DULUTH HOLDINGS INC.

Listed Company

DLTHCIK 0001649744NasdaqNon-AcceleratedSmaller ReportingRetail-Apparel & Accessory StoresFY ends Feb 1

Period

FY 2026

Revenue

$565.18M

Net Income

$-16.39M

Total Assets

$402.61M

Equity

$168.97M

Shares Out

—

Op. Cash Flow

$24.17M

Business

DULUTH HOLDINGS INC. operates as a lifestyle apparel and gear company specializing in durable, functional workwear, casual wear and outdoor apparel for men and women. It offers proprietary-designed products including shirts, pants, underwear, outerwear, footwear, accessories and hard goods featuring named trademarks and solution-based features. The company’s business is organized around an omnichannel platform that integrates retail stores, e-commerce, catalogs and customer contact centers, supported by product development, sourcing and fulfillment operations. Its products are sold nationwide through its website, physical stores, catalogs and integrated omnichannel services.

Summary from filing dated 2025-03-24

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2026 2026-01-31	FY 2025 2025-01-31	FY 2024 2024-01-31	FY 2023 2023-01-31	FY 2022 2022-01-31
Net sales	565	627	647	653	699
Cost of goods sold (excluding depreciation and amortization)	264	318	322	310	321
Gross profit	302	309	325	343	377
Selling, general and administrative expenses	311	338	335	337	333
Restructuring expense	1	8	—	—	—
Operating loss	−10	−37	−10	6	44
Interest expense	5	5	4	4	5
Other (loss) income, net	295,000	173,000	923,000	376,000	55,000
Loss before income taxes	−15	−41	—	—	—
Income tax expense	1	2	−3	708,000	10
Net loss	−16	−44	−10	2	30
Less: Net income attributable to noncontrolling interest	139,000	59,000	−17,000	−58,000	−152,000
Net loss attributable to controlling interest	−16	−44	−10	2	30
Weighted average shares of common stock outstanding	35	33	33	33	33
Net loss per share attributable to controlling interest	−0.47	−1.31	−0.3	0.07	0.91
Weighted average shares and equivalents outstanding	35	33	33	33	33
Net loss per share attributable to controlling interest	−0.47	−1.31	−0.3	0.07	0.9

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2026 2026-01-31	FY 2025 2025-01-31	FY 2024 2024-01-31	FY 2023 2023-01-31	FY 2022 2022-01-31
Cash and cash equivalents	16	3	32	46	77
Receivables	3	4	6	6	5
Inventory, net	131	167	126	155	123
Prepaid expenses & other current assets	22	18	16	15	17
Total current assets	172	192	181	222	223
Property and equipment, net	97	112	133	117	110
Operating lease right-of-use assets	89	103	121	132	121
Finance lease right-of-use assets, net	30	33	40	43	50
Available-for-sale security	5	4	5	6	7
Other assets, net	10	9	9	9	5
Total assets	403	452	491	527	516
Trade accounts payable	48	74	51	57	45
Accrued expenses and other current liabilities	40	36	34	41	48
Income tax payable	178,000	65,000	—	2	7
Current portion of operating lease liabilities	16	16	16	16	13
Current portion of finance lease liabilities	3	3	3	3	3
Current maturities of TRI long-term debt	1	931,000	847,000	768,000	693,000
Total current liabilities	108	129	106	118	116
Operating lease liabilities, less current portion	76	89	106	117	107
Finance lease liabilities, less current portion	28	31	34	37	40
TRI long-term debt, less current maturities	23	24	25	26	27
Deferred tax liabilities	962,000	0	—	1	3
Total liabilities	236	273	271	300	293
Commitments and Contingencies	—	—	—	—	—
Preferred stock, no par value; 10,000 shares authorized; no shares issued or outstanding as of February 1, 2026 and February 2, 2025	0	0	—	—	—
Treasury stock, at cost; 470 and 264 shares as of February 1, 2026 and February 2, 2025, respectively	−3	−2	−2	−1	−1
Capital stock	111	108	104	99	96
Retained earnings	61	78	121	133	131
Accumulated other comprehensive income	−231,000	−722,000	−427,000	−148,000	489,000
Total shareholders' equity of Duluth Holdings Inc.	169	183	223	230	226
Noncontrolling interest	−3	−3	−3	−3	−3
Total shareholders' equity	166	180	220	225	223
Total liabilities and shareholders' equity	403	452	491	527	516

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2026 2026-01-31	FY 2025 2025-01-31	FY 2024 2024-01-31	FY 2023 2023-01-31	FY 2022 2022-01-31
Depreciation and amortization	25	32	32	31	29
Stock-based compensation	3	4	4	3	2
Deferred income taxes	962,000	2	−2	−1	−5
Loss on disposal of property and equipment	170,000	473,000	130,000	1	398,000
Receivables	1	2	86,000	−586,000	−3
Income taxes receivable	—	617,000	−617,000	—	—
Inventory	35	−41	29	−32	26
Prepaid expense & other assets	855,000	1	−2	5	−2
Software hosting implementation costs, net	−6	−3	−216,000	−6	−5
Trade accounts payable	−25	23	−5	13	10
Income taxes payable	113,000	65,000	−2	−5	−765,000
Accrued expenses and deferred rent obligations	3	2	−4	−12	10
Other	−138,000	473,000	58,000	−365,000	−845,000
Noncash lease impacts	1	3	−722,000	1	297,000
Net cash provided by (used in) operating activities	24	−17	39	−1	92
Purchases of property and equipment	−8	−8	−49	−27	−10
Principal receipts from available-for-sale security	220,000	200,000	181,000	164,000	147,000
Net cash used in investing activities	−7	−8	−49	−27	−10
Proceeds from line of credit	175	84	56	—	5
Payment on line of credit	−175	−84	−56	—	−5
Payments on TRI long term debt	−930,000	−846,000	−767,000	−692,000	−623,000
Payments on finance lease obligations	−3	−3	−3	−3	−3
Shares withheld for tax payments on vested restricted stock	−590,000	−594,000	−279,000	−457,000	−374,000
Other	279,000	385,000	542,000	616,000	442,000
Net cash used in financing activities	−4	−4	−3	−3	−51
Increase (decrease) in cash and cash equivalents	13	−29	−13	−32	30
Interest paid	5	5	4	4	4
Income taxes paid	170,000	125,000	2	7	16
Unpaid liability to acquire property and equipment	1	1	2	9	3

Filings

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