DLTH
Duluth Holdings Inc.2.2100
-0.9200-29.4%
Dec 16, 4:00:02 PM EST
Earnings Call Transcripts
This Quarter (Q1 '26)
No earnings call transcript available yet
Last Quarter (Q4 '25)
FY Q4 '25
Backlog mix, pipeline color added
Q&A provided useful color on the $12.5 million backlog's healthy mix of buoys, vehicles, and rising services like training, boosted by AUVSI status—details absent from prepared remarks. Management expressed confidence in accelerating pipeline conversion thanks to a retooled sales team, new hires like Navy vet Jason Weed, and stabilizing defense procurement post-elections. They affirmed scaling capacity via redesigned New Jersey and California facilities without excess inventory. Gross margins dipped on demo-heavy projects like Overmatch but should rebound with operational deployments and high-margin services. Analysts probed maturity and capacity; answers were direct yet qualitative. Q&A largely reaffirms the scripted momentum. Investors watch conversion rates. Backlog mix diversified.
Key Stats
Market Cap
83.05MP/E (TTM)
-Basic EPS (TTM)
-1.42Dividend Yield
0%Recent Filings
10-K
FY2025 results
Duluth Holdings posted FY2025 net sales of $565.2M, down 9.8% y/y amid a 52-week year versus prior 53 weeks, yet narrowed net loss to $16.4M from $43.7M through gross margin expansion to 53.4% from 49.2% via higher average unit retail and direct-factory sourcing, despite tariff headwinds. Store sales rose on better conversion and two new units, offsetting direct-to-consumer softness from curbed promotions; SG&A fell 8% but edged up to 54.9% of sales due to fixed costs. Free cash flow flipped positive at $16.6M (derived), fueled by $35M inventory cut. Q4 holiday strength drove the turnaround. Inventory shrinkage remains a drag.
8-K
Q4 profit, margins surge
Duluth Holdings swung to Q4 net income of $7.8 million from a $5.6 million loss, boosted by gross margin jumping 890bps to 53.0% despite $7.6 million tariff hit, while sales dipped 10.5% to $215.9 million. Inventory slashed 21.1%; full-year free cash flow hit $16.6 million. Fiscal 2026 guides net sales $540-560 million, adjusted EBITDA $26-30 million. Sales slid, margins soared.
8-K
Exec pay tweaks cut costs
Duluth Holdings amended CEO Stephanie Pugliese's employment agreement effective March 9, 2026, consolidating her fiscal 2026 equity into one $2.3M grant vesting ratably over three years. Chairman Stephen Schlecht's deal, effective March 16, extends through the 2028 shareholder meeting but slashes his base salary from $275,000 to $100,000 while keeping 50% bonus target. Cost savings clear. No equity for Schlecht.
10-Q
Q3 FY2025 results
Duluth Holdings posted Q3 FY2025 net sales of $114.9M, down 9.6% y/y, yet narrowed operating loss to $8.8M from $22.1M while lifting gross margin to 53.8% from 52.3% via higher average unit retail and direct sourcing. SG&A dropped 14.1% y/y to $70.7M on lower personnel and depreciation, driving diluted EPS to -$0.29 (anti-dilutive shares excluded) from -$0.84 across 34,517k shares. Cash climbed to $8.2M with $44.6M drawn on the $100M revolver (temp $125M to Mar 2026, matures 2030); operating cash used $31.1M on inventory build, FCF not disclosed in the 10-Q. Losses stemmed from reduced web traffic. Tariffs pressure costs.
8-K
Q3 loss shrinks sharply
Duluth Holdings reported Q3 net sales down 9.6% to $114.9M yet slashed net loss to $10.1M from $28.2M through gross margin expansion to 53.8% and 14.1% SG&A cuts. Inventory plunged 17% to $192.2M; net liquidity holds at $88.6M. Affirming higher-end FY25 Adjusted EBITDA guidance of $23M-$25M while trimming sales outlook. Turnaround gaining traction.
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