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UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Fiscal Year Ended February 1, 2026 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file No. 001-37641 DULUTH HOLDINGS INC. (Exact name of registrant as specified in its charter) | | | (State or other jurisdiction of incorporation or organizatio ...

Earnings Call InsightsDuluth projects 100 bps gross margin expansion in 2026 while advancing promotional reset and inventory reductionMar 19, 2026, 12:33 PM ETDuluth Holdings Inc. (DLTH) StockAI-Generated Earnings Calls InsightsCommentsEarnings Call Insights: Duluth Holdings Inc. (DLTH) Q4 2025 Management View Stephanie Pugliese, President and CEO, highlighted "the third straight quarter of enhanced gross margin, lower costs, reduced inventory and improved profitability," and credited the business reset for ...

Economic Indicators - Initial Jobless Claims fell to 205K from an estimated 215K, marking the lowest level since early January, indicating a robust labor market [2] - Continuing Claims remained below 1.9 million for the 10th consecutive week, coming in at 1.857 million, down from a revised 1.860 million the previous week [3] - The Philly Fed manufacturing survey reached 18.1, the highest since September of the previous year, reflecting three consecutive months of positive growth [4] Company Earnings Reports - Alibaba (BABA) reported a 47% decline in earnings to $1.01 per share, with shares down 7% in pre-market trading, compounding year-to-date losses to approximately 15% [5] - Darden Restaurants (DRI) met earnings expectations with $2.95 per share and revenues of $3.35 billion, but shares fell 4% due to rising gas prices affecting outlook [6] - Duluth Holdings (DLTH) experienced a 21% surge in pre-market trading after reporting earnings of $0.23 per share, exceeding expectations by 155.6%, with revenues of $215.9 million also outperforming [7] - FedEx (FDX) is expected to report fiscal Q3 earnings with anticipated year-over-year earnings growth of -8.2% and revenue growth of +6.45%, with shares up 20% year to date [8]

Adjusted EBITDA for the fourth quarter was $17.5 million, up $8.9 million, representing an 8.1% margin and a 460-basis-point improvement.Despite lower sales, gross margin expanded 890 basis points to 53%, which the company attributed to the promotional reset and pricing discipline. Agrawal said the company delivered net income of $7.8 million, an increase of $13.4 million, with reported EPS of $0.22 and adjusted EPS of $0.23. Adjusted EPS included $0.3 million of net restructuring expense related to the Sal ...

Financial Data and Key Metrics Changes - Adjusted EBITDA for the full year rose more than $10 million to $24.9 million, with almost $17 million in positive free cash flow, a $42 million improvement over fiscal 2024 [4][16] - Net sales for the fourth quarter were $215.9 million, a decline of 10.5%, with a gross margin expansion of 890 basis points to 53% [17][18] - Full-year net sales were $565.2 million, a decline of 9.8%, with adjusted EBITDA reaching $24.9 million, marking a $10.3 million improvement [21][19] Business Line Data and Key Metrics Changes - Men's and women's apparel drove strong margin improvements despite year-over-year sales declines, with notable growth in outerwear and the Souped-Up Sweats collections [6][22] - Retail channel sales grew by 3.5%, fueled by comparable sales growth and the launch of two new stores, while the direct channel saw a 16% decline for the full year [22][21] - SG&A expenses for the year were $310.5 million, which is $27.1 million or 8% lower than last year [24] Market Data and Key Metrics Changes - Mobile sales penetration increased by 160 basis points, while the retail channel outperformed the direct channel due to lower price sensitivity among retail customers [21][22] - The promotional reset resulted in declines in both men's and women's sales, with drops of 9.2% and 9.7% respectively, but profitability improved across product categories [22][23] - Inventory at year-end was $131.3 million, a $35.2 million or 21.1% reduction compared to the prior year [25] Company Strategy and Development Direction - The company is focused on building brand awareness with a full funnel marketing approach and enhancing operational efficiency through inventory management and SKU reduction [11][10] - Future plans include further investments in the Adairsville fulfillment center to boost productivity and streamline logistics [9][32] - The company aims to stabilize sales through increased assortment productivity and strengthen its brand to retain existing customers while acquiring new ones [33] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's stronger financial and operational position entering 2026, with improved liquidity and inventory levels [14][27] - The outlook for fiscal year 2026 projects net sales in the range of $540 million-$560 million, anticipating a decline in the first half followed by stabilization in the second half [28][29] - Management highlighted the importance of maintaining disciplined promotional strategies and efficient inventory management to offset tariff impacts [11][31] Other Important Information - The company has completed the first two phases of streamlining fulfillment operations, closing two fulfillment centers to enhance efficiency [9] - Capital expenditures for the year were $17.8 million, with funds allocated primarily to investments in warehouse management and new store openings [26] Q&A Session Summary Question: Why is the retail channel holding up better than online? - Management attributed the strength in the retail channel to greater resilience and less price sensitivity among customers, along with strategic inventory allocation [36][37] Question: Why is there a projected decline in the first half of the year? - The decline is primarily driven by the digital channel, especially due to the promotional reset [39] Question: Can inventory turns improve to four times a year? - Management indicated that SKU reduction and improved supply chain efficiency could enhance inventory turns over time [40][41]

Financial Data and Key Metrics Changes - Adjusted EBITDA for the full year rose more than $10 million to $24.9 million, with almost $17 million in positive free cash flow, a $42 million improvement over fiscal 2024 [4][17] - Net sales for the fourth quarter were $215.9 million, a decline of 10.5%, with a gross margin expansion of 890 basis points to 53% [18][19] - Full-year net sales were $565.2 million, a decline of 9.8%, with adjusted EBITDA reaching $24.9 million, marking an improvement of $10.3 million [20][21] Business Line Data and Key Metrics Changes - Men's and women's apparel drove strong margin improvements despite year-over-year sales declines, with notable growth in outerwear and the Souped-Up Sweats collections [6][23] - Retail channel sales grew by 3.5%, fueled by comparable sales growth and the launch of two new stores, while the direct channel experienced a 16% decline for the full year [23][24] - SG&A expenses for the year were $310.5 million, which is $27.1 million or 8% lower than last year, with a successful target of $10 million in expense savings [25] Market Data and Key Metrics Changes - Mobile sales penetration increased by 160 basis points, indicating a shift in consumer purchasing behavior [22] - The promotional reset resulted in a decline in both men's and women's sales, with drops of 9.2% and 9.7% respectively, but profitability improved across product categories [23][24] - Inventory at year-end was $131.3 million, a $35.2 million or 21.1% reduction compared to the prior year [26] Company Strategy and Development Direction - The company is focused on building pricing and margin integrity through promotional resets, efficient inventory management, and SKU reduction [12][34] - A full funnel marketing approach is being implemented to reactivate the customer base, build retention, and attract new customers [14][34] - The company plans to enhance its logistics network and streamline fulfillment operations, with significant investments in the Adairsville fulfillment center [10][33] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's stronger financial and operational position entering 2026, with better liquidity and improved inventory levels [15][28] - The outlook for fiscal year 2026 projects net sales in the range of $540 million-$560 million, anticipating a decline in the first half followed by stabilization in the second half [28][29] - Management highlighted the importance of maintaining a disciplined promotional strategy and focusing on core products to drive future growth [34] Other Important Information - The company has completed the first two phases of streamlining and consolidating fulfillment operations, with plans for further productivity enhancements in 2026 [10][12] - The transition to an asset-based lending facility has resulted in lower borrowing costs and greater flexibility, strengthening the company's liquidity position [27][28] Q&A Session Summary Question: Why is the retail channel holding up better than online? - Management attributed the strength in the retail channel to greater resilience and less price sensitivity among customers, along with strategic inventory allocation that improved in-stock levels [36][38] Question: Why is there a projected decline in the first half of the year? - The decline is primarily driven by the digital channel, especially due to the promotional reset, while retail stores are expected to see positive bumps [40] Question: What improvements are expected in inventory turns? - Management indicated that improvements in SKU reduction and supply chain efficiency would enhance inventory turns over time [41][42]

Investor Presentation Fourth Quarter 2025 March 19, 2026 Disclaimer Forward-Looking Statements This investor presentation includes "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical facts included in this press release, including statements concerning Duluth Trading's plans, objectives, goals, beliefs, business strategies, future events, business conditions, its results of operations, financial position ...

Duluth Holdings (DLTH) came out with quarterly earnings of $0.23 per share, beating the Zacks Consensus Estimate of $0.09 per share. This compares to a loss of $0.04 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of +155.56%. A quarter ago, it was expected that this clothing and tools supplier would post a loss of $0.56 per share when it actually produced a loss of $0.23, delivering a surprise of +58.93%.Over the last four quart ...

Financial Performance - Fourth quarter 2025 net income of $7.8 million improved by $13.4 million compared to a net loss of $5.6 million in the prior year[4] - Net sales for the fourth quarter were $215.9 million, a decrease of $25.4 million or 10.5% from $241.3 million in the prior year[6] - Net sales for the fiscal year ended February 1, 2026, were $565.2 million, a decrease of 9.8% compared to $626.6 million for the fiscal year ended February 2, 2025[29] - Operating income for the fiscal year ended February 1, 2026, was a loss of $10.2 million, an improvement from a loss of $36.9 million in the previous year[29] - Net income attributable to controlling interest for the fiscal year ended February 1, 2026, was a loss of $16.4 million, compared to a loss of $43.7 million in the previous year[29] Cash Flow and Liquidity - Full year positive free cash flow of $16.6 million, an improvement of $41.8 million from the prior year[4] - Free cash flow for the fiscal year ended February 1, 2026, was $16.6 million, a significant recovery from a negative free cash flow of $25.2 million in the previous year[34] - The company reported cash and cash equivalents of $16.3 million as of February 1, 2026, up from $3.3 million at the end of the previous fiscal year[31] Margins and Profitability - Gross margin increased to 53.0%, up 890 basis points from 44.1% in the prior year[7] - Gross profit for the fiscal year ended February 1, 2026, was $301.6 million, representing a gross margin of 53.3%, slightly down from 49.2% in the previous year[29] - Adjusted EBITDA for the fourth quarter increased by $8.9 million to $17.5 million compared to the prior year[4] - Forecasted adjusted EBITDA for the upcoming fiscal year is expected to range from $26 million to $30 million[39] Expenses and Liabilities - Selling, general and administrative expenses decreased by $5.3 million or 4.8% to $105.4 million[8] - The company incurred restructuring expenses of $1.2 million for the fiscal year ended February 1, 2026, compared to $7.7 million in the previous year[36] - Total liabilities decreased to $236.5 million as of February 1, 2026, from $272.8 million as of February 2, 2025[29] Sales Channels - Direct-to-consumer net sales decreased by 16.5% to $144.3 million, while retail store net sales increased by 4.7% to $71.6 million[6] Future Outlook - Fiscal 2026 outlook projects net sales in the range of $540 million to $560 million and adjusted EBITDA between $26 million and $30 million[11] - Capital expenditures for fiscal 2026 are expected to be approximately $12 million[11] - Forecasted net loss for the upcoming fiscal year is projected to be between $11.8 million and $7.5 million[39]