Duluth Holdings (DLTH)
NASDAQ:DLTH
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Duluth Holdings
(NASDAQ:DLTH)
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Rating:61Neutral
Price Target:
$4.50
▲(35.95% Upside)
Action:Reiterated
Date:06/09/26
DLTH scores as a moderate setup: improving cash generation and liquidity plus raised EBITDA guidance support the outlook, and technical momentum is favorable with the stock above key moving averages. The biggest constraints are weak TTM revenue trends and ongoing losses (negative P/E), which keep the overall score from moving higher.
Positive Factors
Cash generation & liquidity
Material and sustained positive operating and free cash flow give Duluth a durable funding base to support capex, inventory normalization and deleveraging. Strong liquidity reduces refinancing risk and funds strategic investments while the top line stabilizes, improving resilience over cycles.
Negative Factors
Sharp revenue contraction
A very large trailing revenue decline undermines scale economics and makes fixed-cost absorption harder, threatening long-term margin sustainability. Restoring durable top-line growth is essential to justify current margin improvements and to convert improved cash flow into sustained profits.
Read all positive and negative factors
Positive Factors
Negative Factors
Cash generation & liquidity
Material and sustained positive operating and free cash flow give Duluth a durable funding base to support capex, inventory normalization and deleveraging. Strong liquidity reduces refinancing risk and funds strategic investments while the top line stabilizes, improving resilience over cycles.
Read all positive factors
Duluth Holdings Key Performance Indicators (KPIs)
Any
Revenue By Sales Channel
Shows how much revenue comes from different sales channels like online, retail stores, or wholesale, highlighting the company's strategic focus and adaptability to consumer shopping preferences.
Shows how much revenue comes from different sales channels like online, retail stores, or wholesale, highlighting the company's strategic focus and adaptability to consumer shopping preferences.
Data provided by:
The Fly
The FlyDuluth Holdings (DLTH) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$177.85M
Dividend YieldN/A
Average Volume (3M)148.60K
Price to Earnings (P/E)―
Beta (1Y)0.69
Revenue Growth-8.42%
EPS Growth79.65%
CountryUS
Employees807
SectorConsumer Cyclical
Sector Strength84
IndustryApparel - Retail
Share Statistics
EPS (TTM)-0.32
Shares Outstanding34,637,870
10 Day Avg. Volume316,225
30 Day Avg. Volume148,599
Financial Highlights & Ratios
PEG Ratio0.08
Price to Book (P/B)0.49
Price to Sales (P/S)0.15
P/FCF Ratio5.00
Enterprise Value/Market Cap1.32
Enterprise Value/Revenue0.42
Enterprise Value/Gross Profit0.77
Enterprise Value/Ebitda10.28
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusHold
Number of Analyst Covering1
EPS Forecast (FY)-0.33
Revenue Forecast (FY)$544.59M
Duluth Holdings Business Overview & Revenue Model
Company Description
Duluth Holdings Inc., originally known as GEMPLER'S, Inc. and founded in 1989, is based in Mount Horeb, Wisconsin. This enterprise is a retailer specializing in durable casual apparel, workwear, and complementary accessories designed for both men ...
How the Company Makes Money
Duluth Holdings makes money primarily by selling its branded merchandise to end customers through two main channels: (1) direct-to-consumer (DTC), consisting of sales via its e-commerce websites and catalog-driven ordering, and (2) sales through i...
Duluth Holdings Earnings Call Summary
Earnings Call Date:Jun 08, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Aug 27, 2026
Earnings Call Sentiment Positive
The call portrays a company in the midst of a deliberate strategic turnaround: management has prioritized margin expansion, inventory and SKU rationalization, fulfillment consolidation, and balance sheet improvement, delivering meaningful margin and liquidity gains and a return to adjusted profitability. Those operational successes came with near-term top-line pressure—particularly in direct digital channels and certain product lines—driven by an intentional pullback from promotions and ongoing SKU rationalization. Management raised adjusted EBITDA guidance and signaled stabilization in the back half, but first-half sales are expected to be down meaningfully. Overall, the results indicate solid progress toward structural profitability and healthier unit economics, offset by near-term revenue declines and some one-time charges.Positive Updates
Gross Margin Expansion and Profitability Improvement
Gross margin expanded by ~540 basis points to 57.4% of net sales (from ~52% prior year), driving a 6.1% increase in gross profit dollars. Adjusted EBITDA turned positive at $2.6 million (improvement of $6.4 million vs. prior-year Q1). Adjusted EPS improved to negative $0.20 from negative $0.44 a year ago.
Negative Updates
Top-Line Decline Driven by Promotional Reset
Net sales declined 4% YoY to $98.6 million. Direct-to-consumer net sales (excluding wholesale) decreased 6.4% to $57.1 million, with web traffic and conversion weakness in February and early March attributed to the deliberate pullback from low-margin clearance events.
Read all updates
Q1-2026 Updates
Positive
Negative
Gross Margin Expansion and Profitability Improvement
Gross margin expanded by ~540 basis points to 57.4% of net sales (from ~52% prior year), driving a 6.1% increase in gross profit dollars. Adjusted EBITDA turned positive at $2.6 million (improvement of $6.4 million vs. prior-year Q1). Adjusted EPS improved to negative $0.20 from negative $0.44 a year ago.
Read all positive updates
Company Guidance
Management affirmed full‑year fiscal 2026 net sales guidance of $540–$560 million (down ~1% to 5% vs. prior year), with first‑half sales expected to decline 6%–10% (including a 230‑basis‑point headwind from not repeating a prior wholesale order) and stabilization in the back half of the year at roughly −2% to +2%; they reiterated prior gross‑margin assumptions (~54% for the year vs. 53.4% prior year) while noting Q1 gross margin of 57.4% (a 540‑bp YoY expansion) and that they are tracking ahead, modeling an incremental ~30 bps benefit from the promotional reset into full‑year margin; adjusted EBITDA guidance was raised to $28–$32 million (up from $26–$30M), capex was affirmed at ~$12 million (≈2.2% of sales), tariff assumptions remain unchanged (IEEPA tariffs of ~$12M paid last year are being pursued for refund but no benefit is included), and the company expects continued working‑capital discipline supporting a net liquidity position of roughly $100 million.Duluth Holdings Financial Statement Overview
Summary
Income Statement
36
Negative
Balance Sheet
56
Neutral
Cash Flow
68
Positive
| Breakdown | TTM | Jan 2026 | Jan 2025 | Jan 2024 | Jan 2023 | Jan 2022 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 561.07M | 626.63M | 646.68M | 653.31M | 698.58M | 638.78M |
| Gross Profit | 304.89M | 308.51M | 324.97M | 343.44M | 377.32M | 331.53M |
| EBITDA | 22.91M | -4.41M | 23.51M | 37.42M | 73.38M | 52.80M |
| Net Income | -11.20M | -43.67M | -9.92M | 2.30M | 29.70M | 13.58M |
Balance Sheet | ||||||
| Total Assets | 380.65M | 452.44M | 490.45M | 527.45M | 515.55M | 515.58M |
| Cash, Cash Equivalents and Short-Term Investments | 6.13M | 3.33M | 32.16M | 45.55M | 77.05M | 47.22M |
| Total Debt | 125.59M | 163.13M | 186.23M | 199.88M | 190.25M | 237.37M |
| Total Liabilities | 224.08M | 272.76M | 268.28M | 300.26M | 292.83M | 324.48M |
| Stockholders Equity | 159.38M | 182.68M | 225.23M | 230.41M | 225.87M | 193.46M |
Cash Flow | ||||||
| Free Cash Flow | 59.17M | -25.25M | -10.41M | -28.46M | 81.63M | 38.49M |
| Operating Cash Flow | 67.22M | -16.92M | 38.67M | -5.63M | 91.98M | 50.75M |
| Investing Cash Flow | -7.82M | -8.13M | -48.72M | -22.64M | -10.15M | -12.13M |
| Financing Cash Flow | -61.84M | -3.78M | -3.35M | -3.23M | -51.36M | 6.36M |
Duluth Holdings Technical Analysis
Positive
3.31
Price Trends
3.46
Positive
2.96
Positive
2.98
Positive
Market Momentum
0.34
Negative
71.46
Negative
81.06
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For DLTH, the sentiment is Positive. The current price of 3.31 is below the 20-day moving average (MA) of 3.70, below the 50-day MA of 3.46, and above the 200-day MA of 2.98, indicating a bullish trend. The MACD of 0.34 indicates Negative momentum. The RSI at 71.46 is Negative, neither overbought nor oversold. The STOCH value of 81.06 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for DLTH.
Duluth Holdings Risk Analysis
Duluth Holdings disclosed 42 risk factors in its most recent earnings report. Duluth Holdings reported the most risks in the "Production" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Duluth Holdings Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
61 Neutral | $18.38B | 12.79 | -2.54% | 3.03% | 1.52% | -15.83% | |
61 Neutral | $177.85M | -14.51 | -9.82% | ― | -8.42% | 79.65% | |
58 Neutral | $166.16M | -50.46 | -21.26% | ― | 1.69% | 93.35% | |
57 Neutral | $221.13M | 10.54 | 23.05% | 2.25% | -2.59% | -39.23% | |
51 Neutral | $349.35M | 17.03 | -2.97% | 2.68% | -1.61% | ― | |
48 Neutral | $197.05M | -15.67 | 3.50% | ― | -10.09% | -232.12% | |
47 Neutral | $63.87M | -277.98 | -0.14% | ― | 1.82% | ― |
* Consumer Cyclical Sector Average
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Duluth Holdings Corporate Events
Executive/Board ChangesShareholder Meetings
Duluth Holdings Shareholders Back Directors, Pay and Auditor
Positive
Jun 8, 2026
At its annual shareholder meeting held on June 3, 2026, Duluth Holdings Inc. investors re-elected eight board nominees to serve until the 2027 annual meeting, with all directors receiving strong support from both Class A and Class B shareholders d...
Business Operations and Strategy
Duluth Holdings Unveils Strategic Reset and Growth Plan
Positive
Jun 8, 2026
Duluth Holdings Inc. held an Investor Analyst Event at Nasdaq MarketSite in New York on June 8, 2026, where management outlined how the company has reset its strategy after past overexpansion and infrastructure overbuild. Executives highlighted t...
Business Operations and StrategyFinancial Disclosures
Duluth Holdings Delivers Strong Turnaround in Q4 Results
Positive
Mar 19, 2026
On March 19, 2026, Duluth Holdings Inc. reported fiscal fourth-quarter 2025 results showing a sharp turnaround to net income of $7.8 million from a $5.6 million loss a year earlier, as gross margin expanded 890 basis points to 53.0% despite tariff...
Executive/Board Changes
Duluth Holdings Revises Executive Employment and Compensation Terms
Neutral
Mar 13, 2026
On March 9, 2026, Duluth Holdings amended the employment agreement of President and CEO Stephanie L. Pugliese so that, for fiscal 2026, she will receive a single equity grant that vests in three equal annual installments, with the overall minimum ...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.