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Duluth (DLTH) investor relations material
Duluth Q2 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Achieved net income of $1.3 million in Q2 2025, reversing a prior-year net loss of $2.0 million, with adjusted EBITDA up $1.5 million to $12.0 million (9.1% of sales).
Gross margin improved to 54.7% from 52.3% year-over-year, driven by reduced promotional activity, cost control, and higher average order values.
Net sales declined 7.0% year-over-year to $131.7 million, with direct-to-consumer sales down 13.7% and retail store sales up 5.3%.
Inventory was reduced by $20.7 million (12.2%) year-over-year, reflecting disciplined management.
Ongoing turnaround efforts focused on business simplification, cost control, promotional reset, and inventory discipline.
Financial highlights
Q2 net sales: $131.7 million, down 7% year-over-year; gross margin expanded 240 bps to 54.7%.
Adjusted EPS: $0.03; reported EPS: $0.04; net income margin improved to 1.0% from (1.4)% year-over-year.
Adjusted EBITDA: $12.0 million, up $1.5 million year-over-year (9.1% of sales).
SG&A spend: $68.8 million, down $5.2 million (7.1%) year-over-year; SG&A as % of sales improved by 10 bps.
Inventory at quarter end: $148.1 million, down $20.7 million (12%) year-over-year.
Outlook and guidance
Fiscal 2025 adjusted EBITDA guidance maintained at $20 million–$25 million.
Tariff impact expected to be $15 million for the year, mainly in the second half, mitigated by price increases and vendor negotiations.
Year-end inventory projected to decrease by double digits; capital expenditures plan held at $17 million.
Management expects cash flow from operations and credit facility availability to cover working capital and capital expenditures.
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