DULUTH HOLDINGS INC. DLTH

Consumer discretionary SIC 5600 - Retail-Apparel & Accessory Stores NAICS Retail Trade › Clothing, Clothing Accessories, Shoe, and Jewelry Retailers derived Nasdaq

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.

Last close 3.95 2026-10-23
Market cap $139.3M estimated share count
52-week range 2.02 - 5.09

Valuation FY2025 figures against the last close

P/S0.2x
P/E—
P/FCF8.4x
EV/EBITDA11.9x
Dividend yield—
Diluted EPS-0.47

Annual financial statements

Income statement

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
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 -0.47-1.31-0.300.070.910.420.59———
EPS, diluted -0.47-1.31-0.300.070.900.420.58———
Shares, diluted (wtd. avg.) 34.6M33.4M33.0M33.0M32.9M32.6M32.4M———

Balance sheet

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
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 FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
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.

Plot the figures US dollars

Income statement Revenue Cost of revenue Gross profit R&D SG&A Total operating expenses Operating income Interest expense Pre-tax income Income tax Net income EPS, basic EPS, diluted Shares, diluted (wtd. avg.)
Balance sheet Cash and equivalents Short-term investments Receivables Inventory Total current assets Property, plant and equipment Goodwill Other intangibles Total assets Accounts payable Short-term debt Total current liabilities Long-term debt Total liabilities Retained earnings Total equity
Cash flow Operating cash flow Depreciation and amortisation Stock-based compensation Capital expenditure Investing cash flow Financing cash flow Dividends paid Buybacks
  • Revenue
  • Gross profit
  • Net income
Revenue, Gross profit, Net income by fiscal year, in US dollars The same figures are in the table below this chart. -200M 0 200M 400M 600M 800M Revenue, FY2016: 376.1M Gross profit, FY2016: 214.1M Net income, FY2016: 21.3M Revenue, FY2017: 471.4M Gross profit, FY2017: 261M Net income, FY2017: 23.4M Revenue, FY2018: 568.1M Gross profit, FY2018: 310.4M Net income, FY2018: 23.2M Revenue, FY2019: 615.6M Gross profit, FY2019: 328.1M Net income, FY2019: 18.9M Revenue, FY2020: 638.8M Gross profit, FY2020: 331.5M Net income, FY2020: 13.6M Revenue, FY2021: 698.6M Gross profit, FY2021: 377.3M Net income, FY2021: 29.7M Revenue, FY2022: 653.3M Gross profit, FY2022: 343.4M Net income, FY2022: 2.3M Revenue, FY2023: 646.7M Gross profit, FY2023: 325M Net income, FY2023: -9.9M Revenue, FY2024: 626.6M Gross profit, FY2024: 308.5M Net income, FY2024: -43.7M Revenue, FY2025: 565.2M Gross profit, FY2025: 301.6M Net income, FY2025: -16.4M FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025
Fiscal year FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue $376.1M $471.4M $568.1M $615.6M $638.8M $698.6M $653.3M $646.7M $626.6M $565.2M
Gross profit $214.1M $261.0M $310.4M $328.1M $331.5M $377.3M $343.4M $325.0M $308.5M $301.6M
Net income $21.3M $23.4M $23.2M $18.9M $13.6M $29.7M $2.3M -$9.9M -$43.7M -$16.4M

Recent filings and events

  • Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
  • Regulation FD disclosure Something the company told the market and had to tell everyone at once - usually a slide deck or a press release. Item 7.01
  • Results announced Item 2.02
  • Shareholder vote The results of the annual meeting or a special vote. Item 5.07
  • Regulation FD disclosure Item 7.01
  • Annual report filed A new 10-K. The figures and the business description on this site come from it. Form 10-K
  • Results announced Item 2.02
  • Regulation FD disclosure Item 7.01
  • Officer or director change Someone at the top arrived or left. The item covers everything from a board retirement to a chief executive being removed, and only the filing itself says which. Item 5.02
  • Other event The catch-all. The company chose to disclose something that fits no other item, so the content is whatever it says it is. Item 8.01
  • Results announced Item 2.02
  • Regulation FD disclosure Item 7.01

Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.

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