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DLTH

Duluth Holdings Inc.

DLTH

Duluth Holdings Inc. • NASDAQ
$3.23 ▲ 4.19% (+0.13)
Market Cap $118.81 M
52w High $4.66
52w Low $1.58
Dividend Yield 0%
P/E -2.27
Volume 64.25K
Outstanding Shares 36.78M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q2-2026 $131.716M ▲ $68.767M ▲ $1.261M ▲ 0.957% ▲ $0.037 ▲ $8.865M ▲
Q1-2026 $102.704M ▼ $65.707M ▼ $-15.293M ▼ -14.89% ▼ $-0.45 ▼ $-5.764M ▼
Q4-2025 $241.27M ▲ $110.72M ▲ $-3.515M ▲ -1.457% ▲ $-0.17 ▲ $6.145M ▲
Q3-2025 $127.056M ▼ $89.002M ▲ $-28.539M ▼ -22.462% ▼ $-0.85 ▼ $-14.152M ▼
Q2-2025 $141.619M $76.286M $-3.744M -2.644% $-0.11 $4.305M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q2-2026 $5.738M ▼ $433.8M ▼ $266.742M ▼ $169.994M ▲
Q1-2026 $8.579M ▲ $463.705M ▲ $298.812M ▲ $167.861M ▼
Q4-2025 $3.335M ▼ $452.442M ▼ $272.763M ▼ $182.676M ▼
Q3-2025 $9.335M ▼ $533.099M ▲ $347.994M ▲ $188.127M ▼
Q2-2025 $9.787M $488.595M $275.943M $215.689M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q2-2026 $1.293M ▲ $32.027M ▲ $-2.186M ▼ $-32.682M ▼ $-2.841M ▼ $29.787M ▲
Q1-2026 $-15.264M ▼ $-56.463M ▼ $-1.279M ▲ $62.986M ▲ $5.244M ▲ $-57.795M ▼
Q4-2025 $-3.49M ▲ $41.208M ▲ $-2.463M ▲ $-44.745M ▼ $-6M ▼ $38.692M ▲
Q3-2025 $-28.539M ▼ $-41.073M ▼ $-2.58M ▼ $43.201M ▲ $-452K ▼ $-43.703M ▼
Q2-2025 $-3.744M $16.614M $-1.609M $-12.017M $2.988M $14.956M

Revenue by Products

Product Q1-2020Q2-2020Q3-2020Q4-2020
Business One
Business One
 $80.00M ▲$80.00M ▲$80.00M ▲$180.00M ▲
Business Three
Business Three
 $10.00M ▲$10.00M ▲$10.00M ▲$20.00M ▲
Business Two
Business Two
 $30.00M ▲$40.00M ▲$30.00M ▼$60.00M ▲

Five-Year Company Overview

Income Statement

Income Statement Sales have been mostly flat over the past several years, with only modest ups and downs rather than clear growth. At the same time, profitability has weakened. The company moved from modest operating profits to operating losses more recently, and net results have slipped into the red, with the latest year noticeably worse than the prior few. This suggests rising costs, discounting, or inefficiencies are eating into already thin retail margins, and the business is not currently earning enough on its sales to cover its expense base.

Balance Sheet

Balance Sheet The balance sheet looks steady in size but less comfortable in quality. Overall assets have stayed fairly similar year to year, but the cash cushion has been drawn down to very low levels, which reduces financial flexibility and increases reliance on ongoing cash generation or credit lines. Debt remains meaningful relative to the company’s size and equity base, and recent losses have kept equity from growing, leaving a thinner buffer to absorb future shocks. The structure is not alarming, but it is tighter than it was a few years ago.

Cash Flow

Cash Flow Cash generation has been inconsistent. There was one standout year of healthy cash from operations, but surrounding years show weak or even negative operating cash flow, and free cash flow has tended to be modest or negative after investments. Capital spending has been kept relatively lean, but the core issue is that the business has not reliably converted its earnings and sales into cash. This kind of volatility can make it harder to self-fund new initiatives and may increase dependence on borrowing or working-capital swings.

Competitive Edge

Competitive Edge Duluth has carved out a recognizable niche in workwear and functional casual apparel, built around durability, comfort features, and a humorous, down‑to‑earth brand voice. Its direct‑to‑consumer focus, strong guarantees, and loyal customer base give it a real edge versus generic apparel retailers. However, it still competes in a very crowded space against larger brands like Carhartt, L.L.Bean, and major outdoor and lifestyle labels with more scale and marketing muscle. Duluth’s differentiation comes from solving specific customer problems and its distinctive personality, but its smaller size and exposure to discretionary spending temper its overall competitive strength.

Innovation and R&D

Innovation and R&D Innovation is a clear bright spot. Duluth continues to develop proprietary fabrics and functional designs—such as reinforced workwear, comfort gussets, and extended‑length shirts—based on real customer pain points. It is also investing in technology behind the scenes, including product lifecycle software and an automated fulfillment center, to speed up development and improve service. Expansion into areas like the AKHG outdoor line and AKHG Fitness shows a willingness to stretch the brand into adjacent categories. The opportunity is to broaden its addressable market without diluting what makes Duluth special; the risk is overextension if new lines do not resonate or add complexity without enough payoff.

Summary

Duluth combines a distinctive, problem‑solving product lineup and memorable brand with a tougher recent financial picture. Top‑line performance has been more or less stuck in place, while profitability and cash flow have deteriorated, leaving less room for error on the balance sheet. At the same time, the company is investing in innovation, new categories, and digital infrastructure to modernize operations and reignite growth. The story today is one of a niche brand with strong identity and loyal customers, but facing operational and financial pressure in a cyclical, competitive retail environment. Future results will likely hinge on whether its strategic initiatives can restore consistent profits and cash generation without straining its already tighter financial position.

NEWS

September 23, 2025 · 10:01 AM UTC

Duluth Trading Strengthens Midwest Footprint, Opens Sixth Minnesota Location in Maple Grove

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September 5, 2025 · 11:00 AM UTC

Duluth Trading Brings Durable Style to Kansas City with New Legends Outlets Mall Location

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