DLTHNasdaqRetail-Apparel & Accessory StoresUS GAAP · USD

Duluth Holdings Inc

Duluth Holdings Inc. sells rugged workwear, casual apparel, outdoor clothing and accessories under the Duluth Trading brand and related sub-brands. The company built its business from a catalog origin into an omnichannel retailer that sells through its website, catalog and a growing store base across the United States.

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Revenue565m USD
−9.8 %y/y
Operating profit (EBIT)-10.2m USD
+72.4 %y/y
EBIT margin-1.8%
+4.1 ppy/y
Net income-16.4m USD
+62.5 %y/y
Free cash flow16.6m USD
+165.6 %y/y

Fiscal year 2026 · change from previous year

Development 2021–2026

-2000200400600800m USD2021: 639 m USD2021: EBIT 24 m USD20212022: 699 m USD2022: EBIT 44 m USD20222023: 653 m USD2023: EBIT 6.2 m USD20232024: 647 m USD2024: EBIT -9.6 m USD20242025: 627 m USD2025: EBIT -37 m USD20252026: 565 m USD2026: EBIT -10 m USD2026565-10
RevenueOperating profit (EBIT)
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Business

Share of revenue
Workwear apparel45 %

Durable shirts, pants, outerwear and other clothing designed for work and heavy use.

Casual and lifestyle apparel25 %

Everyday men’s and women’s apparel sold through the Duluth brand and sub-brands.

Outdoor apparel and gear15 %

AKHG and related products positioned for outdoor recreation and active use.

Accessories and functional gear10 %

Belts, bags, organizers and other add-on products that complement apparel purchases.

Direct-to-consumer channels5 %

Website, catalog and call-center sales that support the omnichannel model.

Customers

Duluth sells primarily to U.S. consumers who want durable, solution-based apparel for work, outdoor activity and casual wear. Its core buyers include tradespeople, hands-on workers, outdoor enthusiasts and value-conscious shoppers who respond to product functionality, brand storytelling and price-to-value. The company also serves repeat customers through its direct channels and store network, which are important for customer acquisition and retention.

Trades and workwear customers

Buy rugged apparel and gear for jobsite use because durability and utility matter.

Outdoor and active lifestyle customers

Buy AKHG and related products for recreation, travel and outdoor use.

Casual lifestyle shoppers

Buy everyday apparel and basics such as Buck Naked for comfort and fit.

Direct-to-consumer omnichannel shoppers

Buy through website, catalog, call center and stores for convenience and assortment.

Strategy

Management’s “Big Dam Blueprint” centers on a digital-first operating model, stronger direct-channel execution and a broader multi-brand, multi-channel platform. The company is also investing in logistics, planning systems and store research to support growth while improving customer acquisition efficiency and operational scale. These priorities are meant to deepen the Duluth brand, expand into adjacent occasions and reduce dependence on any single channel.

Grow the direct channelShort term

The company sees owned channels as the primary growth engine and a way to control customer relationships.

Build a multi-brand platformMedium term

Multiple brands and occasions can widen the addressable market and reduce reliance on one product set.

Upgrade infrastructure and systemsMedium term

Better logistics and planning are needed to support omnichannel growth and inventory execution.

Geography

The business is overwhelmingly U.S.-centric, with nationwide sales through its website, catalog and 62 retail stores plus three outlet stores as of early 2025. Operations and fulfillment are also U.S.-based, with distribution centers in Wisconsin, Utah and Georgia. The company has some international trademark usage, but the disclosed operating footprint and revenue exposure are primarily domestic.

Risks

Duluth faces intense competition in apparel and accessories, where customer preferences shift quickly and brand differentiation is hard to sustain. Its results are also exposed to demand forecasting, inventory and return-reserve risk, plus heavy reliance on marketing spend to acquire customers cost-effectively. Seasonal sales patterns and cyber/data security risks add further volatility to operations and reported results.

Sorted by severity
LowMediumHighLowMediumHighImpact →Likelihood →Costly and less effective customer acquisition1Inventory obsolescence and demand forecasting error2Failure to offer products customers want3Cybersecurity and privacy incidents4
Impact is the risk’s severity and likelihood how probable it is over the next few years, both assessed from the company’s reports. Numbers match the list.
  1. Costly and less effective customer acquisitionImpact: HighLikelihood: High

    National advertising and other marketing spend may not convert into new customers at prior rates.

    ExposureTV advertisingDigital marketingBrand awareness spend
  2. Inventory obsolescence and demand forecasting errorImpact: HighLikelihood: High

    The company buys inventory ahead of peak season, so misreads can create markdowns and shrinkage.

    Exposure: Seasonal apparel inventory and slow-moving goods

  3. Failure to offer products customers wantImpact: HighLikelihood: Medium

    The brand depends on solution-based design and timely product launches; weak acceptance lowers sales and margin.

    Exposure: New product introductions and core franchise refreshes

  4. Cybersecurity and privacy incidentsImpact: MediumLikelihood: Medium

    The business handles customer payment and personal data across digital channels, creating breach exposure.

    ExposureE-commerceCall centerLoyalty/customer data
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Accounting

Judgemental items
Revenue recognition by channel

Timing differs between e-commerce/catalog shipments and store point-of-sale sales, affecting quarterly trends.

Impact: Channel mix can shift reported revenue timing and comparability

Product return reserve

Management estimates future returns using historical sales information and trend updates.

Impact: Changes in return assumptions can materially affect revenue and earnings

Inventory valuation and obsolescence reserves

Apparel inventory is seasonal and subject to excess, slow-moving and shrinkage risk.

Impact: Markdowns and reserve changes can pressure gross margin

Lease accounting and store footprint

Retail stores and fulfillment facilities create significant lease-related obligations.

Impact: Lease costs and liabilities affect operating leverage and balance sheet presentation

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Last updated: 24/09/2026