<p>Duluth Holdings Inc. ((DLTH)) 已召开其第三季度财报电话会议。以下是会议的主要亮点。</p>
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<p>Duluth Holdings 在最新财报电话会议中平衡了利润增长与销售压力</p>
<p>Duluth Holdings 最新的财报电话会议传达了谨慎乐观的语气，管理层强调了盈利能力的显著提升、成本控制的加强以及强劲的流动性，尽管公司面临净销售额下降、客户数量减少和在线表现疲软的挑战。高管们将当前时期视为一次有意识的重置，愿意用短期销售和促销量换取更健康的利润率、更清晰的库存和更强的财务基础。</p>
<h2>盈利能力改善与利润率扩张</h2>
<p>Duluth Holdings 又一个季度实现了盈利能力的改善，延续了前期的进展。毛利率同比扩大了 150 个基点，达到了 53.8%，在零售环境严峻的情况下取得了显著改善。管理层将这一扩张归因于折扣力度减弱、定价更加规范以及运营效率的提升。尽管销售压力依然存在，但公司对每单位销售盈利能力的关注显然正在取得成效，这表明 Duluth 更加重视盈利质量而非单纯的收入增长。</p>
<h2>产品亮点：男士牛仔裤和高地牛图案</h2>
<p>产品表现参差不齐，但有一些亮点突显了 Duluth 品牌的实力。男士牛仔裤销售增长了 9%，同时也带来了更高的利润率，表明消费者仍愿意为差异化和功能性产品支付溢价。此外，高地牛图案成为公司在多个品类中最成功的设计之一，强化了独特且符合品牌故事的产品在推动需求方面的力量。这些成功表明，当 Duluth 在产品上把握得当时，即使在减少促销的情况下也能推动增长。</p>
<h2>运营效率和成本节约推动底线</h2>
<p>运营改进是一个主要主题，Duluth 正在朝着在 2025 财年节省超过 1000 万美元的目标迈进。一个关键驱动因素是库存的合理化：公司通过收紧收货和更好地匹配供需，将第三季度末的库存同比减少了 17%。这种精简的库存策略不仅降低了降价风险，还释放了营运资金并简化了运营。结合持续的成本举措，这些步骤表明，当前重组阶段正在形成一个结构上更高效的商业模式。</p>
<h2>流动性增强与去杠杆化</h2>
<p>尽管销售疲软，公司资产负债表似乎状况良好。Duluth 在第三季度结束时拥有超过 8800 万美元的流动性，并且截至第四季度已完全偿还其信用额度。这种财务灵活性使管理层能够在没有短期融资压力的情况下继续其战略重置。对于投资者而言，改善的利润率、成本节约以及不依赖信用设施的组合表明财务风险降低，若需求环境仍然波动，公司的韧性更强。</p>
<h2>销售下降凸显需求阻力</h2>
<p>在这些财务和运营改善的背景下，收入仍然承压。2025 财年第三季度的净销售额为 1.149 亿美元，同比下降 9.6%。这一下降突显了促销活动减少和流量疲软的影响，尤其是在在线销售方面。尽管管理层将销售回落视为保护利润率和品牌健康的战略必然结果，但销售额的收缩将是投资者评估 Duluth 是否能够在这一精简基础上恢复可持续增长的关键指标。</p>
<h2>客户数量因促销回撤而下降</h2>
<p>客户指标也反映了战略转变。与去年相比，总客户数量有所下降，管理层主要将其归因于故意减少促销活动。促销活动减少和折扣力度减弱意味着至少在短期内，依赖于特价的购物者减少。电话会议中描述的权衡是，形成了一个更有利可图、对促销依赖较少的客户基础。Duluth 面临的挑战是，如何在不恢复大幅折扣以侵蚀利润率的情况下，重新点燃客户获取和参与。</p>
<h2>直接渠道疲软与数字挑战</h2>
<p>公司的直接渠道（不包括批发）明显疲软。直接销售下降了 16%，主要是由于网站流量的减少。这表明 Duluth 不仅因为促销减少而销售下降，还在于吸引足够的购物者到其数字平台上存在困难。在电子商务对零售商至关重要的增长引擎的环境中，扭转这一趋势至关重要。管理层对运营效率和产品实力的强调需要与更精准的数字营销、更好的在线体验和更有效的流量驱动策略相匹配。</p>
<h2>指导：关注盈利能力，谨慎展望销售增长</h2>
<p>展望未来，Duluth 的指引强调了其在追求盈利能力和现金管理方面的承诺，而非激进的销售追逐。管理层指出，促销日相比去年减少了超过一半，这为 150 个基点的毛利率改善做出了贡献。库存同比下降 17%，支持了更健康的现金状况和精简的运营。公司重申预计在 2025 财年节省超过 1000 万美元的成本，并确认调整后的 EBITDA 指引将在 2300 万到 2500 万美元的高端。全年销售预计在 5.55 亿到 5.65 亿美元之间，这意味着持续的销售压力，但更具盈利性的收入结构。对于投资者来说，信息很明确：Duluth 正在专注于效率和利润保护，同时接受短期收入的疲软。</p>
<p>总之，Duluth Holdings 的财报电话会议呈现了一个有序重组的故事：更好的利润率、更精简的库存和更强的资产负债表，尽管销售和客户数量，尤其是在线销售有所下降。管理层有意识地在短期增长与长期健康之间进行权衡，押注于今天更具盈利性和效率的业务最终将支持明天的复苏增长。对于市场观察者来说，关键问题是公司能否在不牺牲其辛苦取得的盈利能力提升的情况下，稳定需求并重新加速其直接和数字渠道。</p>

Duluth控股

<p>Duluth Holdings 第三季度的财报电话会议强调了尽管销售额下降，但盈利能力和利润率扩张有所改善。公司通过严格的定价和运营效率实现了毛利率提高 150 个基点，达到 53.8%。尽管净销售额下降了 9.6%，降至 1.149 亿美元，Duluth 仍专注于更健康的利润率和库存管理。主要产品成功包括男士牛仔裤和高地牛图案。公司将库存减少了 17%，在第三季度结束时拥有 8800 万美元的流动资金，完全偿还了信用额度。面临的挑战包括客户数量和数字销售的下降，重点放在盈利能力而非促销上</p>

<p>Duluth Holdings Inc. ((DLTH)) has held its Q3 earnings call. Read on for the main highlights of the call.</p>
<div class="lb-trans"><p>Duluth Holdings Inc. ((DLTH)) 已召开其第三季度财报电话会议。以下是会议的主要亮点。</p>
</div><h3>Claim 50% Off TipRanks Premium and Invest with Confidence</h3>
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<li>通过最新的新闻和分析保持市场领先，使您的投资组合始终处于最大潜力的状态</li>
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</div><p>Duluth Holdings Balances Profit Gains Against Sales Pressure in Latest Earnings Call</p>
<div class="lb-trans"><p>Duluth Holdings 在最新财报电话会议中平衡了利润增长与销售压力</p>
</div><p>Duluth Holdings’ latest earnings call struck a cautiously optimistic tone, with management emphasizing meaningful gains in profitability, tighter cost control, and strong liquidity, even as the company faces declining net sales, lower customer counts, and weaker online performance. Executives framed the current period as a deliberate reset, trading short-term sales and promotional volume for healthier margins, cleaner inventory, and a stronger financial foundation.</p>
<div class="lb-trans"><p>Duluth Holdings 最新的财报电话会议传达了谨慎乐观的语气，管理层强调了盈利能力的显著提升、成本控制的加强以及强劲的流动性，尽管公司面临净销售额下降、客户数量减少和在线表现疲软的挑战。高管们将当前时期视为一次有意识的重置，愿意用短期销售和促销量换取更健康的利润率、更清晰的库存和更强的财务基础。</p>
</div><h2>Improved Profitability and Margin Expansion</h2>
<div class="lb-trans"><h2>盈利能力改善与利润率扩张</h2>
</div><p>Duluth Holdings delivered another quarter of improved profitability, extending the progress seen in the prior period. Gross margin expanded by 150 basis points year over year to 53.8%, a notable improvement in a challenging retail backdrop. Management attributed this expansion to less aggressive discounting, more disciplined pricing, and operational efficiencies. While top-line pressure remains, the company’s focus on profitability per unit sold is clearly paying off, suggesting that Duluth is prioritizing quality of earnings over sheer revenue growth.</p>
<div class="lb-trans"><p>Duluth Holdings 又一个季度实现了盈利能力的改善，延续了前期的进展。毛利率同比扩大了 150 个基点，达到了 53.8%，在零售环境严峻的情况下取得了显著改善。管理层将这一扩张归因于折扣力度减弱、定价更加规范以及运营效率的提升。尽管销售压力依然存在，但公司对每单位销售盈利能力的关注显然正在取得成效，这表明 Duluth 更加重视盈利质量而非单纯的收入增长。</p>
</div><h2>Product Wins: Men’s Denim and Highland Cows Print</h2>
<div class="lb-trans"><h2>产品亮点：男士牛仔裤和高地牛图案</h2>
</div><p>Product performance was mixed, but there were standout bright spots that underline Duluth’s brand strength. Men’s denim posted a 9% sales increase while also generating higher margins, signaling that consumers are still willing to pay up for differentiated, functional product. In addition, the Highland Cows print emerged as one of the company’s most successful designs across multiple categories, reinforcing the power of distinctive, on-brand storytelling in driving demand. These wins show that when Duluth hits the mark on product, it can still drive growth even as the company pulls back on promotions.</p>
<div class="lb-trans"><p>产品表现参差不齐，但有一些亮点突显了 Duluth 品牌的实力。男士牛仔裤销售增长了 9%，同时也带来了更高的利润率，表明消费者仍愿意为差异化和功能性产品支付溢价。此外，高地牛图案成为公司在多个品类中最成功的设计之一，强化了独特且符合品牌故事的产品在推动需求方面的力量。这些成功表明，当 Duluth 在产品上把握得当时，即使在减少促销的情况下也能推动增长。</p>
</div><h2>Operational Efficiencies and Cost Savings Drive Bottom Line</h2>
<div class="lb-trans"><h2>运营效率和成本节约推动底线</h2>
</div><p>Operational improvements were a major theme, with Duluth on track to exceed $10 million in cost savings in fiscal 2025. A key driver has been inventory rightsizing: the company reduced Q3 ending inventory by 17% year over year by tightening receipts and better matching supply with demand. This leaner inventory posture not only reduces markdown risk but also frees up working capital and simplifies operations. Together with ongoing cost initiatives, these steps suggest a structurally more efficient business model emerging from the current restructuring phase.</p>
<div class="lb-trans"><p>运营改进是一个主要主题，Duluth 正在朝着在 2025 财年节省超过 1000 万美元的目标迈进。一个关键驱动因素是库存的合理化：公司通过收紧收货和更好地匹配供需，将第三季度末的库存同比减少了 17%。这种精简的库存策略不仅降低了降价风险，还释放了营运资金并简化了运营。结合持续的成本举措，这些步骤表明，当前重组阶段正在形成一个结构上更高效的商业模式。</p>
</div><h2>Strengthened Liquidity and Deleveraging</h2>
<div class="lb-trans"><h2>流动性增强与去杠杆化</h2>
</div><p>The company’s balance sheet appears to be in solid shape despite softer sales. Duluth ended the third quarter with more than $88 million in liquidity and has fully paid down its credit line as of the fourth quarter. This level of financial flexibility gives management room to continue its strategic reset without the pressure of near-term financing constraints. For investors, the combination of improved margins, cost savings, and no reliance on the credit facility points to reduced financial risk and greater resilience if the demand environment remains choppy.</p>
<div class="lb-trans"><p>尽管销售疲软，公司资产负债表似乎状况良好。Duluth 在第三季度结束时拥有超过 8800 万美元的流动性，并且截至第四季度已完全偿还其信用额度。这种财务灵活性使管理层能够在没有短期融资压力的情况下继续其战略重置。对于投资者而言，改善的利润率、成本节约以及不依赖信用设施的组合表明财务风险降低，若需求环境仍然波动，公司的韧性更强。</p>
</div><h2>Sales Decline Highlights Demand Headwinds</h2>
<div class="lb-trans"><h2>销售下降凸显需求阻力</h2>
</div><p>Against these financial and operational improvements, revenue remains under pressure. Net sales for the third quarter of fiscal 2025 came in at $114.9 million, a 9.6% decline from the prior year. This drop underscores the drag from reduced promotional activity and softer traffic, particularly online. While management views the sales pullback as a necessary byproduct of its strategy to protect margins and brand health, the top-line contraction will be a key metric to watch as investors assess whether Duluth can eventually return to sustainable growth on this leaner base.</p>
<div class="lb-trans"><p>在这些财务和运营改善的背景下，收入仍然承压。2025 财年第三季度的净销售额为 1.149 亿美元，同比下降 9.6%。这一下降突显了促销活动减少和流量疲软的影响，尤其是在在线销售方面。尽管管理层将销售回落视为保护利润率和品牌健康的战略必然结果，但销售额的收缩将是投资者评估 Duluth 是否能够在这一精简基础上恢复可持续增长的关键指标。</p>
</div><h2>Customer Counts Down Amid Promotional Pullback</h2>
<div class="lb-trans"><h2>客户数量因促销回撤而下降</h2>
</div><p>Customer metrics also reflected the strategic shift. Total customer counts declined compared with last year, which management largely attributed to a deliberate pullback in promotions. Fewer promotional events and shallower discounts mean fewer bargain-driven shoppers, at least in the near term. The trade-off, as described on the call, is a more profitable, less promotion-dependent customer base. The challenge for Duluth will be to reignite customer acquisition and engagement over time without reverting to heavy discounting that erodes margins.</p>
<div class="lb-trans"><p>客户指标也反映了战略转变。与去年相比，总客户数量有所下降，管理层主要将其归因于故意减少促销活动。促销活动减少和折扣力度减弱意味着至少在短期内，依赖于特价的购物者减少。电话会议中描述的权衡是，形成了一个更有利可图、对促销依赖较少的客户基础。Duluth 面临的挑战是，如何在不恢复大幅折扣以侵蚀利润率的情况下，重新点燃客户获取和参与。</p>
</div><h2>Direct Channel Weakness and Digital Challenges</h2>
<div class="lb-trans"><h2>直接渠道疲软与数字挑战</h2>
</div><p>The company’s direct channel, excluding wholesale, was a clear soft spot. Direct sales fell 16%, driven primarily by a decline in web traffic. This signals that Duluth is not just selling less because of fewer promotions but also struggling to bring enough shoppers onto its digital platforms. In an environment where e-commerce is a critical growth engine for retailers, reversing this trend will be vital. Management’s emphasis on operational efficiency and product strength will need to be matched by sharper digital marketing, better online experiences, and more effective traffic-driving strategies.</p>
<div class="lb-trans"><p>公司的直接渠道（不包括批发）明显疲软。直接销售下降了 16%，主要是由于网站流量的减少。这表明 Duluth 不仅因为促销减少而销售下降，还在于吸引足够的购物者到其数字平台上存在困难。在电子商务对零售商至关重要的增长引擎的环境中，扭转这一趋势至关重要。管理层对运营效率和产品实力的强调需要与更精准的数字营销、更好的在线体验和更有效的流量驱动策略相匹配。</p>
</div><h2>Guidance: Profitability Focus with Measured Top-Line Outlook</h2>
<div class="lb-trans"><h2>指导：关注盈利能力，谨慎展望销售增长</h2>
</div><p>Looking ahead, Duluth’s guidance underscores its commitment to prioritizing profitability and cash discipline over aggressive sales chasing. Management highlighted that promotional days were cut by more than half versus last year, contributing to the 150 basis point gross margin improvement. Inventory is down 17% year over year, supporting a healthier cash position and streamlined operations. The company reiterated expectations to exceed $10 million in cost savings for fiscal 2025 and affirmed adjusted EBITDA guidance toward the high end of the $23 million to $25 million range. Full-year sales are projected between $555 million and $565 million, implying continued top-line pressure but a more profitable revenue mix. For investors, the message is clear: Duluth is leaning into efficiency and margin protection while accepting near-term revenue softness.</p>
<div class="lb-trans"><p>展望未来，Duluth 的指引强调了其在追求盈利能力和现金管理方面的承诺，而非激进的销售追逐。管理层指出，促销日相比去年减少了超过一半，这为 150 个基点的毛利率改善做出了贡献。库存同比下降 17%，支持了更健康的现金状况和精简的运营。公司重申预计在 2025 财年节省超过 1000 万美元的成本，并确认调整后的 EBITDA 指引将在 2300 万到 2500 万美元的高端。全年销售预计在 5.55 亿到 5.65 亿美元之间，这意味着持续的销售压力，但更具盈利性的收入结构。对于投资者来说，信息很明确：Duluth 正在专注于效率和利润保护，同时接受短期收入的疲软。</p>
</div><p>In sum, Duluth Holdings’ earnings call presented a story of disciplined restructuring: better margins, leaner inventory, and a stronger balance sheet, set against declining sales and customer counts, particularly online. Management is consciously trading off short-term growth for long-term health, betting that a more profitable and efficient business today will ultimately support renewed growth tomorrow. For market watchers, the key questions now are whether the company can stabilize demand and reaccelerate its direct and digital channels without sacrificing the profitability gains it has worked hard to achieve.</p>
<div class="lb-trans"><p>总之，Duluth Holdings 的财报电话会议呈现了一个有序重组的故事：更好的利润率、更精简的库存和更强的资产负债表，尽管销售和客户数量，尤其是在线销售有所下降。管理层有意识地在短期增长与长期健康之间进行权衡，押注于今天更具盈利性和效率的业务最终将支持明天的复苏增长。对于市场观察者来说，关键问题是公司能否在不牺牲其辛苦取得的盈利能力提升的情况下，稳定需求并重新加速其直接和数字渠道。</p>
</div>

Duluth 控股的财报电话会议显示：利润率上升，但销售额下降