Shares of Duluth Holdings (DLTH) - Get Report tumbled 24.3% to $17.81 Friday after the workwear retailer missed Wall Street's fourth-quarter earnings and revenue expectations.

The company reported net income of $20.8 million, or 64 cents a share, up from $19.5 million, or 60 cents, a year ago. Sales increased to $250.5 million from the year ago total of $217.8 million. Analysts surveyed by FactSet expected earnings of 74 cents a share on $258.2 million in revenue.

For the year, the company reported net income of $23.3 million, or 72 cents a share, compared with $23.4 million, or 72 cents, a year ago. Net sales for the year increased 20.5% to $568.1 million.

During a conference call with analysts, President and CEO Stephanie Pugliese said that during the fourth quarter "we encountered some challenges with systems implementation and late deliveries of products."

"As a result," she said, according to a transcript of the call, "we had inventory that was misaligned to the timing of sales and not distributed optimally throughout the network. This affected store productivity and added extra cost throughout the system. And some of our high-demand products didn't hit the market in time to reap the full benefit of the holiday season."

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