DLTH DULUTH HOLDINGS INC.

Overview and Growth

Fiscal 2026 results for DULUTH HOLDINGS INC. combined $565.18M of revenue with net loss of $16.39M and an operating cash inflow of $24.17M. The $565.18M revenue base provides substantial context for the company’s earnings, cash generation, and capital requirements. The top line contracted 9.8% from $626.63M in fiscal 2025; this top-line contraction left the company with a smaller revenue base. On a per-share basis, diluted EPS was -$0.47, which connects the reported earnings outcome with the company’s diluted share count. The company employed $402.61M of total assets, the balance-sheet base supporting its current operating and cash-flow results. Asset turnover was 1.4x, relating the company’s annual revenue directly to the total assets reported at the period end.

Profitability

The first profit layer was $301.61M of gross profit, the amount available after reported direct revenue costs to absorb operating expenses. Gross margin was 53.4%, so that share of each revenue unit remained after the cost of revenue reported for the period. The reported operating result was an operating loss of $10.16M, reflecting costs that exceeded gross profit. Relative to revenue, the operating deficit measured 1.8%, showing the shortfall after operating costs. After all below-operating-line items, the company recorded a net loss of $16.39M for the fiscal year. Net margin was -2.9%, reflecting a loss equal to 2.9% of reported revenue. The company reported a pretax loss of $15.20M, before the effect of income taxes. Measured against revenue, the pretax deficit represented 2.7%. The reported income-tax provision was $1.19M, the amount recognized between pretax income and the final net-income result. The net loss equaled 9.9% of period-end equity, showing the deficit relative to book capital. The loss-to-assets relationship was 4.1%, placing the bottom-line deficit against the company’s resource base. The bottom-line deficit decreased from $43.67M in fiscal 2025 to $16.39M.

Liquidity and Capital Structure

The company held $402.61M of assets against $236.49M of liabilities and $166.12M of equity, revealing how the asset base was financed. The near-term balance sheet paired $172.05M of current assets with $108.25M of current liabilities at the reporting date. The current ratio was 1.59x, with current assets exceeding current liabilities and providing a short-term liquidity cushion. The company held $16.34M in cash and equivalents, a narrower liquidity measure than total current assets. Measured only with cash and equivalents, coverage of current liabilities was 15.1%, excluding receivables and other current assets. Relative to total assets, liabilities measured 58.7%, complementing the separate equity-based view of the company’s capital structure. The cash-to-assets relationship was 4.1%, comparing reported cash and equivalents with the full positive asset balance. Total assets were 11.0% lower than fiscal 2025 assets of $452.44M, measuring the company’s own balance-sheet change. Book equity was 7.5% lower than fiscal 2025 equity of $179.68M, showing how shareholder capital changed year over year. Cash and equivalents were 390.1% higher than fiscal 2025 cash of $3.33M, showing the year-over-year change in liquid resources.

Cash Flow and Earnings Quality

Operating activities produced a cash inflow of $24.17M, giving the cash-flow counterpart to the accrual-based profit measures reported for the year. Capital expenditures used $7.60M, identifying the reported investment outflow deducted from operating cash flow in the free-cash-flow calculation. Capital spending absorbed 31.4% of operating cash flow, quantifying the share of cash from operations directed to investment. After capital spending, free cash flow was $16.57M, leaving cash available for debt reduction, shareholder returns, or further investment. Free cash flow represented 2.9% of revenue, linking post-investment cash generation with the company’s operating scale. The free-cash-flow-to-assets relationship was 4.1%, comparing post-investment cash with the balance-sheet asset base.

Based on the annual report for the fiscal year ending Feb 1, 2026. Analysis generated Oct 21, 2026.