Duluth Trading DLTH
Duluth Trading is a direct-to-consumer (DTC) apparel company that sells online and through a network of stores across the U.S. Its brand targets men and women who prefer casual and outdoor clothing. The company's slogan is “There’s gotta be a better way.” In fiscal 2025, online orders accounted for 67% of total revenue.
- Ticker
- DLTH
- Headquarters
- Mount Horeb, Wisconsin
- CEO
- Stephanie Pugliese
- IPO year
- 2015
- Sector
- Apparel
- Website
- duluthtrading.com
- Management
- Team & leadership ↗
Notes & Takes
"Duluth Trading has 66 stores across the country. The store expansion began in 2015 and has required enormous capital investment with little return to show for it. Before opening physical locations, Duluth was strictly a direct-to-consumer online brand with a catalog. Reducing the store count and improving gross margins are key steps toward restoring the brand’s life.
Stephanie Pugliese was hired as CEO in May of 2025 to resurrect the brand. She was previously the CEO from 2015 to 2019 before she left for Under Armour. She had previously been with Duluth for almost 12 years before leaving for UA.
Duluth has had 4 years of negative stock returns. One of many cautionary tales in the retail apparel space of what can happen from mismanagement and cutthroat competition."
**Commentary: January 2026 **
Company Financials
Quarterly Headlines
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Duluth Trading Q1 2026
May 3, 2026
- Net sales down 4%, DTC sales down 9%, retail sales up 3%
- Gross profit margin of 57% up 5.4% from last year Q1
- Net loss of $10 mill vs. $15 mill last year
- Adjusted EBITDA of $2.6 million
- Inventory down 25% from Q1 last year
- Cash of $6 million
- SGA down $3.4 mill or 5% from Q1 last year
- **Guiding for $540 to $560 mill in sales for the year with $28 mill to $32 mill in adjusted EBITDA **
Duluth Trading Q4 2025
Feb 1, 2026
- Net income of $7.8 million
- Sales down 10.5% with in store sales up 4.7% and DTC down 16.5%
- Gross margin of 53% vs. 9% vs. last year
- Year end inventory down 21%
- Cash of $16 million with no debt
- Full year net loss of $16 million - adjusted EBITDA of $25 million
- SGA down 8% for 2025 cost savings of $27 mill
- Guiding for sales of $540 to $560 mill and adjusted EBITDA of $26 to $30 mill for 2026
Duluth Trading Q3 2025
Nov 2, 2025
- Net loss of $10 million
- Net sales decreased 9.6%
- Direct to consumer sales decreased 15.5% with in store sales flat
- Gross margins of 53.8%
- SGA down 14%
- Guidance of $25 million in adjusted EBITDA for full year 2025
- Cash of $8.2 million with no debt
- Inventory down 17% YoY
Duluth Trading Q2 2025
Aug 3, 2025
- Net income of $1.3 million vs. loss of $2 million last year
- EPS of $0.04
- Cash of $5.7 million with $32.5 million of debt on the credit line
- Sales down 7%
- Direct to consumer sales down 13.7% with retail sales up 5.3%
- Gross margin of 54.7% up from 52.3% due to less promotional activity and improvement in product costs
- SGA down 7.1%
Duluth Trading Q1 2025
May 4, 2025
- Net sales down 12%
- Net loss of $15.3 million
- Direct to consumer sales down 17%
- Retail store sales down 2.6%
- Gross profit margin of 52% vs. 52.8% same period last year
- $8.6 million in cash and $64 million outstanding on the line of credit
- Stephanie Pugliese is the CEO now. Sam Sato “retired”
Duluth Trading Q4 2024
Feb 2, 2025
- Sales down 1.6%
- Net loss of $5.6 million
- Retail sales down 6.9%
- Direct to consumer sales up 0.4%
- Gross profit of 44% vs. 48% same period last year (due to steeper discounting)
- Cash balance of $3.3 million and no debt
- Guidance for 2025 of sales at $570 to $595 million
Duluth Trading Q3 2024
Oct 27, 2024
- Net loss of $28 million vs. net loss of $10.5 million YoY
- Net sales decreased 8%
- Direct to consumer sales decreased by 8%
- Retail store sales decreased by 8% as well
- Gross profit margin increased 210 basis points to 52.3% driven by cheaper sourcing
- $9 million in cash and $44M outstanding on the line of credit
- Expect full year sales of $640 million
Duluth Trading Q2 2024
Jul 28, 2024
- Revenue increased 1.8% compared to prior year second quarter
- Net loss of $3.7 million and adjusted net loss of $0.6 million compared to a net loss of $2.0 million in the prior year second quarter
- Direct to consumer sales increased by 5.6% compared to the same period in the prior year with retail sales decreasing by 4.4% due to slower store traffic
- On August 10th we hosted our second underwear trade up event which generated a lot of buzz and resulted in a jump in traffic
- Adairsville GA automated fulfillment center processed 58% of total company volume during the first half of the year
- Closing the Dubuque fulfillment center October 2024 which will cost $4.4 million but will save $4 million annually going forward
- The Adairsville fulfillment center has shortened delivery times while driving lower cost per unit to fulfill an order
- The company ended the quarter with $9.8 million in cash, no outstanding debt and a $200 million revolver open for use
- **Fiscal 2024 outlook net sales of $640 million, adjusted EBITDA of $39 million and capital expenditures of $25 million **
Duluth Trading Q1 2024
Apr 28, 2024
- Net sales decreased 5.7% compared to prior year first quarter
- We launched our #showusyourbibs social media campaign which garnered tremendous buzz
- Direct to consumer sales decreased by 5.1% compared to prior year first quarter Retail store sales decreased by 6.8% compared to prior year first quarter
- The company ended the quarter with $6.8 million in cash and $11 million outstanding on the $200 million line of credit
- **Fiscal 2024 outlook net sales of $640 million, adjusted EBITDA of $39 million and capital expenditures of $25 million **