Duluth Holdings Inc

duluthtrading.com

What Do They Do?

Sells workwear, casual clothing and outdoor apparel for men and women, serving hands-on customers through its website, stores and direct mail.

How Do They Make Money?

Customers pay for apparel, footwear and hard goods before shipped orders leave Duluth’s fulfillment centers or stores; in-store purchases are paid when customers buy them.

FY2026 revenue

Who Are Their Customers?

Customers buying apparel and gear for everyday and on-the-job use shop through Duluth’s website, stores, direct mail and customer contact centers.

Do Revenues Turn Into Profits?

Not on paper. It lost $16.4M in FY2026, but brought in more cash than it spent: $16.6M of free cash flow.

Operating income, FY2026

−2% of revenue

▼ −72% (Loss) vs FY2025 (−$36.9M, −6%)

Net income, FY2026

−3% of revenue

▼ −62% (Loss) vs FY2025 (−$43.7M, −7%)

Free cash flow, FY2026

3% of revenue

▲ Now profitable vs FY2025 (−$25.2M, −4%)

How Are They Changing?

Since the FY2026 annual report

Latest quarter: Q2 FY2026, the three months to Aug 2, 2026

Revenue: ▼ −8%; vs $131.7M in Q2 FY2025
Net income: ▲ +1356%; vs $1.3M in Q2 FY2025

Sep 3, 2026 Raises adjusted EBITDA guidance Raised adjusted EBITDA guidance to $38 million to $42 million from $28 million to $32 million, including the impact of tariff refunds.

Shrinking. Revenue fell 19% in 4 years, from $698.6M in FY2022 to $565.2M in FY2026, about 5% a year.

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