Duluth DLTH

Apparel - Retail, Consumer Cyclical

$3.95

−0.50%

Market cap: $150.1M
PE: 28.2×; 10y median 25.7×
Forward PE: n/m; not a meaningful number
Price to sales: 0.3×
EV/EBIT: 8.7×
Revenue, 12 months: $550.7M; −9% on a year ago
Net margin: 1.1%
Free cash flow yield: 38.3%

Duluth trades at 28.2× trailing earnings, near its ten-year median. Revenue was $550.7M over the last twelve months, down 9% on a year earlier with a 1% net margin.

Charts

Financials

Income statement for DLTH, by quarter
Income statement	Q3 FY24	Q4 FY24	Q1 FY25	Q2 FY25	Q3 FY25	Q4 FY25	Q1 FY26	Q2 FY26	Q3 FY26	Q4 FY26	Q1 FY27	Q2 FY27
	$138.2M−6%	$245.6M+2%	$116.7M−6%	$141.6M+2%	$127.1M−8%	$241.3M−2%	$102.7M−12%	$131.7M−7%	$114.9M−10%	$215.9M−11%	$98.6M−4%	$121.4M−8%
Cost of revenue	$68.8M−2%	$127.2M+8%	$55.1M−5%	$67.6M+0%	$60.6M−12%	$134.8M+6%	$49.3M−10%	$59.7M−12%	$53M−13%	$101.5M−25%	$42M−15%	$33M−45%
Gross profit	$69.4M−10%	$118.4M−4%	$61.6M−6%	$74M+4%	$66.4M−4%	$106.5M−10%	$53.4M−13%	$72M−3%	$61.8M−7%	$114.4M+7%	$56.6M+6%	$88.4M+23%
SG&A	$81.8M−3%	$109.6M−3%	$70.6M+1%	$74M+2%	$82.3M+1%	$110.7M+1%	$65.2M−8%	$68.8M−7%	$70.7M−14%	$105.4M−5%	$61.8M−5%	$69.5M+1%
	−$12.4M+68%	$9.6M−10%	−$9M+97%	−$1.6M+11%	−$22.1M+77%	−$4.2M	−$12.4M+38%	$2.4M	−$8.8M−60%	$8.6M	−$9.2M−25%	$18.8M+685%
Interest expense	$1.2M+26%	$1.1M+21%	$993K+6%	$988K+12%	$1.3M+3%	$1.3M+18%	$1.5M+49%	$1.5M+49%	$1.2M−2%	$1M−23%	$790K−47%	$768K−48%
Pre-tax income	−$13.6M+64%	$9.1M−9%	−$9.9M+87%	−$2.4M+10%	−$23.3M+71%	−$5.6M	−$14M+41%	$851K	−$10.1M−57%	$8.1M	−$9.9M−29%	$18.5M+2071%
	−$3.1M+52%	$2.1M−16%	−$2.1M+43%	−$470K+133%	$4.9M	$4K−100%	$1.3M	−$442K−6%	$0	$357K+8825%	$120K−91%	$61K
Net income	−$10.5M+68%	$7M−6%	−$7.9M+104%	−$2M−1%	−$28.2M+170%	−$5.6M	−$15.3M+94%	$1.3M	−$10.1M−64%	$7.7M	−$10.1M−34%	$18.4M+1356%
	−$0.32+68%	$0.21−9%	−$0.24+100%	−$0.06+0%	−$0.84+163%	−$0.17	−$0.45+88%	$0.04	−$0.29−66%	$0.22	−$0.29−36%	$0.50+1150%
	33M+1%	33M−0%	33.1M+1%	33.4M+1%	33.4M+1%	33.5M+2%	33.7M+2%	34.7M+4%	34.5M+3%	35.8M+7%	34.7M+3%	36.4M+5%

EPS, diluted: 6 periods, Q4 FY15 to Q4 FY26: quarter's net income to common over its shares, to the cent.

Diluted shares: 8 periods, Q4 FY15 to Q4 FY26: share-days: the 12-month average less the 9-month, weighted by days. 3 periods, Q4 FY20 to Q4 FY23: the earlier year to date counted no dilution: the quarter's basic count plus the later year to date's dilution. Q4 FY25: a loss quarter: its basic count, share-days: the 12-month average less the 9-month, weighted by days.

From each company's 10-Q and 10-K filings, the newest version of each figure. Quarters are as filed (a fourth quarter is the year less its first nine months), fiscal years as the 10-K prints them, restated where a later 10-K restated them, and balance sheet lines as of the period's end. A quarter whose 10-Q isn't filed yet is from the company's results release. Growth is on the same period a year earlier. A dash is a period with no figure for the line: the filing doesn't print it, or it hasn't been read yet.

Peers

Companies in Apparel - Retail nearest Duluth's size, closest first.

Company	Market cap	PE	Its 10y median PE	P/S	Revenue growth	Net margin
DLTHDuluth	$150.1M	28.2×	25.7×	0.3×	−9%	1.1%
VNCEVince	$154.6M	20.9×	18.6×	0.5×	+8%	2.4%
TLYSTilly'S	$126.6M	69.0×	15.1×	0.2×	+6%	0.3%
ZUMZZumiez	$216.3M	19.1×	15.0×	0.2×	+4%	1.4%
DBIDesigner Brands	$325.1M	22.7×	14.2×	0.1×	−1%	0.6%
CTRNCiti Trends	$378.7M	54.7×	14.6×	0.4×	+11%	0.8%
SHOEShoe Station	$384.1M	16.1×	11.6×	0.3×	−4%	2.2%
GCOGenesco	$400.2M	9.5×	7.7×	0.2×	+3%	1.7%
Peer median	$325.1M	20.9×	14.6×	0.2×	+4%	1.4%