Duluth Holdings Inc. shares are down 17.3% in Wednesday trading after the company reported a first-quarter earnings miss. Net income totaled $0.4 million, or 1 cent per share, down from $3.24 million, or 10 cents per share, for the same period last year. The FactSet consensus was 5 cents. Revenue for the quarter was $83.7 million, up from $68.6 million last year and ahead of the $82.9 million FactSet consensus. The company, which is known for its humorous advertising and items like Buck Naked underwear, opened four retail stores in the quarter in Indiana, Massachusetts, Michigan and Rhode Island, and has plans for 12 retail stores and one outlet store for the year. Duluth expects 2017 EPS in the range of 66 cents to 71 cents and sales in the range of $455.0 million to $465.0 million. The FactSet consensus is for EPS of 70 cents and sales of $463.7 million. Duluth shares are down 33.1% for the year so far, while the S&P 500 index is up 8.5% for the period.
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