DLTH DULUTH HOLDINGS INC.

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Executive Summary

Duluth Holdings reported Q1 2026 results with a net loss of $10.0M ($-0.29 GAAP EPS) vs. a net loss of $15.3M ($-0.45) in the prior year, beating consensus estimates of $-0.39 EPS and $95.5M revenue. Revenue declined 4.0% YoY to $98.6M, but gross margin expanded 540 bps to 57.4% and adjusted EBITDA improved to $2.6M from -$3.8M. The company raised its full-year adjusted EBITDA guidance to $28M-$32M (from $26M-$30M) while affirming revenue guidance of $540M-$560M.

Key Financial Metrics

Actionable Insight

Key Facts

• Q1 2026 net loss of $10.0M improved from $15.3M loss in Q1 2025
• GAAP EPS of ($0.29) vs consensus ($0.39) — beat by $0.10
• Revenue of $98.6M declined 4.0% YoY from $102.7M, but beat $95.5M consensus
• Gross margin expanded 540 bps to 57.4% from 52.0%
• Adjusted EBITDA improved to $2.6M from ($3.8M) in prior year
• Raised FY2026 adjusted EBITDA guidance to $28M-$32M from $26M-$30M
• Affirmed FY2026 revenue guidance of $540M-$560M
• Inventory down 24.8% YoY to $132.4M
• Net liquidity of approximately $100M with $6.0M drawn on $100M ABL facility
• Direct-to-consumer sales fell 8.7%; retail store sales rose 3.3%

Financial Impact

Revenue declined $4.1M YoY but beat consensus by $3.1M; net loss improved by $5.2M; adjusted EBITDA guidance raised by $2M at midpoint

Risk Factors

• Revenue continues to decline YoY, with direct-to-consumer channel down 8.7%
• Net loss of $10.0M persists despite improvement, with negative operating cash flow of $13.4M
• Tariff costs partially offset gross margin gains; trade policy uncertainty remains
• Impairment charges of $2.7M and restructuring expenses of $1.4M indicate ongoing cost pressures

Market Snapshot

Documents Analyzed

This report is based on 6 SEC documents filed with EDGAR.

US Market Status