DLTH earnings analysis
What we found in DLTH's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
Duluth delivered a substantial EPS beat at $0.50 versus $0.01 expected, while revenue declined 7.8% to $121.4 million and missed consensus. Gross margin reached 72.8%, aided by $16.0 million of tariff refunds, and inventory declined 15.5% year over year. Fiscal 2026 sales guidance remained $540 million-$560 million, but Adjusted EBITDA guidance was raised to $38 million-$42 million from $28 million-$32 million, producing a mixed overall outlook. The filing states there were no material changes to previously disclosed risk factors and no significant changes in market risk.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- EPS materially beat expectations
- Reported EPS was $0.50 versus the $0.01 consensus estimate, a $0.49 beat. Net income improvement was attributed to gross-margin expansion.
- Revenue declined and missed estimates
- Revenue declined 7.8% year over year to $121.4 million and missed the $123.26 million consensus estimate by approximately $1.9 million.
- Gross margin expanded sharply
- Gross margin expanded to 72.8%, supported in part by $16.0 million of tariff refunds.
- Inventory and working capital improved
- Inventory declined 15.5% year over year, indicating continued working-capital improvement and lower inventory exposure.
- EBITDA outlook was raised
- Fiscal 2026 net sales guidance was maintained at $540 million-$560 million, while Adjusted EBITDA guidance increased to $38 million-$42 million from $28 million-$32 million.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- Sales decline remains a key headwind
- Revenue declined 7.8% year over year to $121.4 million and was approximately $1.9 million below the $123.26 million consensus estimate, signaling continued top-line pressure.
- Margin benefited from tariff refunds
- The $16.0 million tariff refund was a material contributor to the 72.8% gross margin, creating risk that profitability will not be sustained at the same level absent similar benefits.
- Limited share-repurchase support
- The company repurchased 189,311 shares during the quarter solely for employee tax withholding, at an average price of $3.32 per share; no shares were purchased under publicly announced repurchase programs.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $0.5
- Gross margin
- 72.8%
What they said about what is next.
Fiscal 2026 net sales guidance was maintained at $540 million-$560 million. Adjusted EBITDA guidance was raised to $38 million-$42 million from $28 million-$32 million, including tariff refunds; capital expenditures remain approximately $12 million.
The filing reads about the same as the one before it.
What came before.
- 10-Q · June 9, 2026
- Duluth Holdings reported Q1 2026 results with revenues of $98.6 million, down 4.0% year-over-year, but an improvement in loss to $10.0 million from a prior year loss of $15.3 million. This quarter showed boosted gross…
- 10-K · March 20, 2026
- Duluth Holdings reported a challenging fiscal performance for 2025, with net sales falling to $565.2M, a 9.8% decrease from 2024, amidst declining consumer demand in a tough economic climate. The company did show a net…
- 10-Q · December 17, 2025
- Duluth Holdings incurred a narrower loss in Q3 2025, reporting a net loss of $10.1 million compared to $28.2 million in Q3 2024, as gross margin improved despite a decline in revenue. Revenue decreased by 9.6% to $114.9…
- 10-Q · September 5, 2025
- Duluth Holdings Inc. reported a Q2 2025 net income of $1.3 million, a turnaround from a $2.0 million loss in Q2 2024. Revenue for the quarter was $131.7 million, surpassing estimates, but down 7.0% year-over-year.…
This is our reading of a public filing, not the filing. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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