Duluth Q2 Net Income Soars to $18.4M on $16.3M Tariff Refunds
DLTH has more than doubled off its 52-week low of $2.02.
Summary
Duluth Holdings' Q2 net income jumped to $18.4 million from $1.3 million, boosted by $16.3 million in tariff refunds. Gross margin improved even excluding the refunds, and the company reduced its credit facility commitment.
Key Events · Earnings and Guidance · DLTH
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Q2 Net Income Surges to $18.4M
Net income attributable to controlling interest was $18.4 million for Q2 2026, up from $1.3 million in Q2 2025. Diluted EPS was $0.50 versus $0.04 a year ago.
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Tariff Refunds Boost Results
The company received $12.8 million in IEEPA tariff refunds and recorded an additional $5.5 million vendor credit memorandum, totaling $16.3 million in cost of goods sold reductions for the quarter.
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Gross Margin Improves Excluding Refunds
Excluding tariff refunds, gross margin was 59.6% for Q2 2026, up from 54.7% in Q2 2025, driven by reduced promotions and direct-to-factory sourcing.
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Credit Facility Commitment Reduced
The company reduced its revolving credit commitment from $100 million to $70 million in Q2 2026, with the commitment returning to $100 million in Q3 2026. No balance was drawn as of August 2, 2026.
Analysis · DLTH · Trade & Services
Duluth Holdings reported Q2 net income of $18.4 million, up from $1.3 million a year ago, driven almost entirely by $16.3 million in IEEPA tariff refunds. Excluding those one-time refunds, gross margin still improved to 59.6% from 54.7%, showing real operational progress. The company also reduced its revolving credit commitment from $100 million to $70 million, signaling confidence in its liquidity position. This filing provides the full financial detail behind the earnings release issued yesterday.
How filings like this one have moved
In the 30 days to Sep 10, 2026, 30.2% of the 2009 measured filings Wiseek scored 7 moved their stock by 5% or more by the next session's close. The median move was -0.11%. These are measured outcomes after filings of this importance, not a forecast for this one.
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At the time of this filing, DLTH was trading at $4.32 on NASDAQ in the Trade & Services sector, with a market capitalization of approximately $164.2M. 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.