---
title: "Duluth Holdings 10-K: $565.2M Revenue, $(0.47) EPS"
type: "News"
locale: "en"
url: "https://longbridge.com/en/news/279985461.md"
description: "Duluth Holdings reported fiscal 2025 net sales of $565.2 million, a 9.8% decrease from the prior year, with a net loss per share of $(0.47), an improvement from $(1.31) last year. Gross profit was $301.6 million, with a gross margin of 53.4%, up from 49.2%. Operating loss narrowed to $(10.2) million, and net loss improved to $(16.2) million. The decline in sales was attributed to lower direct-to-consumer traffic and one fewer week in the fiscal year, although store sales improved. Free cash flow turned positive due to reduced inventory levels."
datetime: "2026-03-20T19:35:02.000Z"
locales:
  - [zh-CN](https://longbridge.com/zh-CN/news/279985461.md)
  - [en](https://longbridge.com/en/news/279985461.md)
  - [zh-HK](https://longbridge.com/zh-HK/news/279985461.md)
---

# Duluth Holdings 10-K: $565.2M Revenue, $(0.47) EPS

Duluth Holdings reported fiscal 2025 net sales of $565.2 million and a net loss per share attributable to controlling interest of $(0.47), reflecting an improved bottom line versus the prior year despite lower direct-to-consumer sales and one fewer week in the fiscal year. Gross profit was $301.6 million with gross margin expanding to 53.4% driven by reduced promotions and improved product costs. Operating loss narrowed to $(10.2) million and net loss improved to $(16.2) million, with tax valuation considerations affecting the effective tax rate.

**Financial Highlights**

-   **Net sales:** $565.2 million, decreased 9.8% vs prior year (driven by lower DTC sales; one fewer week).
-   **Gross profit:** $301.6 million; **Gross margin:** 53.4% (up from 49.2% due to reduced promotions & improved product costs).
-   **Operating loss:** $(10.2) million, improved vs prior year $(36.9) million (SG&A down but remained high as % of sales).
-   **Net loss:** $(16.2) million, improved from $(43.6) million (tax valuation allowance impacted effective rate).
-   **Net loss per share attributable to controlling interest:** $(0.47) per share, compared to $(1.31) prior year.

**Business Highlights**

-   **Revenue trend and channels:** Net sales decline was driven by weaker direct-to-consumer web traffic and one fewer week in the fiscal year; store sales improved with higher conversion and average order value.
-   **Store footprint:** Two new stores opened during the period, contributing to improved in-store performance that partially offset weaker web and direct mail results.
-   **Margin and sourcing:** Gross margin expansion was supported by reduced promotional activity and increased direct-to-factory sourcing, despite tariff headwinds.
-   **Cost management:** Selling, general & administrative expenses declined 8.0% but remain elevated as a percentage of sales due to fixed cost structure.
-   **Inventory and cash flow:** Inventory receipts were reduced to align with demand; free cash flow turned positive driven by lower inventory levels and modest capital expenditures, supporting seasonal inventory needs.

Original SEC Filing: DULUTH HOLDINGS INC. \[ DLTH \] - 10-K - Mar. 20, 2026

**Disclaimer**

This is an AI-powered summary. It may contain inaccuracies. Consider verifying important information with the source. Please note this summary is solely based on documents filed with the SEC.

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