Duluth Holdings Inc.
- Open
- 4.20
- Day high
- 4.48
- Day low
- 4.15
- Prev close
- 4.20
- Volume
- 1K
- Mkt cap
- $165M
- P/E (TTM)
- —
- EPS (TTM)
- —
- P/B
- 1.0
- P/S
- 0.3
- Yield
- —
- Per share
- —
Duluth Holdings Inc. (DLTH) is a Consumer Cyclical company listed on NASDAQ. The stock is up 92% over the past year.
Duluth Holdings Inc. (DLTH) financials & analyst ratings
Fundamentals (TTM)
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
DLTH earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Jun 8, 2026 | $-0.45 | $-0.20 | +55.6% | $99M | +5.2% |
| Mar 19, 2026 | $0.09 | $0.23 | +155.6% | $216M | +2.5% |
| Dec 16, 2025 | $-0.56 | $-0.23 | +58.9% | $115M | -45.5% |
| Sep 4, 2025 | $-0.05 | $0.03 | +160.0% | $132M | +11.2% |
| Jun 5, 2025 | $-0.30 | $-0.32 | -6.7% | $103M | -2.7% |
| Mar 13, 2025 | $0.28 | $-0.04 | -114.3% | $241M | +128.6% |
| Dec 5, 2024 | $-0.32 | $-0.41 | -28.1% | $127M | -49.0% |
| Aug 29, 2024 | $-0.12 | $-0.02 | +83.3% | $142M | +8.9% |
| May 30, 2024 | $-0.15 | $-0.24 | -60.0% | $117M | -1.5% |
| Mar 7, 2024 | $0.27 | $0.21 | -22.2% | $246M | +1.3% |
| Nov 30, 2023 | $-0.26 | $-0.32 | -23.1% | $138M | -42.6% |
| Aug 31, 2023 | $-0.01 | $-0.06 | -1100.0% | $139M | +0.5% |
DLTH insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Jun 5, 2026 | FINCH DAVID COLEdirector | Grant | 22,858 | — |
| Jun 5, 2026 | Kennedy Janet Hdirector | Grant | 22,858 | — |
| Jun 5, 2026 | RILEY SUSAN Jdirector | Grant | 22,858 | — |
| Jun 5, 2026 | Williams Scott Kdirector | Grant | 22,858 | — |
| Jun 5, 2026 | Paschke Brett Leedirector | Grant | 22,858 | — |
| Jun 5, 2026 | Robinson Ronalddirector | Grant | 22,858 | — |
| May 7, 2026 | PUGLIESE STEPHANIE L.director, officer: President and CEO | Tax | 181,935 | $3.31 |
| May 6, 2026 | Williams Scott Kdirector | Grant | 5,455 | — |
| May 6, 2026 | Kennedy Janet Hdirector | Grant | 4,545 | — |
| Apr 10, 2026 | Weber Garth N.officer: SVP of Brand and Marketing | Tax | 1,674 | $3.39 |
| Apr 10, 2026 | Schlecht Richard Wofficer: SVP, Product Dev. & Sourcing | Tax | 3,162 | $3.39 |
| Apr 10, 2026 | Homolka Davidofficer: SVP,Talent,Oper.,AP&Safety | Tax | 3,425 | $3.39 |
| Apr 7, 2026 | Homolka Davidofficer: SVP,Talent,Oper.,AP&Safety | Grant | 1,000 | $1.76 |
| Apr 7, 2026 | Schlecht Richard Wofficer: SVP, Product Dev. & Sourcing | Tax | 1,211 | $3.09 |
| Apr 7, 2026 | Homolka Davidofficer: SVP,Talent,Oper.,AP&Safety | Tax | 1,312 | $3.09 |
Source: DLTH SEC Form 4 filings, latest Jun 5, 2026. For informational purposes only — not investment advice.
See the full DLTH insider & 13F page →Duluth Holdings Inc. company profile
Overview
Duluth Holdings Inc. (NASDAQ:DLTH) is a Wisconsin-based specialty retailer that designs, manufactures, and sells casual wear, workwear, and accessories primarily targeted at blue-collar workers and outdoor enthusiasts. Founded in 1989 as GEMPLER'S, Inc., the company rebranded to Duluth Trading and went public in 2015. The company has evolved from a catalog-based business to an omnichannel retailer operating through its website, catalogs, and a network of retail stores across the United States. Currently, Duluth Holdings faces significant financial challenges with declining revenues and mounting losses, while undergoing strategic restructuring under founder Steve Schlecht's renewed leadership.
Business
Duluth Holdings operates in the specialty apparel retail industry, focusing on functional clothing and gear for working professionals and outdoor enthusiasts. The company's core business revolves around designing and selling durable, solution-oriented apparel under the Duluth Trading brand name, which has become synonymous with innovative workwear and casual clothing. The company's product portfolio spans several categories of functional apparel and accessories. Their signature offerings include work pants with reinforced knees and crotch gussets, moisture-wicking underwear, flame-resistant clothing, and weather-resistant outerwear. Popular product lines include Fire Hose work pants (made from a cotton-canvas blend that resists tears and abrasions), Armachillo cooling technology apparel, Buck Naked underwear collections, and Alaskan Hardgear (AKHG) outdoor lifestyle products. The business operates through multiple channels that can be broken down into two primary segments. The direct-to-consumer channel includes online sales through their website and catalog orders, representing the majority of their business. The retail channel consists of physical stores and outlet locations, with approximately 62 retail stores and 3 outlet stores as of recent reports. The company also has a small wholesale component. Based on recent financial data, the direct channel typically accounts for roughly 70-75% of total sales, while retail stores contribute the remaining 25-30%. The company has expanded beyond traditional men's workwear to include women's apparel, which has become a significant growth driver representing approximately 35% of total apparel sales. Their AKHG brand targets outdoor lifestyle consumers and has shown strong growth, expanding the company's reach beyond its traditional blue-collar customer base.
Revenue model
Duluth Holdings generates revenue primarily through direct product sales across multiple channels. The company operates on a traditional retail model where they design products, source manufacturing (primarily from overseas suppliers), and sell directly to consumers at marked-up prices. Their revenue streams include online sales through their e-commerce platform, catalog sales, retail store sales, and a small wholesale business. The company's customers are primarily working professionals, tradespeople, and outdoor enthusiasts who value durability and functionality over fashion trends. These customers are willing to pay premium prices for products that solve specific problems, such as work pants that don't tear easily or underwear that prevents chafing. The typical customer demographic skews male, middle-aged, and employed in blue-collar occupations, though the company has been expanding its appeal to women and younger consumers. Several factors influence Duluth's profitability margins. Positive margin drivers include their ability to command premium pricing due to product innovation and brand loyalty, direct-to-consumer sales that eliminate retailer markups, and economies of scale in manufacturing and fulfillment. The company benefits from having a differentiated product offering that reduces direct price competition with mass-market retailers. Negative margin pressures come from several sources. Rising manufacturing costs, particularly due to tariffs and labor inflation in supplier countries, directly impact gross margins. The company faces intense promotional pressure in the retail environment, forcing them to offer frequent discounts that erode pricing power. Inventory management challenges lead to excess stock that must be cleared at reduced margins. Additionally, the company's significant investment in physical retail stores creates fixed costs that pressure profitability when sales decline. Recent supply chain disruptions and the need to maintain safety stock levels have also increased working capital requirements and carrying costs. The company's margin structure is also affected by channel mix, as direct-to-consumer sales typically carry higher margins than retail store sales, which in turn are more profitable than wholesale arrangements.
Competitive moat
Duluth Holdings possesses a modest but not insurmountable competitive moat built primarily around brand recognition and product innovation within the functional workwear niche. The company has developed a loyal customer base among blue-collar workers who appreciate the practical problem-solving nature of their products, such as crotch gussets in pants and moisture-wicking technology in underwear. This customer loyalty creates some switching costs, as workers who find products that perform well on the job are reluctant to experiment with alternatives. The company's product innovation capabilities represent another defensive element. Duluth has built a reputation for identifying specific pain points experienced by working professionals and developing solutions, such as their Fire Hose fabric technology and Armachillo cooling systems. Their direct-to-consumer model also provides valuable customer feedback that informs product development, creating a feedback loop that helps maintain product relevance. However, this moat faces significant challenges and limitations. The functional apparel market has attracted increased competition from both established players like Carhartt and new entrants offering similar problem-solving products. Many of Duluth's innovations, while clever, are not protected by strong intellectual property rights and can be replicated by competitors with sufficient resources. Large retailers like Amazon and Walmart have expanded their workwear offerings, often at lower price points, pressuring Duluth's premium positioning. The company's competitive position is further weakened by its financial constraints, which limit its ability to invest in marketing, product development, and store expansion compared to better-capitalized competitors. The rise of direct-to-consumer brands and the commoditization of e-commerce fulfillment have also reduced the advantages of Duluth's original catalog-based model. Additionally, the company's dependence on discretionary spending by blue-collar workers makes it vulnerable to economic downturns that affect employment in construction, manufacturing, and other trade industries.
Risks & safety
Duluth Holdings presents significant financial risk with limited margin of safety for investors. • Cash and liquidity concerns: Cash position declined from $32.2 million to $3.3 million over the past year, with negative free cash flow of $25.2 million in fiscal 2025 • Debt burden: Debt-to-equity ratio of 0.89, indicating high leverage relative to equity base • Profitability challenges: Company reported net losses of $43.6 million in fiscal 2025 and negative EBITDA of $4.4 million • Valuation metrics: Trading at 0.52x book value, but negative earnings make traditional P/E ratios meaningless; enterprise value metrics are distorted by negative EBITDA • Current ratio: 1.49 indicates adequate short-term liquidity coverage, but declining trend is concerning • Quick ratio: 0.20 suggests heavy reliance on inventory to meet short-term obligations • Other considerations: Inventory levels remain elevated at $176+ million, creating working capital strain and potential write-down risk; recent leadership transition adds execution uncertainty
Recent development
Over the past few years, Duluth Holdings has undergone significant strategic and operational changes in response to declining financial performance. The company has implemented a comprehensive $15 million expense reduction initiative aimed at improving operational efficiency, including plans to reduce their product SKU count by 20% by spring 2026 to streamline inventory management and reduce complexity. A major strategic shift has been the promotional strategy reset, where management reduced promotional days by 35% and decreased discount depths from 25% to 20% in an effort to protect margins and brand integrity. This represents a significant departure from the heavy promotional environment that had been pressuring profitability. The company has also been optimizing its retail footprint, closing underperforming stores while selectively opening new locations, with approximately 25% of the store fleet under evaluation for lease renewals. The company completed a significant fulfillment center network optimization, with their Adairsville, Georgia facility now processing 60% of total volume, improving efficiency and reducing shipping costs. Technology investments have focused on mobile optimization, with mobile now representing 70% of site visits and 58% of digital sales. Leadership transition represents perhaps the most significant recent development, with founder Steve Schlecht returning to day-to-day operations in March 2025 following CEO Sam Sato's retirement. This change signals a potential strategic pivot back to the company's founding principles and entrepreneurial approach. Product development efforts have focused on expanding the women's business, which now represents 35% of total apparel sales, and growing the AKHG outdoor lifestyle brand. The company has also been working on tariff mitigation strategies, implementing selective price increases while maintaining competitive positioning on core products.
DLTH company profile · for informational purposes only — not investment advice.
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