$DLTH

DULUTH HOLDINGS INC.

CIK:0001649744|SEC Filings

Condensed Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended				6 Months Ended
	Aug. 02, 2026	May 03, 2026	Aug. 03, 2025	May 04, 2025	Aug. 02, 2026	Aug. 03, 2025
Condensed Consolidated Statements of Operations [Abstract]
Net sales	$ 121,389		$ 131,716		$ 219,983	$ 234,420
Cost of goods sold (excluding depreciation and amortization)	33,028		59,697		74,988	109,046
Gross profit	88,361		72,019		144,995	125,374
Selling, general and administrative expenses	69,515		68,767		131,317	133,925
Impairment of long-lived assets					2,709	549
Restructuring expense	0		850		1,354	850
Operating income (loss)	18,846		2,402		9,615	(9,950)
Interest expense	768		1,469		1,558	2,950
Other income (loss), net	396		(82)		489	(243)
Income (loss) before income taxes	18,474		851		8,546	(13,143)
Income tax expense (benefit)	61		(442)		181	828
Net income (loss)	18,413	$ (10,048)	1,293	$ (15,264)	8,365	(13,971)
Less: Net income attributable to noncontrolling interest	51		32		104	61
Net income (loss) attributable to controlling interest	$ 18,362		$ 1,261		$ 8,261	$ (14,032)
Basic earnings per share (Class A and Class B):
Weighted average shares of common stock outstanding, Basic	35,272		34,448		34,997	34,081
Net income (loss) per share attributable to controlling interest, Basic	$ 0.52		$ 0.04		$ 0.24	$ (0.41)
Diluted earnings per share (Class A and Class B):
Weighted average shares and equivalents outstanding, Diluted	36,381		34,656		36,407	34,081
Net income (loss) per share attributable to controlling interest, Diluted	$ 0.5		$ 0.04		$ 0.23	$ (0.41)

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Aug. 02, 2026	Aug. 03, 2025
Cash flows from operating activities:
Net income (loss)	$ 8,365	$ (13,971)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation and amortization	11,422	13,294
Stock based compensation	1,622	1,348
Impairment of long-lived assets	2,709	549
Deferred income taxes	0	938
Loss on disposal of property and equipment	1,406	905
Non-cash lease expense	8,053	7,992
Changes in operating assets and liabilities:
Receivables	583	(4,924)
Inventory	6,190	18,494
Prepaid expense & other current assets	(5,835)	(3,281)
Software hosting implementation costs, net	239	(4,652)
Trade accounts payable	(921)	(30,731)
Accrued expenses and other current liabilities	(9,497)	(2,560)
Operating lease liabilities	(8,101)	(7,660)
Other assets	(780)	(177)
Net cash provided by (used in) operating activities	15,455	(24,436)
Cash flows from investing activities:
Purchases of property and equipment	(2,495)	(3,572)
Principal receipts from available-for-sale security	118	107
Net cash used in investing activities	(2,377)	(3,465)
Cash flows from financing activities:
Proceeds from line of credit	18,699	76,247
Payments on line of credit	(18,699)	(43,790)
Payments on TRI long term debt	(495)	(454)
Payments on finance lease obligations	(1,325)	(1,251)
Payments of tax withholding on vested restricted shares	(861)	(590)
Other	57	142
Net cash provided by (used in) financing activities	(2,624)	30,304
Increase in cash and cash equivalents	10,454	2,403
Cash and cash equivalents at beginning of period	16,345	3,335
Cash and cash equivalents at end of period	26,799	5,738
Supplemental disclosure of cash flow information:
Interest paid	1,558	2,950
Income taxes paid	0	0
Supplemental disclosure of non-cash information:
Unpaid liability to acquire property and equipment	$ 188	$ 1,801

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Aug. 02, 2026	Feb. 01, 2026
Current assets:
Cash and cash equivalents	$ 26,799	$ 16,345
Receivables	2,127	2,710
Inventory	125,152	131,342
Prepaid expenses & other current assets	28,863	21,654
Total current assets	182,941	172,051
Property and equipment, net	87,755	96,913
Operating lease right-of-use assets	82,762	89,283
Finance lease right-of-use assets, net	27,889	29,577
Available-for-sale security	4,534	4,763
Other assets, net	8,165	10,022
Total assets	394,046	402,609
Current liabilities:
Trade accounts payable	47,322	48,226
Accrued expenses and other current liabilities	29,481	39,871
Current portion of operating lease liabilities	16,656	16,449
Current portion of finance lease liabilities	2,742	2,681
Line of credit	0	0
Current maturities of TRI long-term debt	1,066	1,020
Total current liabilities	97,267	108,247
Operating lease liabilities, less current maturities	71,247	76,008
Finance lease liabilities, less current maturities	26,554	27,940
TRI long-term debt, less current maturities	22,829	23,337
Deferred tax liabilities	962	962
Total liabilities	218,859	236,494
Shareholders’ equity:
Preferred stock, no par value; 10,000 shares authorized; no shares issued or outstanding as of August 2, 2026 and February 1, 2026	0	0
Treasury stock, at cost; 652 and 470 shares as of August 2, 2026 and February 1, 2026, respectively	(3,783)	(2,922)
Capital stock	112,473	110,794
Retained earnings	69,593	61,332
Accumulated other comprehensive loss	(342)	(231)
Total shareholders' equity of Duluth Holdings Inc.	177,941	168,973
Noncontrolling interest	(2,754)	(2,858)
Total shareholders' equity	175,187	166,115
Total liabilities and shareholders' equity	394,046	402,609
Class A Common Stock [Member]
Shareholders’ equity:
Common stock	0	0
Class B Common Stock [Member]
Shareholders’ equity:
Common stock	$ 0	$ 0