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…
Earnings analysis · 10-Q
DLTH earnings analysis
Filed September 4, 2026 · Our reading of the company's report
The latest report
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…
Read full summary
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.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $0.5
- Gross margin
- 72.8%
What stood out
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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.
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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.
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Gross margin expanded sharply
Gross margin expanded to 72.8%, supported in part by $16.0 million of tariff refunds.
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Inventory and working capital improved
Inventory declined 15.5% year over year, indicating continued working-capital improvement and lower inventory exposure.
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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.
What to watch
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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.
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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.
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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.
Management's outlook
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.
Earlier filings 4
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 itself. Analysis can contain errors; check the source document for full context.