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New analyses reinforce long-term benefit of DARZALEX® (daratumumab) subcutaneous-based quadruplet regimen for patients with newly diagnosed multiple myeloma

New analyses reinforce long-term benefit of DARZALEX® (daratumumab) subcutaneous-based quadruplet regimen for patients with newly diagnosed multiple myeloma

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Sustained MRD negativity (10-5) rates at 24 months or longer were more than doubled in transplant eligible patients treated with daratumumab-VRd vs VRd alone in the Phase 3 PERSEUS study1
Data from the Phase 3 CEPHEUS study show daratumumab-VRd significantly reduced the risk of progression or death by 49 percent vs VRd alone in transplant-ineligible newly diagnosed patients2
BEERSE, BELGIUM, June 03, 2025 (GLOBE NEWSWIRE) -- Janssen-Cilag International NV, a Johnson & Johnson company, today announced data from two studies highlighting that DARZALEX® (daratumumab) subcutaneous (SC) formulation with bortezomib, lenalidomide and dexamethasone (daratumumab-VRd) demonstrated deep and sustained minimal residual disease (MRD) negativity rates, and improved long-term progression-free survival (PFS) in patients with newly diagnosed multiple myeloma (NDMM), regardless of transplant status.1,2 Findings were highlighted as oral presentations of an analysis of sustained MRD in transplant-eligible patients from the Phase 3 PERSEUS study (Abstract #7501) and a subgroup analysis of transplant-ineligible patients in the Phase 3 CEPHEUS study (Abstract #7516) at the 2025 American Society of Clinical Oncology (ASCO) Annual Meeting.1,2
'Daratumumab-based quadruplet regimens are redefining frontline treatment in multiple myeloma, offering the potential for deeper, more durable responses from the start, bringing patients closer to long-term remission,' said Ester in't Groen, EMEA Therapeutic Area Head Haematology, Johnson & Johnson Innovative Medicine. 'The latest data presented at ASCO further support the role of the PERSEUS and CEPHEUS regimens as a standard of care in patients with newly diagnosed disease, regardless of transplant eligibility.'
A new analysis from the Phase 3 PERSEUS study shows the addition of daratumumab-VRd followed by a maintenance regimen of daratumumab SC with lenalidomide (daratumumab-R), led to improved and deepened rates of overall and sustained MRD negativity (10-5) compared to VRd induction and consolidation with R maintenance.1 At a median follow-up of 47.5 months, sustained MRD negativity (10-5) rates were more than doubled with daratumumab-VRd followed by daratumumab-R maintenance compared to VRd and R maintenance at both 12 months or longer (64.8 percent vs 29.7 percent; odds ratio, 4.42; 95 percent confidence interval [CI], 3.22–6.08; p<0.0001) and 24 months or longer (55.8 percent vs 22.6 percent; odds ratio [OR], 4.36, 95 percent CI, 3.15–6.05, p<0.0001).1
Among patients achieving sustained MRD negativity for 12 months or longer, the 48-month PFS rate for daratumumab-VRd followed by daratumumab-R maintenance was 95.3 percent compared to 94.2 percent for VRd and R maintenance (hazard ratio [HR], 0.83; 95 percent CI,0.3–2.3)—reinforcing the importance of achieving sustained MRD negativity for prolonged disease remission.1
'The data show that daratumumab-VRd followed by a daratumumab-R maintenance regimen is a highly effective treatment option for transplant-eligible patients with newly diagnosed multiple myeloma,' said Philippe Moreau, M.D., head of the Hematology Department, University Hospital Hôtel-Dieu, Nantes, France and presenting author.* 'The depth and durability of MRD negativity observed—paired with high rates of progression-free survival at four years—underscore the long-term benefit the daratumumab SC-based regimen can offer patients early in their treatment journey.'
Additional data from Phase 3 CEPHEUS study explore the benefits of daratumumab SC in transplant-ineligible patients across cytogenetic risk status
The post-hoc analysis of the Phase 3 CEPHEUS study focused exclusively on transplant-ineligible patients, reinforcing that adding daratumumab SC to VRd significantly deepens response and prolongs PFS compared to VRd alone in this patient population.2
At a median follow-up of 58.7 months, patients receiving daratumumab-VRd achieved markedly higher overall MRD negativity rates at the 10⁻⁵ sensitivity threshold with 60.4 percent vs 39.3 percent with VRd (OR, 2.37; 95 percent CI, 1.47–3.80; p=0.0004).2 Furthermore, treatment with daratumumab-VRd resulted in high MRD-negativity rates at the 10⁻⁶ threshold with 45.8 percent compared to 26.9 percent with VRd (OR, 2.28; 95 percent CI, 1.40–3.73; p=0.0010).2 These deeper responses translated into improved long-term outcomes, with 69.0 percent of patients remaining progression-free at 54-months when treated with daratumumab-VRd vs 48.0 percent with VRd (HR, 0.51; 95 percent CI, 0.35–0.74; p=0.0003).2 Overall survival (OS) numerically favoured daratumumab-VRd (HR, 0.66; 95 percent CI, 0.42–1.03, p=0.0682), with an even greater benefit observed after censoring for COVID-19-related deaths (HR, 0.55; 95 percent CI, 0.34–0.90, p=0.0159).2
Additional data presented at ASCO included a subgroup analysis of the CEPHEUS trial for both transplant-ineligible and deferred NDMM patients who were considered high-risk for cytogenetic abnormalities (Abstract #7529).3 At a median follow-up of 58.7 months, overall MRD negativity rate was improved for patients with standard risk in daratumumab-VRd vs VRd.3 Although rates of MRD negativity by treatment arm in patients with protocol-defined high-risk were comparable, PFS trended toward improvement with daratumumab-VRd.3
'Across multiple studies, the growing body of data on daratumumab-based regimens indicates impressive, deep responses and meaningful progression-free survival in patients with newly diagnosed multiple myeloma, including high-risk,' Jordan Schecter, M.D., Vice President, Disease Area Leader, Multiple Myeloma, Johnson & Johnson Innovative Medicine. 'These consistent results across patient populations, regardless of transplant eligibility, reinforce the role of daratumumab SC as a cornerstone of frontline therapy.' In the PERSEUS and CEPHEUS studies, the safety profiles were consistent with the known safety profile for daratumumab SC.1,2,3 Safety results of daratumumab-VRd in the PERSEUS study were previously reported in The New England Journal of Medicine.4 The most common haematologic adverse reactions (≥20 percent) in patients with multiple myeloma who received daratumumab-VRd vs VRd included neutropenia (69.2 percent vs 58.8 percent), thrombocytopenia (48.4 percent vs 34.3 percent), and anaemia (22.2 percent vs 20.7 percent).4 Similarly, in the CEPHEUS study, daratumumab-VRd showed no additional safety concerns in the transplant-ineligible subgroup compared with the intent to treat population.2 The most common Grade 3/4 haematologic treatment-emergent adverse events (TEAEs) were neutropenia (43.8 percent vs 31.7 percent), thrombocytopenia (30.6 percent vs 23.2 percent) and anaemia (12.5 percent vs 12.7 percent).2
About the PERSEUS and CEPHEUS studiesThe PERSEUS study (NCT03710603) is being conducted in collaboration with the European Myeloma Network as the sponsor.5 PERSEUS is an ongoing, randomised, open-label, Phase 3 study comparing the efficacy and safety of daratumumab, bortezomib, lenalidomide, and dexamethasone (daratumumab-VRd) and autologous stem cell transplant (ASCT) followed by D-R maintenance vs standard bortezomib, lenalidomide, and dexamethasone (VRd) and ASCT followed by R maintenance in patients with transplant eligible newly diagnosed multiple myeloma (NDMM) (n=355).4 The primary endpoint is progression-free survival (PFS), and secondary endpoints include overall complete response or better rate, overall minimal residual disease (MRD) negativity (in patients with complete response or better) and overall survival (OS).4 Daratumumab subcutaneous (SC) formulation was discontinued after at least 24 months of D-R maintenance therapy in patients who had a complete response or better and had sustained MRD negative status for at least 12 months.4 The median age is 61.0 (range, 32-70) years for patients in the daratumumab-VRd arm and 59.0 (range, 31-70) years for patients in the VRd arm.4 The study is being conducted in 13 countries in Europe and Australia.5 On 23 October 2024, an indication extension for daratumumab-VRd was approved by the European Commission for NDMM who are eligible for ASCT, based on the results of the PERSEUS study.6,7
CEPHEUS (NCT03652064) is an ongoing, randomised, open-label, Phase 3 study comparing SC daratumumab-VRd with standard VRd.8,9 The trial has enrolled 395 patients with NDMM who are either ineligible for stem cell transplantation (SCT) or for whom SCT is not planned.9 The primary endpoint is overall MRD-negativity rate.9 The minimum age for participation is 18 years for patients in both the daratumumab-VRd arm and VRd arm, with a median patient age of 70 (range 31-80).8 The study is being conducted in 13 countries across North America, South America and Europe.9 On 7 April 2025, an indication extension for daratumumab-VRd was approved by the European Commission for NDMM, based on the results of the CEPHEUS study.9,10
About daratumumab and daratumumab SC Johnson & Johnson is committed to exploring the potential of daratumumab for patients with multiple myeloma across the spectrum of the disease.
In August 2012, Janssen Biotech, Inc., a Johnson & Johnson company, and Genmab A/S entered a worldwide agreement, which granted Johnson & Johnson an exclusive licence to develop, manufacture and commercialise daratumumab. Since launch, daratumumab has become a foundational therapy in the treatment of multiple myeloma, having been used in the treatment of more than 618,000 patients worldwide.11 Daratumumab is the only CD38-directed antibody approved to be given subcutaneously to treat patients with multiple myeloma.12 Daratumumab SC is co-formulated with recombinant human hyaluronidase PH20 (rHuPH20), Halozyme's ENHANZE® drug delivery technology.12
CD38 is a surface protein that is present in high numbers on multiple myeloma cells, regardless of the stage of disease.12 Daratumumab binds to CD38 and inhibits tumour cell growth causing myeloma cell death.12 Daratumumab may also have an effect on normal cells.12 Data across ten Phase 3 clinical trials, in both the frontline and relapsed settings, have shown that daratumumab-based regimens resulted in significant improvement in progression-free survival and/or overall survival.8,13,14,15,16,17,18,19,20
For further information on daratumumab, please see the Summary of Product Characteristics at: https://ec.europa.eu/health/documents/community-register/html/h1101.htm.
About Multiple MyelomaMultiple myeloma is currently an incurable blood cancer that affects a type of white blood cell called plasma cells, which are found in the bone marrow.21,22 In multiple myeloma, these malignant plasma cells continue to proliferate, accumulating in the body and crowding out normal blood cells, as well as often causing bone destruction and other serious complications.22 In the European Union, it is estimated that more than 35,000 people were diagnosed with multiple myeloma in 2022, and more than 22,700 patients died.23 Patients living with multiple myeloma experience relapses which become more frequent with each line of therapy 24,25 while remissions become progressively shorter.24,25,26 Whilst some patients with multiple myeloma initially have no symptoms, others can have common signs and symptoms of the disease, which can include bone fracture or pain, low red blood cell counts, fatigue, high calcium levels, infections, or kidney damage.27
About Johnson & Johnson At Johnson & Johnson, we believe health is everything. Our strength in healthcare innovation empowers us to build a world where complex diseases are prevented, treated, and cured, where treatments are smarter and less invasive, and solutions are personal. Through our expertise in Innovative Medicine and MedTech, we are uniquely positioned to innovate across the full spectrum of healthcare solutions today to deliver the breakthroughs of tomorrow. and profoundly impact health for humanity.
Learn more at www.innovativemedicine.jnj.com/emea. Follow us at www.linkedin.com/company/jnj-innovative-medicine-emea. Janssen-Cilag International NV, Janssen Pharmaceutica NV, Janssen-Cilag Limited, Janssen Biotech, Inc., and Janssen Research & Development, LLC are Johnson & Johnson companies.
This press release contains 'forward-looking statements' as defined in the Private Securities Litigation Reform Act of 1995 regarding product development and the potential benefits and treatment impact of daratumumab. The reader is cautioned not to rely on these forward-looking statements. These statements are based on current expectations of future events. If underlying assumptions prove inaccurate or known or unknown risks or uncertainties materialise, actual results could vary materially from the expectations and projections of Johnson & Johnson. Risks and uncertainties include, but are not limited to: challenges and uncertainties inherent in product research and development, including the uncertainty of clinical success and of obtaining regulatory approvals; uncertainty of commercial success; competition, including technological advances, new products and patents attained by competitors; challenges to patents; changes in behaviour and spending patterns of purchasers of health care products and services; changes to applicable laws and regulations, including global health care reforms; and trends toward health care cost containment. A further list and descriptions of these risks, uncertainties and other factors can be found in Johnson & Johnson's most recent Annual Report on Form 10-K, including in the sections captioned 'Cautionary Note Regarding Forward-Looking Statements' and 'Item 1A. Risk Factors,' and in Johnson & Johnson's subsequent Quarterly Reports on Form 10-Q and other filings with the Securities and Exchange Commission. Copies of these filings are available online at http://www.sec.gov/, http://www.jnj.com/ or on request from Johnson & Johnson. Johnson & Johnson does not undertake to update any forward-looking statement as a result of new information or future events or developments.
*Philippe Moreau, M.D., head of the Hematology Department, University Hospital Hôtel-Dieu, Nantes, France, has provided consulting, advisory, and speaking services to Janssen-Cilag International NV; he has not been paid for any media work.
1 Moreau P, et al. Subcutaneous daratumumab (Dara) + bortezomib/lenalidomide/dexamethasone (VRd) with Dara + lenalidomide (DR) maintenance in transplant-eligible (TE) patients with newly diagnosed multiple myeloma (NDMM): analysis of sustained minimal residual disease negativity in the phase 3 PERSEUS trial. Oral presentation. American Society of Clinical Oncology (ASCO) Annual Meeting; May 30 – June 3, 2025.2 Facon T, et al. Daratumumab plus bortezomib, lenalidomide, and dexamethasone (DVRd) in patients with newly diagnosed multiple myeloma (NDMM): Subgroup analysis of transplant-ineligible (TIE) patients in the phase 3 CEPHEUS study. Oral presentation. American Society of Clinical Oncology (ASCO) Annual Meeting; May 30 – June 3, 2025.3 Bahlis N.J, Daratumumab + bortezomib, lenalidomide, and dexamethasone (DVRd) vs VRd in transplant-ineligible (TIE)/transplant-deferred (TD) newly diagnosed multiple myeloma (NDMM): phase 3 CEPHEUS trial cytogenetic subgroup analysis. Poster presentation. American Society of Clinical Oncology (ASCO) Annual Meeting; May 30 – June 3, 2025.4 Sonneveld P, et al. Daratumumab, Bortezomib, Lenalidomide, and Dexamethasone for Multiple Myeloma. N Engl J Med 2024; 390:301-313.5 ClinicalTrials.gov. Daratumumab, VELCADE (bortezomib), lenalidomide and dexamethasone compared to VELCADE, lenalidomide and dexamethasone in subjects with previously untreated multiple myeloma (Perseus). NCT03710603. Available at: https://www.clinicaltrials.gov/study/NCT03710603. Last accessed: May 2025.6 Rodríguez-Otero P, et al. Daratumumab (DARA) + bortezomib/lenalidomide/dexamethasone (VRd) in transplant-eligible (TE) patients (pts) with newly diagnosed multiple myeloma (NDMM): analysis of minimal residual disease (MRD) in the PERSEUS trial. 2024 American Society for Clinical Oncology (ASCO) Annual Meeting. June 3, 2024.7 Johnson & Johnson Innovative Medicine EMEA. DARZALEX® (daratumumab)-SC based quadruplet regimen approved by the European Commission for patients with newly diagnosed multiple myeloma who are transplant-eligible. Available at: https://www.jnj.com/media-center/press-releases/darzalex-daratumumab-sc-based-quadruplet-regimen-approved-by-the-european-commission-for-patients-with-newly-diagnosed-multiple-myeloma-who-are-transplant-eligible. Last accessed: May 2025.8 Usmani S Z, et al. Daratumumab + Bortezomib/Lenalidomide/Dexamethasone in Patients With Transplant-ineligible or Transplant-deferred Newly Diagnosed Multiple Myeloma: Results of the Phase 3 CEPHEUS Study. Oral presentation. 21st International Myeloma Society (IMS) Annual Meeting. September 25 – 28, 2024.9 Clinicaltrials.gov. A Study Comparing Daratumumab, VELCADE (Bortezomib), Lenalidomide, and Dexamethasone (D-VRd) With VELCADE, Lenalidomide, and Dexamethasone (VRd) in Participants With Untreated Multiple Myeloma and for Whom Hematopoietic Stem Cell Transplant is Not Planned as Initial Therapy. NCT03652064. Available at: https://clinicaltrials.gov/study/NCT03652064?term=NCT03652064&cond=Multiple%20Myeloma&rank=1&a=63. Last accessed: May 2025.10 European Commission approves Johnson & Johnson's subcutaneous DARZALEX® (daratumumab)-based quadruplet regimen for the treatment of patients with newly diagnosed multiple myeloma, regardless of transplant eligibility. Available at: https://www.jnj.com/media-center/press-releases/european-commission-approves-johnson-johnsons-subcutaneous-darzalex-daratumumab-based-quadruplet-regimen-for-the-treatment-of-patients-with-newly-diagnosed-multiple-myeloma-regardless-of-transplant-eligibility. Last accessed: May 2025.11 Johnson & Johnson [data on file]. RF-430506. Number of patients treated with DARZALEX® worldwide as of 30 June 2024.12 Janssen EMEA. European Commission Grants Marketing Authorisation for DARZALEX® (Daratumumab) Subcutaneous Formulation for All Currently Approved Daratumumab Intravenous Formulation Indications. Available at: http://www.businesswire.com/news/home/20200604005487/en/European-Commission-GrantsMarketingAuthorisation-for-DARZALEX%C2%AE%E2%96%BC-daratumumab-SubcutaneousFormulation-for-all-CurrentlyApproved-Daratumumab-Intravenous-Formulation-Indications. Last accessed: May 2025.13 Moreau P, et al. Bortezomib, thalidomide, and dexamethasone with or without daratumumab before and after autologous stem-cell transplantation for newly diagnosed multiple myeloma (CASSIOPEIA): a randomised, openlabel, phase 3 study. Lancet 2019;394(10192):29-38.14 Facon T, et al. MAIA Trial Investigators. Daratumumab plus Lenalidomide and Dexamethasone for Untreated Myeloma. N Engl J Med 2019;380(22):2104-2115.15 Mateos MV, et al. Overall survival with daratumumab, bortezomib, melphalan, and prednisone in newly diagnosed multiple myeloma (ALCYONE): a randomised, open-label, phase 3 trial. The Lancet 2020;395:P132-141.16 Dimopoulos MA, et al. APOLLO Trial Investigators. Daratumumab plus pomalidomide and dexamethasone versus pomalidomide and dexamethasone alone in previously treated multiple myeloma (APOLLO): an open-label, randomised, phase 3 trial. Lancet Oncol 2021;22(6):801-812.17 Palladini G, et al. Daratumumab plus CyBorD for patients with newly diagnosed AL amyloidosis: safety run-in results of ANDROMEDA. Blood 2020;2;136(1):71-80.18 Chari A, et al. Daratumumab plus pomalidomide and dexamethasone in relapsed and/or refractory multiple myeloma. Blood 2017;130(8):974-981.19 Bahlis NJ, et al. Daratumumab plus lenalidomide and dexamethasone in relapsed/refractory multiple myeloma: extended follow-up of POLLUX, a randomized, open-label, phase 3 study. Leukemia 2020;34(7):1875-1884.20 Mateos MV, et al. Daratumumab, Bortezomib, and Dexamethasone Versus Bortezomib and Dexamethasone in Patients With Previously Treated Multiple Myeloma: Three-year Follow-up of CASTOR. Clin Lymphoma Myeloma Leuk 2020;20(8):509-518.21 Abdi J, et al. Drug resistance in multiple myeloma: latest findings on molecular mechanisms. Oncotarget 2013;4(12):2186-2207.22 American Society of Clinical Oncology. Multiple myeloma: introduction. Available at: https://www.cancer.org/cancer/types/multiple-myeloma/if-you-have-multiple-myeloma. Last accessed: May 2025.23 ECIS - European Cancer Information System. Estimates of cancer incidence and mortality in 2022, by country. Multiple myeloma. Available at: https://ecis.jrc.ec.europa.eu/explorer.php?$0-0$1-All$2-All$4-1,2$3-51$6-0,85$5-2022,2022$7-7$CEstByCountry$X0_8-3$X0_19-AE27$X0_20-No$CEstBySexByCountry$X1_8-3$X1_19-AE27$X1_-1-1$CEstByIndiByCountry$X2_8-3$X2_19-AE27$X2_20-No$CEstRelative$X3_8-3$X3_9-AE27$X3_19-AE27$CEstByCountryTable$X4_19-AE27. Last accessed: May 2025.24 Bhatt P, Kloock C, Comenzo R. Relapsed/Refractory Multiple Myeloma: A Review of Available Therapies and Clinical Scenarios Encountered in Myeloma Relapse. Curr Oncol. 2023;30(2):2322-2347.25 Hernández-Rivas JÁ, et al. The changing landscape of relapsed and/or refractory multiple myeloma (MM): fundamentals and controversies. Biomark Res. 2022;10(1):1-23.26 Gavriatopoulou M, et al. Metabolic Disorders in Multiple Myeloma. Int J Mol Sci. 2021;22(21):11430.27 American Cancer Society. Multiple myeloma: early detection, diagnosis and staging. Available at: https://www.cancer.org/content/dam/CRC/PDF/Public/8740.00.pdf. Last accessed: May 2025.
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May 2025
CONTACT: Media contact: Jenni Mildon jmildon@its.jnj.com +44 7920 418 552 Investor contact: Lauren Johnson investor-relations@its.jnj.com

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Duluth Holdings Inc. Announces First Quarter 2025 Financial Results
Duluth Holdings Inc. Announces First Quarter 2025 Financial Results

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Duluth Holdings Inc. Announces First Quarter 2025 Financial Results

MOUNT HOREB, Wis., June 05, 2025 (GLOBE NEWSWIRE) -- Duluth Holdings Inc. (dba, Duluth Trading Company) ('Duluth Trading' or the 'Company') (NASDAQ: DLTH), a lifestyle brand of men's and women's workwear, casual wear, outdoor apparel and accessories, today announced its financial results for the fiscal first quarter ended May 4, 2025. Summary of the First Quarter ended May 4, 2025 Net sales of $102.7 million Net loss of $15.3 million and adjusted net loss1 of $10.8 million, compared to net loss of $7.9 million in the prior year first quarter. Adjusted net loss of $10.8 million excludes $4.1 million related to additions to our valuation allowance on our deferred tax asset and impairment expenses of $0.4 million, net of tax EPS per diluted share of ($0.45); Adjusted EPS1 of ($0.32) Adjusted EBITDA2 decreased $5.6 million from the prior year to ($3.8) million, representing (3.7%) of net sales Cash and cash equivalents of $8.6 million with net liquidity of $44.6 million Expense savings initiated to right size the business 1See Reconciliation of net loss to adjusted net loss and adjusted net loss to adjusted EPS in the accompanying financial tables.2See Reconciliation of net loss to EBITDA and EBITDA to Adjusted EBITDA in the accompanying financial tables. Management Commentary President and CEO Stephanie Pugliese stated, 'I am honored to return to Duluth bringing my unwavering belief in this brand and its potential. Duluth Trading is loved for its high-quality, problem-solving products anchored on authentic, humorous, hard working, and humble brand attributes.'Pugliese added, 'Our operating performance over the past few years has been challenging as business complexity has increased. To capture the full potential of the brand and drive shareholder value, I am taking decisive actions to simplify the business and focus on the key areas of brand awareness, solution-based products and product innovation, and customer service. I will be conducting an in-depth review of our brand and product portfolio as we look to reinvigorate the Duluth brand.' 'I am committed to leveraging the foundational work on product sourcing, fulfillment center network optimization and store portfolio rationalization, as well as streamlining our expense base across the organization. I strongly believe that business simplification and a focus on Duluth Trading's core strengths will create shareholder value and return the company to profitable growth over time,' concluded Pugliese. Operating Results for the First Quarter ended May 4, 2025 Net sales decreased 12.0% to $102.7 million, compared to $116.7 million in the same period a year ago. Direct to-consumer net sales decreased by 17.1% to $62.6 million primarily driven by lower site traffic compared to the prior year, partially offset by higher average order value. Retail store net sales decreased by 2.6% to $40.2 million due to slower store traffic. Gross profit margin rate decreased 80 basis points to 52.0%, compared to 52.8% in the corresponding prior year primarily driven by higher clearance penetration, partially offset by improvement in product costs from our direct to factory sourcing initiative. Gross profit decreased to $53.4 million, compared to $61.6 million in the corresponding prior year. Selling, general and administrative expenses decreased 6.9% to $65.7 million, compared to $70.6 million in the same period a year ago. As a percentage of net sales, selling, general and administrative expenses deleveraged to 64.0%, compared to 60.5% in the corresponding prior year period mainly driven by a decrease in net sales. Balance Sheet and Liquidity The Company ended the quarter with $8.6 million of cash and cash equivalents, net working capital of $54.2 million, $64.0 million outstanding debt on the Duluth Trading $100 million revolving line of credit and $44.6 million of liquidity. Fiscal 2025 Outlook The Company is maintaining our previously issued fiscal 2025 financial guidance at this time and will update you as there are changes in the macroeconomic environment. Conference Call Information A conference call and audio webcast with analysts and investors will be held on Thursday, June 5, 2025 at 9:30 am Eastern Time, to discuss the results and answer questions. Live conference call: 844-875-6915 (domestic) or 412-317-6711 (international) Conference call replay available through June 12, 2025: 877-344-7529 (domestic) or 412-317-0088 (international) Replay access code: 8123705 Live and archived webcast: Investors can pre-register for the earnings conference call to expedite their entry into the call and avoid waiting for a live operator. To pre-register for the call, please visit and enter your contact information. You will then be issued a personalized phone number and pin to dial into the live conference call. Investors can pre-register any time prior to the start of the conference call. About Duluth Trading Duluth Trading is a lifestyle brand for the Modern, Self-Reliant American. Based in Mount Horeb, Wisconsin, we offer high quality, solution-based casual wear, workwear and accessories for men and women who lead a hands-on lifestyle and who value a job well-done. We provide our customers an engaging and entertaining experience. Our marketing incorporates humor and storytelling that conveys the uniqueness of our products in a distinctive, fun way, and are available through our content-rich website, catalogs, and 'store like no other' retail locations. We are committed to outstanding customer service backed by our 'No Bull Guarantee' - if it's not right, we'll fix it. Visit our website at Non-GAAP Measurements Management believes that non-GAAP financial measures may be useful in certain instances to provide additional meaningful comparisons between current results and results in prior operating periods. Within this release, including the tables attached hereto, reference is made to adjusted earnings before interest, taxes, depreciation and amortization (EBITDA), adjusted net loss and adjusted earnings per share (EPS). See attached table 'Reconciliation of Net Loss to EBITDA and EBITDA to Adjusted EBITDA,' for a reconciliation of net loss to EBITDA and EBITDA to Adjusted EBITDA for the three months ended May 4, 2025, versus the three months ended April 28, 2024 and attached table 'Reconciliation of Net Loss to Adjusted Net Loss and Adjusted Net Loss to Adjusted EPS,' for a reconciliation of net loss to adjusted net loss and adjusted net loss to adjusted EPS for the three months ended May 4, 2025. Adjusted EBITDA is a metric used by management and frequently used by the financial community, which provides insight into an organization's operating trends and facilitates comparisons between peer companies, since interest, taxes, depreciation and amortization can differ greatly between organizations as a result of differing capital structures and tax strategies. Adjusted EBITDA excludes certain items that are unusual in nature or not comparable from period to period. Adjusted Net Loss and Adjusted EPS is a metric used by management and frequently used by the financial community, which provides insight into the effectiveness of our business strategies and to compare our performance against that of peer companies. Adjusted Net Loss and Adjusted EPS excludes impairment expenses and an addition to our valuation allowance on our deferred tax asset that are not comparable from period to period. The Company provides this information to investors to assist in comparisons of past, present and future operating results and to assist in highlighting the results of on-going operations. While the Company's management believes that non-GAAP measurements are useful supplemental information, such adjusted results are not intended to replace the Company's GAAP financial results and should be read in conjunction with those GAAP results. Forward-Looking Statements This press release includes 'forward-looking statements' within the meaning of the Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical facts included in this press release, including statements concerning Duluth Trading's plans, objectives, goals, beliefs, business strategies, future events, business conditions, its results of operations, financial position and its business outlook, business trends and certain other information herein, including statements under the heading 'Fiscal 2025 Outlook' are forward-looking statements. You can identify forward looking statements by the use of words such as 'may,' 'might,' 'will,' 'should,' 'expect,' 'plan,' 'anticipate,' 'could,' 'believe,' 'estimate,' 'project,' 'target,' 'predict,' 'intend,' 'future,' 'budget,' 'goals,' 'potential,' 'continue,' 'design,' 'objective,' 'forecasted,' 'would' and other similar expressions. The forward-looking statements are not historical facts, and are based upon Duluth Trading's current expectations, beliefs, estimates, and projections, and various assumptions, many of which, by their nature, are inherently uncertain and beyond Duluth Trading's control. Duluth Trading's expectations, beliefs and projections are expressed in good faith, and Duluth Trading believes there is a reasonable basis for them. However, there can be no assurance that management's expectations, beliefs, estimates, and projections will be achieved and actual results may vary materially from what is expressed in or indicated by the forward-looking statements. Forward-looking statements are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in the forward-looking statements, including, among others, the risks, uncertainties, and factors set forth under Part 1, Item 1A 'Risk Factors' in the Company's Annual Report on Form 10-K filed with the SEC on March 21, 2025 and other factors as may be periodically described in Duluth Trading's subsequent filings with the SEC. These risks and uncertainties include, but are not limited to, the following: the impact of inflation and measures to control inflation on our results of operations; the prolonged effects of economic uncertainties on store and website traffic; disruptions to our distribution network, supply chains and operations; failure to effectively manage inventory levels; our ability to maintain and enhance a strong brand and sub-brand image; adapting to declines in consumer confidence, inflation and decreases in consumer spending; disruptions to our e-commerce platform; our ability to meet customer delivery time expectations; our ability to properly allocate inventory throughout our distribution network to fulfill customer demand; our failure to meet our debt covenant ratios; natural disasters, unusually adverse weather conditions, boycotts, prolonged public health crises, epidemics or pandemics and unanticipated events; generating adequate cash from our existing stores and direct sales to support our growth; the impact of changes in corporate tax regulations and sales tax; identifying and responding to new and changing customer preferences; the success of the locations in which our stores are located; effectively relying on sources for merchandise located in foreign markets; transportation delays and interruptions, including port congestion; our inability to timely and effectively obtain shipments of products from our suppliers and deliver merchandise to our customers; the inability to maintain the performance of our maturing store portfolio; our inability to deploy marketing tactics to strengthen brand awareness and attract new customers in a cost effective manner; our ability to successfully open new stores; effectively adapting to new challenges associated with our expansion into new geographic markets; competing effectively in an environment of intense competition or elevated promotions; our ability to adapt to significant changes in sales due to the seasonality of our business; price reductions or inventory shortages resulting from failure to purchase the appropriate amount of inventory in advance of the season in which it will be sold; the potential for further increases in price and lack of availability of raw materials; our dependence on third-party vendors to provide us with sufficient quantities of merchandise at acceptable prices; the susceptibility of the price and availability of our merchandise to international trade conditions including tariffs; failure of our vendors and their manufacturing sources to use acceptable labor or other practices; our dependence upon key executive management or our inability to hire or retain the talent required for our business; increases in costs of fuel or other energy, transportation or utility costs and in the costs of labor and employment; failure of our information technology systems to support our current and growing business, before and after our planned upgrades; disruptions in our supply chain and fulfillment centers; our inability to protect our trademarks or other intellectual property rights; infringement on the intellectual property of third parties; acts of war, terrorism or civil unrest; the impact of governmental laws and regulations and the outcomes of legal proceedings; changes in U.S. and non-U.S. laws affecting the importation and taxation of goods, including imposition of unilateral tariffs on imported goods; our ability to secure the personal and/or financial information of our customers and employees; failure to comply with data privacy regulation; our ability to comply with the security standards for the credit card industry; our failure to maintain adequate internal controls over our financial and management systems; acquisition, disposition, and development risks; and other factors that may be disclosed in our SEC filings or otherwise. Forward-looking statements speak only as of the date the statements are made. Duluth Trading assumes no obligation to update forward-looking statements to reflect actual results, subsequent events or circumstances or other changes affecting forward-looking information except to the extent required by applicable securities laws. The Company revised its prior period financial statements for an accounting correction related to sales tax collections to the Company's Condensed Consolidated Balance Sheets that are primarily related to accrued expenses and other current liabilities, deferred taxes and retained earnings, as well as corresponding impacts to the Company's other Consolidated Financial Statements. The impacts of these revisions were not material to the Company's previously filed financial statements. These revisions relate to immaterial corrections that were identified by management and when accumulated, required a correction to the Company's previously filed financial statements. (Tables Follow)DULUTH HOLDINGS Consolidated Balance Sheets(Unaudited) (Amounts in thousands) May 4, 2025 February 2, 2025 April 28, 2024 ASSETS Current Assets: Cash and cash equivalents $ 8,579 $ 3,335 $ 6,799 Receivables 4,248 3,970 10,572 Income tax receivable — — 84 Inventory, net 176,108 166,545 136,434 Prepaid expenses & other current assets 22,189 17,781 17,537 Total current assets 211,124 191,631 171,426 Property and equipment, net 106,274 111,560 126,526 Operating lease right-of-use assets 100,076 102,663 117,400 Finance lease right-of-use assets, net 32,112 32,957 38,432 Available-for-sale security 4,860 4,491 4,798 Other assets, net 9,259 9,140 9,629 Deferred tax assets — — 3,942 Total assets $ 463,705 $ 452,442 $ 472,153 LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities: Trade accounts payable $ 45,940 $ 73,882 $ 37,419 Accrued expenses and other current liabilities 27,543 35,684 29,712 Income taxes payable 65 65 — Current portion of operating lease liabilities 15,875 15,534 16,619 Current portion of finance lease liabilities 2,578 2,541 3,253 Line of credit 64,000 — 11,000 Current maturities of TRI long-term debt1 953 931 867 Total current liabilities 156,954 128,637 98,870 Operating lease liabilities, less current maturities 86,471 89,222 102,188 Finance lease liabilities, less current maturities 29,962 30,621 33,435 Duluth long-term debt, less current maturities — — — TRI long-term debt, less current maturities1 24,054 24,283 24,933 Deferred tax liabilities 1,371 — — Total liabilities 298,812 272,763 259,426 Shareholders' equity: Treasury stock (2,596 ) (2,332 ) (2,121 ) Capital stock 108,329 108,009 105,061 Retained earnings 62,428 77,721 113,367 Accumulated other comprehensive loss, net (300 ) (722 ) (532 ) Total shareholders' equity of Duluth Holdings Inc. 167,861 182,676 215,775 Noncontrolling interest (2,968 ) (2,997 ) (3,048 ) Total shareholders' equity 164,893 179,679 212,727 Total liabilities and shareholders' equity $ 463,705 $ 452,442 $ 472,153 1Represents debt of the variable interest entity, TRI Holdings, LLC, that is consolidated in accordance with ASC 810, Consolidation. Duluth Holdings Inc. is not the guarantor nor the obligor of this HOLDING Statements of Operations(Unaudited)(Amounts in thousands, except per share figures) Three Months Ended May 4, 2025 April 28, 2024 Net sales $ 102,704 $ 116,684 Cost of goods sold (excluding depreciation and amortization) 49,349 55,060 Gross profit 53,355 61,624 Selling, general and administrative expenses 65,707 70,595 Operating loss (12,352 ) (8,971 ) Interest expense 1,481 993 Other (loss) income, net (161 ) 16 Loss before income taxes (13,994 ) (9,948 ) Income tax expense (benefit) 1,270 (2,083 ) Net loss (15,264 ) (7,865 ) Less: Net income attributable to noncontrolling interest 29 8 Net loss attributable to controlling interest $ (15,293 ) $ (7,873 ) Basic earnings per share (Class A and Class B): Weighted average shares of common stock outstanding 33,714 33,087 Net loss per share attributable to controlling interest $ (0.45 ) $ (0.24 ) Diluted earnings per share (Class A and Class B): Weighted average shares and equivalents outstanding 33,714 33,087 Net loss per share attributable to controlling interest $ (0.45 ) $ (0.24 )DULUTH HOLDINGS Statements of Cash Flows(Unaudited)(Amounts in thousands) Three Months Ended May 4, 2025 April 28, 2024 Cash flows from operating activities: Net loss $ (15,264 ) $ (7,865 ) Adjustments to reconcile net loss to net cash used in operating activities: Depreciation and amortization 6,749 8,251 Stock based compensation 254 1,372 Deferred income taxes 1,371 (2,274 ) Loss on disposal of property and equipment 748 13 Changes in operating assets and liabilities: Receivables (278 ) (4,617 ) Income taxes receivable — 533 Inventory (9,563 ) (10,677 ) Prepaid expense & other current assets (1,920 ) 871 Software hosting implementation costs, net (2,446 ) (2,617 ) Trade accounts payable (28,159 ) (13,150 ) Accrued expenses and deferred rent obligations (7,940 ) (4,488 ) Other assets (193 ) 37 Noncash lease impacts 178 945 Net cash used in operating activities (56,463 ) (33,666 ) Cash flows from investing activities: Purchases of property and equipment (1,332 ) (1,525 ) Principal receipts from available-for-sale security 53 48 Net cash used in investing activities (1,279 ) (1,477 ) Cash flows from financing activities: Proceeds from line of credit 64,450 28,000 Payments on line of credit (450 ) (17,000 ) Payments on TRI long term debt (225 ) (204 ) Payments on finance lease obligations (622 ) (737 ) Payments of tax withholding on vested restricted shares (264 ) (383 ) Other 97 109 Net cash provided by financing activities 62,986 9,785 Increase (decrease) in cash and cash equivalents 5,244 (25,358 ) Cash and cash equivalents at beginning of period 3,335 32,157 Cash and cash equivalents at end of period $ 8,579 $ 6,799 Supplemental disclosure of cash flow information: Interest paid $ 1,481 $ 993 Income taxes paid $ — $ 2 Supplemental disclosure of non-cash information: Unpaid liability to acquire property and equipment $ 1,271 $ 1,392 DULUTH HOLDINGS of Net Loss to EBITDA and EBITDA to Adjusted EBITDAFor the Fiscal Quarters Ended May 4, 2025 and April 28, 2024(Unaudited) Three Months Ended May 4, 2025 April 28, 2024 (in thousands) Net loss $ (15,264 ) $ (7,865 ) Depreciation and amortization 6,749 8,251 Amortization of internal-use software hosting subscription implementation costs 1,129 1,170 Interest expense 1,481 993 Income tax expense (benefit) 1,270 (2,083 ) EBITDA $ (4,635 ) $ 466 Long-term incentive expense 293 1,372 Impairment expense 549 — Adjusted EBITDA $ (3,793 ) $ 1,838 DULUTH HOLDINGS of Net Loss to Adjusted Net Loss and Adjusted Net Loss to Adjusted EPSFor the Fiscal Quarter Ended May 4, 2025 (Unaudited) Three Months Ended May 4, 2025 (in thousands, except per share amounts) Amount Per share Net loss attributable to controlling interest $ (15,293 ) $ (0.45 ) Plus: Impairment expenses 549 0.02 Income tax effect of impairment expenses1 (126 ) (0.00 ) Adjusted net loss before valuation allowance (14,870 ) (0.44 ) Plus: Valuation allowance 4,114 0.12 Adjusted net loss attributable to controlling interest $ (10,756 ) $ (0.32 ) 1Impairment expenses are net of tax using the Company's estimated 23% tax rate A photo accompanying this announcement is available at CONTACT: Investor Contacts: Tom Filandro ICR, Inc. (646) 277-1200 DuluthIR@ in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data

Airworthiness Safety Conference 2025: Hear from Experts in Safety Management, Next-gen Safety, and Remote Pilot Systems (London, United Kingdom - October 21, 2025)
Airworthiness Safety Conference 2025: Hear from Experts in Safety Management, Next-gen Safety, and Remote Pilot Systems (London, United Kingdom - October 21, 2025)

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Airworthiness Safety Conference 2025: Hear from Experts in Safety Management, Next-gen Safety, and Remote Pilot Systems (London, United Kingdom - October 21, 2025)

Join renowned speakers in London for a global event focused on aviation safety. Engage in discussions, idea sharing, and networking. Agenda highlights include airworthiness, . Elevate your aviation expertise today! Safety in Airworthiness Dublin, June 05, 2025 (GLOBE NEWSWIRE) -- The "Safety in Airworthiness" has been added to offering. Join leading experts and renowned speakers at an extraordinary global event hosted in London, dedicated to redefining aviation safety standards. This highly anticipated conference is set to become a pivotal meeting point for industry professionals passionate about enhancing safety measures and implementing innovative solutions in aviation. The conference extends a unique opportunity for participants to engage with distinguished industry leaders and fellow professionals. Attendees will benefit from an environment that fosters in-depth discussions, strategic idea sharing, and substantial networking opportunities, all aimed at advancing the collective knowledge and practice of aviation safety. The meticulously curated agenda spans a range of critical topics that are shaping the future of aviation safety: Introduction - A Regulator's view of Safety in Airworthiness: Gain insights into contemporary regulatory frameworks and their impact on safety. Safety in Part 21 - What is the Industry Seeing?: Discover current industry trends and challenges in maintaining Part 21 compliance. Measuring Safety in Continuing Airworthiness: Explore methodologies for quantifying and enhancing airworthiness in ongoing operations. Delivering the Next Generation of Safety Professionals: Discuss strategies for developing the future workforce and leadership in aviation safety. Influencing Aviation Safety Behaviours and Promoting Wellbeing: Examine approaches to fostering a safety-oriented culture and prioritizing well-being. Worldwide Safety Management Systems Issues, and How to Solve Them: Address global Safety Management System challenges and innovative solutions. Remote Pilot Air Systems - Beyond Visual Line of Sight Operations: Investigate advancements and regulatory considerations for remote piloting beyond visual range. Agenda: 8.45 - Registration & Networking Coffee 9.15 - Opening RemarksPanagiotis Panagopoulos, CEO & Founder, AeropodiumIan Dearing, Chief Surveyor - Airworthiness, 2-REG Aircraft Registry 9.45 - Introduction - A Regulator's View of Safety in AirworthinessIan Dearing, Chief Surveyor - Airworthiness, 2-REG Aircraft Registry 10.15 - Safety in Part 21 - What is the Industry Seeing?Jack Coleman, Initial Airworthiness, Independent Consultant 10.45 - Measuring Safety in Continuing AirworthinessPaul White, Continuing Airworthiness, Independent Consultant 11.15 - Networking Coffee Break 11.45 - Delivering the Next Generation of Safety ProfessionalsNicola Osborne, Director Safety & Compliance, Titan Airways 12.15 - Influencing Aviation Safety Behaviours and Promoting WellbeingSam Lee, Managing Director, Integra Aerospace 12.45 - Networking Lunch Break 13.45 - Worldwide Safety Management Systems Issues, and How to Solve ThemSilas Hays, Safety Management, Independent Consultant 14.30 - Remote Pilot Air Systems - Beyond Visual Line of Sight OperationsBecky Smith, Continuing Airworthiness Manager, National Grid 15.00 - Networking Coffee Break 15.30 - Speakers' Panel Q&A 16.30 - Concluding Remarks Speakers Jack Coleman, Initial Airworthiness, Independent Consultant Ian Dearing, Chief Surveyor - Airworthiness, 2-REG Aircraft Registry Silas Hays, Safety Management, Independent Consultant Sam Lee, Managing Director, Integra Aerospace Nicola Osborne, Director Safety & Compliance, Titan Airways Becky Smith, Continuing Airworthiness Manager, National Grid Paul White, Continuing Airworthiness, Independent Consultant For more information about this conference visit About is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends. Attachment Safety in Airworthiness CONTACT: CONTACT: Laura Wood,Senior Press Manager press@ For E.S.T Office Hours Call 1-917-300-0470 For U.S./ CAN Toll Free Call 1-800-526-8630 For GMT Office Hours Call +353-1-416-8900Sign in to access your portfolio

US Corporate Aviation (Air Taxi) Summit: Engage with Manufacturers, Operators, and Industry Leaders on Business Models, Insights, and Regional Developments (Miami, Florida, US - September 12, 2025)
US Corporate Aviation (Air Taxi) Summit: Engage with Manufacturers, Operators, and Industry Leaders on Business Models, Insights, and Regional Developments (Miami, Florida, US - September 12, 2025)

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US Corporate Aviation (Air Taxi) Summit: Engage with Manufacturers, Operators, and Industry Leaders on Business Models, Insights, and Regional Developments (Miami, Florida, US - September 12, 2025)

Join the 12th USCAS to explore aviation excellence. in the air taxi market. Elevate your industry role by participating in strategic discussions and exploring cutting-edge technologies. Dublin, June 05, 2025 (GLOBE NEWSWIRE) -- The "12th USCAS US Corporate Aviation Summit" conference has been added to offering. Embark on a journey of aviation excellence at the 12th USCAS, a distinguished platform tailored for manufacturers, operators, and aviation entities. Engage in strategic discussions, explore cutting-edge technologies, and gain insights into the evolving air taxi market. Business Models and Market Insights: Dive into discussions on various business models, gaining nuanced perspectives and comprehensive insights into the US business aviation market. Regional Dynamics and Industry Leadership: Uncover regional infrastructure developments shaping the future, tailor-made for leaders in operational excellence, visionary manufacturers, and financial professionals. Join the Dialogue: Your participation is not only welcomed but encouraged. Join the 12th USCAS for a dynamic exchange of ideas, collective insight, and industry advancement. Elevate your role in shaping the future of aviation. Agenda: 8.30 Registration & Networking Coffee 9.00 Welcome RemarksPanagiotis Panagopoulos, CEO & Founder, Aeropodium 9.10 Topic TBCJonathan A. Ewing, Esq., Founding Partner, Aero Law Center 9.40 Part 135 - Legal Considerations for Purchase/Sale TransactionsForrest Owens, Esq., Principal, The Law Office of L. Forrest Owens 10.10 The Outlook for Fractional Ownership in 2025 and BeyondTom Chapman, Chief Experience Officer & Co-Founder, MyFlight Advisor 10.40 Topic TBCWilliam Herp, CEO, Linear Air 11.10 Networking Coffee Break 11.40 Multi-Owner Structures: From Co-Owned to FractionalJohn Copley, Partner, Garofalo Goerlich Hainbach 12.10 Topic TBCJoe Zulueta, ASA, President, Aeronautical Systems 12.40 Augment your Part 135 Revenue StreamE. Terry Jaramillo, President & CEO, vonJet Aviation Group 13.10 Networking Lunch Break 14.30 Things you Might not Know about International OperationsCraig (C.A.) Southerland, Chairman, Premium Aviation 15.00 Business Aviation and the IRS Examination CampaignMichael Kohner, Managing Director, Alvarez & Marsal Tax 15.30 The Importance of Maintenance RecordsLarry Hinebaugh, Executive Director, Foundation for Business Aircraft Records Excellence 16.00 100% Electric Cold Jet Propulsion: Enabling Long-Range eVTOL and Fixed-Wing Aviation SolutionsSaul Tarazona, Co-Founder & CEO, eJet Aerospace 16.30 Concluding Remarks For more information about this conference visit About is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends. CONTACT: CONTACT: Laura Wood,Senior Press Manager press@ For E.S.T Office Hours Call 1-917-300-0470 For U.S./ CAN Toll Free Call 1-800-526-8630 For GMT Office Hours Call +353-1-416-8900

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