DULUTH HOLDINGS INC. DLTH
Duluth Trading was founded in 1989 when two brothers in the home construction industry were tired of dragging tools from job to job using discarded five-gallon drywall compound buckets. The two brothers were never satisfied with the status quo and believed "there's gotta be a better way." So, they invented the Bucket Boss® - a ruggedly durable canvas tool organizer that fits around a drywall bucket and transformed the way construction workers organized their tools. Capitalizing on their initial success, these brothers launched a catalog that later became known as Duluth Trading Company. Under the initial philosophy of "Job Tough, Job Smart," this catalog was dedicated to improving and expanding on existing methods of tool storage, organization and transport. In December 2000, GEMPLER'S Inc., a Wisconsin corporation and an agricultural and horticultural supply catalog business founded and owned by Stephen L. Schlecht, acquired Duluth Trading and brought the two mail order companies together. Both catalogs had customers who worked outside and embraced the spirit of hands-on, self-reliant Americans. In February 2003, the GEMPLER's catalog business was sold to W.W. Grainger (NYSE:GWW) and proceeds from that sale were used to fund the growth of Duluth Trading. With that transaction, GEMPLER'S changed its corporate name to Duluth Holdings Inc.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $565.2M | $626.6M | $646.7M | $653.3M | $698.6M | $638.8M | $615.6M | $568.1M | $471.4M | $376.1M |
| Cost of revenue | $263.6M | $318.1M | $321.7M | $309.9M | $321.3M | $307.3M | $287.5M | $257.7M | $210.4M | $162.0M |
| Gross profit | $301.6M | $308.5M | $325.0M | $343.4M | $377.3M | $331.5M | $328.1M | $310.4M | $261.0M | $214.1M |
| SG&A | $310.5M | $337.6M | $334.5M | $337.2M | $333.2M | $307.3M | $300.0M | $273.2M | $223.9M | $179.1M |
| Operating income | -$10.2M | -$36.9M | -$9.6M | $6.2M | $44.1M | $24.2M | $28.1M | $37.2M | $37.1M | $35.0M |
| Interest expense | $5.2M | $4.6M | $4.2M | $3.7M | $4.7M | $6.3M | $4.5M | $5.9M | $2.0M | $194.0K |
| Pre-tax income | -$15.2M | -$41.2M | -$12.8M | $3.0M | $39.4M | $18.0M | $23.9M | $31.6M | $35.5M | $35.1M |
| Income tax | $1.2M | $2.4M | $2.9M | $708.0K | $9.9M | $4.6M | $5.4M | $8.4M | $11.9M | $13.5M |
| Net income | -$16.4M | -$43.7M | -$9.9M | $2.3M | $29.7M | $13.6M | $18.9M | $23.2M | $23.4M | $21.3M |
| EPS, basic | -0.47 | -1.31 | -0.30 | 0.07 | 0.91 | 0.42 | 0.59 | — | — | — |
| EPS, diluted | -0.47 | -1.31 | -0.30 | 0.07 | 0.90 | 0.42 | 0.58 | — | — | — |
| Shares, diluted (wtd. avg.) | $34.6M | $33.4M | $33.0M | $33.0M | $32.9M | $32.6M | $32.4M | — | — | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $16.3M | $3.3M | $32.2M | $45.5M | $77.1M | $46.6M | $1.6M | $3.1M | $7.1M | $25.5M |
| Receivables | $2.7M | $4.0M | $6.0M | $6.0M | $5.5M | $2.8M | $1.5M | $4.6M | $52.0K | $45.0K |
| Inventory | $131.3M | $166.5M | $125.8M | $154.9M | $122.7M | $149.1M | $147.8M | $97.7M | $89.5M | $70.4M |
| Total current assets | $172.1M | $191.6M | $181.0M | $221.7M | $222.5M | $209.7M | $162.2M | $118.2M | $101.8M | $101.2M |
| Property, plant and equipment | $96.9M | $111.6M | $132.7M | $116.5M | $110.1M | $124.2M | $137.1M | $167.1M | $109.7M | $52.4M |
| Goodwill | — | — | $402.0K | $402.0K | $402.0K | $402.0K | $402.0K | $402.0K | $402.0K | $402.0K |
| Other intangibles | $397.0K | $414.0K | $436.0K | $450.0K | $246.0K | $264.0K | $283.0K | $2.1M | $198.0K | $183.0K |
| Total assets | $402.6M | $452.4M | $491.2M | $527.5M | $515.5M | $514.9M | $474.1M | $295.3M | $223.1M | $156.0M |
| Short-term debt | — | — | — | — | — | — | $557.0K | $500.0K | $84.0K | $742.0K |
| Total current liabilities | $108.2M | $128.6M | $105.6M | $118.3M | $116.0M | $95.7M | $79.8M | $52.6M | $50.3M | $35.1M |
| Long-term debt | — | — | — | — | — | — | $27.8M | $28.3M | $1.4M | $35.0K |
| Total liabilities | $236.5M | $272.8M | $271.5M | $300.3M | $292.8M | $324.5M | $297.9M | $135.2M | $83.8M | $42.2M |
| Retained earnings | $61.3M | $77.7M | $121.4M | $133.2M | $130.9M | $101.2M | $87.6M | $70.6M | $48.1M | $24.7M |
| Total equity | $169.0M | $182.7M | $219.8M | $225.3M | $222.7M | $190.5M | $175.5M | $160.1M | $139.3M | $113.8M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $24.2M | -$16.9M | $38.7M | -$1.4M | $92.0M | $50.8M | $8.3M | $31.1M | $29.9M | $20.3M |
| Depreciation and amortisation | $21.9M | $28.7M | $28.0M | $26.7M | $25.1M | $24.2M | $19.2M | — | — | — |
| Stock-based compensation | $2.5M | $4.0M | $4.2M | $2.7M | $2.2M | $1.6M | $647.0K | $1.7M | $1.6M | $1.2M |
| Capital expenditure | $7.6M | $8.3M | $49.1M | $27.1M | $10.4M | $11.7M | $24.4M | $53.0M | $46.5M | $28.7M |
| Investing cash flow | -$7.4M | -$8.1M | -$48.7M | -$26.9M | -$10.2M | -$12.1M | -$30.7M | -$53.7M | -$53.0M | -$28.9M |
| Financing cash flow | -$3.8M | -$3.8M | -$3.3M | -$3.2M | -$51.4M | $6.4M | $21.5M | $18.6M | $4.8M | -$3.7M |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001193125-26-165206.
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