Removed: August 1, 2021
+Added: October 31, 2021
January 31, 2021
31 unchanged sentences
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 New Credit Agreement
−Removed: As of August 1, 2021 and for the six months then ended, the Company was in compliance with all financial and non-financial covenants contained within the New Credit Agreement.
+Added: As of October 31, 2021 and for the nine months then ended, the Company was in compliance with all financial and non-financial covenants contained within the New Credit Agreement.
ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES
Accrued expenses and other current liabilities consist of the following:
−Removed: August 1, 2021
+Added: October 31, 2021
January 31, 2021
3 unchanged sentences
Product returns
+Added: Catalog costs
Unpaid purchases of property & equipment
11 unchanged sentences
Treasury yield curve, credit information and an estimate of future cash flows.
−Removed: During the six months ended August 1, 2021, certain changes in the inputs did impact the fair value of the available-for-sale security.
−Removed: 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.
+Added: During the nine months ended October 31, 2021, certain changes in the inputs did impact the fair value of the available-for-sale security.
+Added: The calculated fair value is based on estimates that are subjective in nature and involve uncertainties and matters of significant judgment and, therefore, cannot be determined with precision.
Changes in assumptions could significantly affect the estimates.
2 unchanged sentences
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:
−Removed: August 1, 2021
+Added: October 31, 2021
(in thousands)
7 unchanged sentences
The Company reviews its securities on a quarterly basis to monitor its exposure to other-than-temporary impairment.
−Removed: No other-than-temporary impairment was recorded in the unaudited condensed consolidated statements of operations for the six months ended August 1, 2021 or August 2, 2020.
−Removed: The following table presents future principal receipts related to the Company’s available-for-sale security by contractual maturity as of August 1, 2021.
+Added: No other-than-temporary impairment was recorded in the unaudited condensed consolidated statements of operations for the nine months ended October 31, 2021 or November 1, 2020.
+Added: The following table presents future principal receipts related to the Company’s available-for-sale security by contractual maturity as of October 31, 2021.
(in thousands)
4 unchanged sentences
The carrying values and fair values of other financial instruments in the Consolidated Balance Sheets are as follows:
−Removed: August 1, 2021
+Added: October 31, 2021
January 31, 2021
13 unchanged sentences
and (b) the obligation to absorb the VIE losses and the right to receive benefits that are significant to the VIE.
−Removed: The Company has determined that it was the primary beneficiary of one variable interest entity (“VIE”) as of August 1, 2021 and January 31, 2021.
+Added: The Company has determined that it was the primary beneficiary of one variable interest entity (“VIE”) as of October 31, 2021 and January 31, 2021.
The Company leases the Company’s headquarters in Mt.
5 unchanged sentences
The Company does not consolidate the trust as the Company is not the primary beneficiary.
−Removed: The condensed consolidated balance sheets include the following amounts as a result of the consolidation of TRI as of August 1, 2021 and January 31, 2021:
−Removed: August 1, 2021
+Added: The condensed consolidated balance sheets include the following amounts as a result of the consolidation of TRI as of October 31, 2021 and January 31, 2021:
+Added: October 31, 2021
January 31, 2021
13 unchanged sentences
Three Months Ended
−Removed: Six Months Ended
−Removed: August 1, 2021
−Removed: August 2, 2020
−Removed: August 1, 2021
−Removed: August 2, 2020
+Added: Nine Months Ended
+Added: October 31, 2021
+Added: November 1, 2020
+Added: October 31, 2021
+Added: November 1, 2020
(in thousands, except per share data)
7 unchanged sentences
Notes to Condensed Consolidated Financial Statements (Unaudited)
−Removed: The computation of diluted loss per share for the three and six months ended August 2, 2020 excluded ( 0.1 ) million and ( 0.1 ) million shares of unvested restricted stock, respectively, because their inclusion would be anti-dilutive.
+Added: The computation of diluted loss per share for the nine months ended November 1, 2020 excluded ( 0.1 ) million shares of unvested restricted stock, respectively, because their inclusion would be anti-dilutive.
STOCK-BASED COMPENSATION
The Company accounts for its stock-based compensation plan in accordance with ASC 718, Stock Compensation , which requires the Company to measure all share-based payments at grant date fair value and recognize the cost over the requisite service period of the award.
−Removed: Total stock compensation expense associated with restricted stock recognized by the Company was $ 0.6 million and $ 1.0 million for the three and six months ended August 1, 2021, respectively and $ 0.4 million and $ 0.8 million for the three and six months ended August 2, 2020, respectively.
+Added: Total stock compensation expense associated with restricted stock recognized by the Company was $ 0.6 million and $ 1.6 million for the three and nine months ended October 31, 2021, respectively and $ 0.3 million and $ 1.1 million for the three and nine months ended November 1, 2020, respectively.
The Company’s total stock compensation expense is included in selling, general and administrative expenses on the Condensed Consolidated Statements of Operations.
−Removed: A summary of the activity in the Company’s unvested restricted stock during the six months ended August 1, 2021 is as follows:
+Added: A summary of the activity in the Company’s unvested restricted stock during the nine months ended October 31, 2021 is as follows:
Outstanding at January 31, 2021
−Removed: Outstanding at August 1, 2021
−Removed: At August 1, 2021, the Company had unrecognized compensation expense of $ 4.8 million related to the restricted stock awards, which is expected to be recognized over a weighted average period of 2.6 years.
+Added: Outstanding at October 31, 2021
+Added: At October 31, 2021, the Company had unrecognized compensation expense of $ 4.2 million related to the restricted stock awards, which is expected to be recognized over a weighted average period of 2.4 years.
PROPERTY AND EQUIPMENT
Property and equipment consist of the following:
−Removed: August 1, 2021
+Added: October 31, 2021
January 31, 2021
18 unchanged sentences
Three Months Ended
−Removed: Six Months Ended
−Removed: August 1, 2021
−Removed: August 2, 2020
−Removed: August 1, 2021
−Removed: August 2, 2020
+Added: Nine Months Ended
+Added: October 31, 2021
+Added: November 1, 2020
+Added: October 31, 2021
+Added: November 1, 2020
(in thousands)
6 unchanged sentences
Contract assets and liabilities on the Company’s consolidated balance sheets are presented in the following table:
−Removed: August 1, 2021
+Added: October 31, 2021
January 31, 2021
5 unchanged sentences
Gift card breakage is recorded within Net sales on the Company’s consolidated statement of operations.
−Removed: The following table provides the reconciliation of the contract liability related to gift cards for the six months ended:
−Removed: August 1, 2021
−Removed: August 2, 2020
+Added: The following table provides the reconciliation of the contract liability related to gift cards for the nine months ended:
+Added: October 31, 2021
+Added: November 1, 2020
(in thousands)
6 unchanged sentences
Management judgment is required in projecting ordinary income to estimate the Company’s annual effective tax rate.
−Removed: The effective tax rate related to controlling interest was 25 % for the six months ended August 1, 2021 and 26 % for the six months ended August 2, 2020.
+Added: The effective tax rate related to controlling interest was 25 % for the three months ended October 31, 2021 and 25 % for the nine months ended October 31, 2021.
The income from TRI was excluded from the calculation of the Company’s effective tax rate, as TRI is a limited liability company and not subject to income taxes.
10 unchanged sentences
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.
−Removed: The Company is evaluating the level of impact adopting ASU 2016-13 will have on the Company’s consolidated financial statements.
+Added: The Company is evaluating the impact adopting ASU 2016-13 will have on the Company’s consolidated financial statements.
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.