Duluth Holdings Q2 Net Income Jumps to $18.4M, Raises FY26 EBITDA Guidance
DLTH has more than doubled off its 52-week low of $2.02.
Summary
Duluth Holdings reported Q2 net income of $18.4 million, up from $1.3 million last year, and raised its full-year Adjusted EBITDA guidance to $38-42 million. Results were boosted by $16.3 million in tariff refunds, but underlying gross margin also improved.
Key Events · Earnings and Guidance · DLTH
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Q2 Net Income Surges to $18.4M
Net income of $18.4 million versus $1.3 million in the prior-year quarter, including $16.3 million in tariff refunds. Adjusted EPS was $0.50.
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FY26 EBITDA Guidance Raised
Full-year Adjusted EBITDA guidance increased to $38-42 million from the prior $28-32 million range, a $10 million midpoint raise.
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Gross Margin Expands 1,810 bps
Gross margin reached 72.8% of net sales, up from 54.7% last year. Excluding tariff refunds, margin was 59.6%, a 490 bps improvement driven by reduced promotions and direct-to-factory sourcing.
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Inventory Down 15.5%
Inventory fell $22.9 million year-over-year to $125.2 million, reflecting improved working capital discipline.
Analysis · DLTH · Trade & Services
Duluth Holdings delivered a strong Q2 with net income of $18.4 million versus $1.3 million a year ago, though $16.3 million of that came from one-time tariff refunds. Excluding the refunds, gross margin still expanded 490 basis points, showing real operational improvement. Management raised full-year Adjusted EBITDA guidance by $10 million at the midpoint, a meaningful upgrade that suggests the turnaround is gaining traction. The balance sheet is also cleaner: zero debt on the ABL facility and $96 million in net liquidity.
How filings like this one have moved
In the 30 days to Sep 11, 2026, 30.2% of the 1943 measured filings Wiseek scored 7 moved their stock by 5% or more by the next session's close. The median move was -0.21%. These are measured outcomes after filings of this importance, not a forecast for this one.
Measured one observation per ticker per day, after exclusions. Current figures: Filing Impact Tracker · open dataset
At the time of this filing, DLTH was trading at $4.38 on NASDAQ in the Trade & Services sector, with a market capitalization of approximately $137.6M. The 52-week trading range was $2.02 to $5.09. This filing was assessed with positive market sentiment and an importance score of 7 out of 10.