<p>Duluth Holdings Inc. ((DLTH)) 已召開其第三季度財報電話會議。以下是會議的主要亮點。</p>
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<p>Duluth Holdings 在最新財報電話會議中平衡了利潤增長與銷售壓力</p>
<p>Duluth Holdings 最新的財報電話會議傳達了謹慎樂觀的語氣，管理層強調了盈利能力的顯著提升、成本控制的加強以及強勁的流動性，儘管公司面臨淨銷售額下降、客户數量減少和在線表現疲軟的挑戰。高管們將當前時期視為一次有意識的重置，願意用短期銷售和促銷量換取更健康的利潤率、更清晰的庫存和更強的財務基礎。</p>
<h2>盈利能力改善與利潤率擴張</h2>
<p>Duluth Holdings 又一個季度實現了盈利能力的改善，延續了前期的進展。毛利率同比擴大了 150 個基點，達到了 53.8%，在零售環境嚴峻的情況下取得了顯著改善。管理層將這一擴張歸因於折扣力度減弱、定價更加規範以及運營效率的提升。儘管銷售壓力依然存在，但公司對每單位銷售盈利能力的關注顯然正在取得成效，這表明 Duluth 更加重視盈利質量而非單純的收入增長。</p>
<h2>產品亮點：男士牛仔褲和高地牛圖案</h2>
<p>產品表現參差不齊，但有一些亮點突顯了 Duluth 品牌的實力。男士牛仔褲銷售增長了 9%，同時也帶來了更高的利潤率，表明消費者仍願意為差異化和功能性產品支付溢價。此外，高地牛圖案成為公司在多個品類中最成功的設計之一，強化了獨特且符合品牌故事的產品在推動需求方面的力量。這些成功表明，當 Duluth 在產品上把握得當時，即使在減少促銷的情況下也能推動增長。</p>
<h2>運營效率和成本節約推動底線</h2>
<p>運營改進是一個主要主題，Duluth 正在朝着在 2025 財年節省超過 1000 萬美元的目標邁進。一個關鍵驅動因素是庫存的合理化：公司通過收緊收貨和更好地匹配供需，將第三季度末的庫存同比減少了 17%。這種精簡的庫存策略不僅降低了降價風險，還釋放了營運資金並簡化了運營。結合持續的成本舉措，這些步驟表明，當前重組階段正在形成一個結構上更高效的商業模式。</p>
<h2>流動性增強與去槓桿化</h2>
<p>儘管銷售疲軟，公司資產負債表似乎狀況良好。Duluth 在第三季度結束時擁有超過 8800 萬美元的流動性，並且截至第四季度已完全償還其信用額度。這種財務靈活性使管理層能夠在沒有短期融資壓力的情況下繼續其戰略重置。對於投資者而言，改善的利潤率、成本節約以及不依賴信用設施的組合表明財務風險降低，若需求環境仍然波動，公司的韌性更強。</p>
<h2>銷售下降凸顯需求阻力</h2>
<p>在這些財務和運營改善的背景下，收入仍然承壓。2025 財年第三季度的淨銷售額為 1.149 億美元，同比下降 9.6%。這一下降突顯了促銷活動減少和流量疲軟的影響，尤其是在在線銷售方面。儘管管理層將銷售回落視為保護利潤率和品牌健康的戰略必然結果，但銷售額的收縮將是投資者評估 Duluth 是否能夠在這一精簡基礎上恢復可持續增長的關鍵指標。</p>
<h2>客户數量因促銷回撤而下降</h2>
<p>客户指標也反映了戰略轉變。與去年相比，總客户數量有所下降，管理層主要將其歸因於故意減少促銷活動。促銷活動減少和折扣力度減弱意味着至少在短期內，依賴於特價的購物者減少。電話會議中描述的權衡是，形成了一個更有利可圖、對促銷依賴較少的客户基礎。Duluth 面臨的挑戰是，如何在不恢復大幅折扣以侵蝕利潤率的情況下，重新點燃客户獲取和參與。</p>
<h2>直接渠道疲軟與數字挑戰</h2>
<p>公司的直接渠道（不包括批發）明顯疲軟。直接銷售下降了 16%，主要是由於網站流量的減少。這表明 Duluth 不僅因為促銷減少而銷售下降，還在於吸引足夠的購物者到其數字平台上存在困難。在電子商務對零售商至關重要的增長引擎的環境中，扭轉這一趨勢至關重要。管理層對運營效率和產品實力的強調需要與更精準的數字營銷、更好的在線體驗和更有效的流量驅動策略相匹配。</p>
<h2>指導：關注盈利能力，謹慎展望銷售增長</h2>
<p>展望未來，Duluth 的指引強調了其在追求盈利能力和現金管理方面的承諾，而非激進的銷售追逐。管理層指出，促銷日相比去年減少了超過一半，這為 150 個基點的毛利率改善做出了貢獻。庫存同比下降 17%，支持了更健康的現金狀況和精簡的運營。公司重申預計在 2025 財年節省超過 1000 萬美元的成本，並確認調整後的 EBITDA 指引將在 2300 萬到 2500 萬美元的高端。全年銷售預計在 5.55 億到 5.65 億美元之間，這意味着持續的銷售壓力，但更具盈利性的收入結構。對於投資者來説，信息很明確：Duluth 正在專注於效率和利潤保護，同時接受短期收入的疲軟。</p>
<p>總之，Duluth Holdings 的財報電話會議呈現了一個有序重組的故事：更好的利潤率、更精簡的庫存和更強的資產負債表，儘管銷售和客户數量，尤其是在線銷售有所下降。管理層有意識地在短期增長與長期健康之間進行權衡，押注於今天更具盈利性和效率的業務最終將支持明天的復甦增長。對於市場觀察者來説，關鍵問題是公司能否在不犧牲其辛苦取得的盈利能力提升的情況下，穩定需求並重新加速其直接和數字渠道。</p>

Duluth控股

<p>Duluth Holdings 第三季度的財報電話會議強調了儘管銷售額下降，但盈利能力和利潤率擴張有所改善。公司通過嚴格的定價和運營效率實現了毛利率提高 150 個基點，達到 53.8%。儘管淨銷售額下降了 9.6%，降至 1.149 億美元，Duluth 仍專注於更健康的利潤率和庫存管理。主要產品成功包括男士牛仔褲和高地牛圖案。公司將庫存減少了 17%，在第三季度結束時擁有 8800 萬美元的流動資金，完全償還了信用額度。面臨的挑戰包括客户數量和數字銷售的下降，重點放在盈利能力而非促銷上</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)) 已召開其第三季度財報電話會議。以下是會議的主要亮點。</p>
</div><h3>Claim 50% Off TipRanks Premium and Invest with Confidence</h3>
<div class="lb-trans"><h3>享受 TipRanks Premium 50% 折扣，自信投資</h3>
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<li>解鎖對沖基金級別的數據和強大的投資工具，幫助您做出更聰明、更精準的決策</li>
<li>通過最新的新聞和分析保持市場領先，使您的投資組合始終處於最大潛力的狀態</li>
</ul>
</div><p>Duluth Holdings Balances Profit Gains Against Sales Pressure in Latest Earnings Call</p>
<div class="lb-trans"><p>Duluth Holdings 在最新財報電話會議中平衡了利潤增長與銷售壓力</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 最新的財報電話會議傳達了謹慎樂觀的語氣，管理層強調了盈利能力的顯著提升、成本控制的加強以及強勁的流動性，儘管公司面臨淨銷售額下降、客户數量減少和在線表現疲軟的挑戰。高管們將當前時期視為一次有意識的重置，願意用短期銷售和促銷量換取更健康的利潤率、更清晰的庫存和更強的財務基礎。</p>
</div><h2>Improved Profitability and Margin Expansion</h2>
<div class="lb-trans"><h2>盈利能力改善與利潤率擴張</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 又一個季度實現了盈利能力的改善，延續了前期的進展。毛利率同比擴大了 150 個基點，達到了 53.8%，在零售環境嚴峻的情況下取得了顯著改善。管理層將這一擴張歸因於折扣力度減弱、定價更加規範以及運營效率的提升。儘管銷售壓力依然存在，但公司對每單位銷售盈利能力的關注顯然正在取得成效，這表明 Duluth 更加重視盈利質量而非單純的收入增長。</p>
</div><h2>Product Wins: Men’s Denim and Highland Cows Print</h2>
<div class="lb-trans"><h2>產品亮點：男士牛仔褲和高地牛圖案</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>產品表現參差不齊，但有一些亮點突顯了 Duluth 品牌的實力。男士牛仔褲銷售增長了 9%，同時也帶來了更高的利潤率，表明消費者仍願意為差異化和功能性產品支付溢價。此外，高地牛圖案成為公司在多個品類中最成功的設計之一，強化了獨特且符合品牌故事的產品在推動需求方面的力量。這些成功表明，當 Duluth 在產品上把握得當時，即使在減少促銷的情況下也能推動增長。</p>
</div><h2>Operational Efficiencies and Cost Savings Drive Bottom Line</h2>
<div class="lb-trans"><h2>運營效率和成本節約推動底線</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>運營改進是一個主要主題，Duluth 正在朝着在 2025 財年節省超過 1000 萬美元的目標邁進。一個關鍵驅動因素是庫存的合理化：公司通過收緊收貨和更好地匹配供需，將第三季度末的庫存同比減少了 17%。這種精簡的庫存策略不僅降低了降價風險，還釋放了營運資金並簡化了運營。結合持續的成本舉措，這些步驟表明，當前重組階段正在形成一個結構上更高效的商業模式。</p>
</div><h2>Strengthened Liquidity and Deleveraging</h2>
<div class="lb-trans"><h2>流動性增強與去槓桿化</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>儘管銷售疲軟，公司資產負債表似乎狀況良好。Duluth 在第三季度結束時擁有超過 8800 萬美元的流動性，並且截至第四季度已完全償還其信用額度。這種財務靈活性使管理層能夠在沒有短期融資壓力的情況下繼續其戰略重置。對於投資者而言，改善的利潤率、成本節約以及不依賴信用設施的組合表明財務風險降低，若需求環境仍然波動，公司的韌性更強。</p>
</div><h2>Sales Decline Highlights Demand Headwinds</h2>
<div class="lb-trans"><h2>銷售下降凸顯需求阻力</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>在這些財務和運營改善的背景下，收入仍然承壓。2025 財年第三季度的淨銷售額為 1.149 億美元，同比下降 9.6%。這一下降突顯了促銷活動減少和流量疲軟的影響，尤其是在在線銷售方面。儘管管理層將銷售回落視為保護利潤率和品牌健康的戰略必然結果，但銷售額的收縮將是投資者評估 Duluth 是否能夠在這一精簡基礎上恢復可持續增長的關鍵指標。</p>
</div><h2>Customer Counts Down Amid Promotional Pullback</h2>
<div class="lb-trans"><h2>客户數量因促銷回撤而下降</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>客户指標也反映了戰略轉變。與去年相比，總客户數量有所下降，管理層主要將其歸因於故意減少促銷活動。促銷活動減少和折扣力度減弱意味着至少在短期內，依賴於特價的購物者減少。電話會議中描述的權衡是，形成了一個更有利可圖、對促銷依賴較少的客户基礎。Duluth 面臨的挑戰是，如何在不恢復大幅折扣以侵蝕利潤率的情況下，重新點燃客户獲取和參與。</p>
</div><h2>Direct Channel Weakness and Digital Challenges</h2>
<div class="lb-trans"><h2>直接渠道疲軟與數字挑戰</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（不包括批發）明顯疲軟。直接銷售下降了 16%，主要是由於網站流量的減少。這表明 Duluth 不僅因為促銷減少而銷售下降，還在於吸引足夠的購物者到其數字平台上存在困難。在電子商務對零售商至關重要的增長引擎的環境中，扭轉這一趨勢至關重要。管理層對運營效率和產品實力的強調需要與更精準的數字營銷、更好的在線體驗和更有效的流量驅動策略相匹配。</p>
</div><h2>Guidance: Profitability Focus with Measured Top-Line Outlook</h2>
<div class="lb-trans"><h2>指導：關注盈利能力，謹慎展望銷售增長</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>展望未來，Duluth 的指引強調了其在追求盈利能力和現金管理方面的承諾，而非激進的銷售追逐。管理層指出，促銷日相比去年減少了超過一半，這為 150 個基點的毛利率改善做出了貢獻。庫存同比下降 17%，支持了更健康的現金狀況和精簡的運營。公司重申預計在 2025 財年節省超過 1000 萬美元的成本，並確認調整後的 EBITDA 指引將在 2300 萬到 2500 萬美元的高端。全年銷售預計在 5.55 億到 5.65 億美元之間，這意味着持續的銷售壓力，但更具盈利性的收入結構。對於投資者來説，信息很明確：Duluth 正在專注於效率和利潤保護，同時接受短期收入的疲軟。</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>總之，Duluth Holdings 的財報電話會議呈現了一個有序重組的故事：更好的利潤率、更精簡的庫存和更強的資產負債表，儘管銷售和客户數量，尤其是在線銷售有所下降。管理層有意識地在短期增長與長期健康之間進行權衡，押注於今天更具盈利性和效率的業務最終將支持明天的復甦增長。對於市場觀察者來説，關鍵問題是公司能否在不犧牲其辛苦取得的盈利能力提升的情況下，穩定需求並重新加速其直接和數字渠道。</p>
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Duluth 控股的財報電話會議顯示：利潤率上升，但銷售額下降