The revenue beat and raised EBITDA guidance are positive, but the 4% YoY revenue decline and ongoing net losses temper enthusiasm. Watch for Q2 trends in direct-to-consumer sales and whether gross margin expansion can sustain as promotional activity normalizes. The raised EBITDA guidance suggests improving operational leverage, but top-line stabilization is needed for a sustained re-rating.
Price Chart
Executive Summary
Duluth Holdings reported Q1 2026 results with a net loss of $10.0M ($-0.29 GAAP EPS) vs. a net loss of $15.3M ($-0.45) in the prior year, beating consensus estimates of $-0.39 EPS and $95.5M revenue. Revenue declined 4.0% YoY to $98.6M, but gross margin expanded 540 bps to 57.4% and adjusted EBITDA improved to $2.6M from -$3.8M. The company raised its full-year adjusted EBITDA guidance to $28M-$32M (from $26M-$30M) while affirming revenue guidance of $540M-$560M.
Key Financial Metrics
Key Facts
- Q1 2026 net loss of $10.0M improved from $15.3M loss in Q1 2025
- GAAP EPS of ($0.29) vs consensus ($0.39) — beat by $0.10
- Revenue of $98.6M declined 4.0% YoY from $102.7M, but beat $95.5M consensus
- Gross margin expanded 540 bps to 57.4% from 52.0%
- Adjusted EBITDA improved to $2.6M from ($3.8M) in prior year
- Raised FY2026 adjusted EBITDA guidance to $28M-$32M from $26M-$30M
- Affirmed FY2026 revenue guidance of $540M-$560M
- Inventory down 24.8% YoY to $132.4M
- Net liquidity of approximately $100M with $6.0M drawn on $100M ABL facility
- Direct-to-consumer sales fell 8.7%; retail store sales rose 3.3%
Financial Impact
Revenue declined $4.1M YoY but beat consensus by $3.1M; net loss improved by $5.2M; adjusted EBITDA guidance raised by $2M at midpoint
Risk Factors
- Revenue continues to decline YoY, with direct-to-consumer channel down 8.7%
- Net loss of $10.0M persists despite improvement, with negative operating cash flow of $13.4M
- Tariff costs partially offset gross margin gains; trade policy uncertainty remains
- Impairment charges of $2.7M and restructuring expenses of $1.4M indicate ongoing cost pressures
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001193125-26-260662 |
| Document: dlth-20260608.htm | 0001193125-26-260662 |
| Document: 0001193125-26-260662-index-headers.html | 0001193125-26-260662 |
| Document: 0001193125-26-260662-index.html | 0001193125-26-260662 |
| Document: 0001193125-26-260662.txt | 0001193125-26-260662 |
| 8-K Data (Synthetic) | 0001193125-26-260662 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Sep 3, 2026 7w ago | 8-K | $4.46 $3.90 | ▼ −12.56% | ▼ −11.44% | $4.07 (−8.74%) |
Sep 3, 2026 7w ago | Press Release | $4.46 $3.90 | ▼ −12.56% | ▼ −11.44% | $4.07 (−8.74%) |
Aug 20, 2026 9w ago | Press Release | $3.83 $4.28 | ▲ +11.75% | ▲ +11.87% | $4.07 (+6.27%) |
Jun 8, 2026 20w ago | 8-K | $4.31 $4.56 | ▲ +5.80% | ▲ +4.17% | $4.07 (−5.57%) |
Jun 8, 2026 20w ago | 8-K | $4.31 $4.56 | ▲ +5.80% | ▲ +4.17% | $4.07 (−5.57%) |
Jun 8, 2026 20w ago | Press Release | $4.31 $4.56 | ▲ +5.80% | ▲ +4.17% | $4.07 (−5.57%) |
May 21, 2026 22w ago | Press Release | $3.47 $3.97 | ▲ +14.41% | ▲ +14.08% | $4.07 (+17.29%) |
Mar 5, 2026 33w ago | Press Release | $2.21 $3.09 | ▲ +39.82% | ▲ +43.61% | $4.07 (+84.16%) |
US Market Status
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