Duluth Holdings Inc. · NASDAQ:DLTH
Duluth — Investor Day (June 2026)
35 slides from Duluth's investor day presentation, Jun 8, 2026
Slide 1: Build to Last: Growing from the Core
NASDAQ · DLTH · INVESTOR & ANALYST DAY BUILD to LAST GROWING FROM THE CORE INVESTOR & ANALYST EVENT MONDAY · JUNE 8, 2026
Slide 2: Forward-Looking Statements
SAFE HARBOR STATEMENT FORWARD-LOOKING STATEMENTS FORWARD-LOOKING STATEMENTS NON-GAAP FINANCIAL MEASURES This presentation contains forward-looking statements within the meaning of This presentation references Adjusted EBITDA and Free Cash Flow, which the Private Securities Litigation Reform Act of 1
Slide 3: Today's Presenters & Agenda
PROGRAM TODAY’S PRESENTERS & AGENDA PRESENTERS AGENDA 01 INTRODUCTION TO DULUTH TRADING STEPHANIE PUGLIESE CHIEF EXECUTIVE OFFICER 02 WHAT WE LEARNED 03 HOW WE BUILD FROM HERE HEENA AGRAWAL 04 FINANCIAL TARGETS CHIEF FINANCIAL OFFICER 05 WHY INVEST 06 Q&A / LUNCH 03
Slide 4: Why Are We Here?
OPENING REMARKS WHY ARE WE HERE? 01 · THE BRAND 02 · THE HONEST READ 03 · THE RESET Duluth is a brand with a loyal We made strategic choices that We have reset — and it shows up in customer base and solution-based stretched the business too far and both the strategy and the numbers. products that co
Slide 5: But First, Let's Talk About What Makes Duluth Special
BUT FIRST, LET’S TALK ABOUT WHAT MAKES DULUTH SPECIAL… 05
Slide 6: Introduction to Duluth Trading Company
01 CHAPTER ONE INTRODUCTION to DULUTH TRADING COMPANY 06
Slide 7: Who We Are
BRAND & CUSTOMER WHO WE ARE The Official Outfitter of Doers. We exist to champion the hands-on way of life. $565M FY2025 NET SALES 53.4% FY2025 GROSS $16.6M FY2025 FCF MARGIN 66 We build high-quality gear for hands-on folks who measure value by how long STORES ACROSS something lasts — not how much i
Slide 8: Our Customers
BRAND & CUSTOMER OUR CUSTOMERS 2.8M They may live in different demographics, but they share a powerful psychographic. Whether Gen Z, Millennial, Gen X or Boomer, they share ACTIVE BUYERS · 2025 common Values. We are the Brand for them. 50% • Family-focused • College-educated WOMEN SHOPPERS • Homeown
Slide 9: A National Customer Base: Coast to Coast
BRAND & CUSTOMER A NATIONAL CUSTOMER BASE: COAST to COAST Store Locations Customers 09
Slide 10: Our Five Welds
OUR CULTURE OUR FIVE WELDS 01 PRODUCT IS OUR PASSION. 02 THE CUSTOMER IS OUR COMPASS. 03 PEOPLE SET US APART. 04 ONWARD. ALWAYS. 05 WE POKE AVERAGE IN THE EYE. 10
Slide 11: Product Is Our Passion
PRODUCT IS OUR PASSION 75% of 2025 Revenue Driven By Core, Solution-Based Products DULUTHFLEX® FIRE HOSE® BUCK NAKED UNDERWEAR WOMEN’S NO-YANK® TANK PROBLEM PROBLEM PROBLEM Pants that constrict movement Soggy and restrictive Tanks that creep, bunch underwear and don’t cover SOLUTION SOLUTION SOLUTIO
Slide 12: Customers Are Our Compass
CUSTOMERS ARE OUR COMPASS 16K 5-STAR REVIEWS · BUCK NAKED 90% 4 & 5-STAR REVIEWS · SITE-WIDE 72 NPS Q1 2026 "I BOUGHT THESE FOR ”BEST UNDERWEAR I "ONLY UNDERWEAR I FIREFIGHTING AND THEY HAVE EVER WORN." WILL PURCHASE." ARE GREAT." SATISFIED CUSTOMER · NY JOHN · NH BINO· WY "THE TOUGHNESS OF YOUR "DU
Slide 13: Humorous & Distinctive Marketing
MARKETING HUMOROUS & DISTINCTIVE MARKETING CAMPAIGN ICON Gives our products an identity and enhances our brand. GIANT ANGRY MAX GLUTEUS Makes shopping fun with attention-grabbing BEAVER ads — humorous, irreverent, quirky. National TV — long- running brand mascot for the unmentionable Storytelling di
Slide 14: Evolution of Marketing
MARKETING EVOLUTION of MARKETING 14
Slide 15: What We Have Learned
02 CHAPTER TWO WHAT WE HAVE LEARNED 15
Slide 16: Twenty-Five Years of Building
WHAT WE HAVE LEARNED TWENTY-FIVE YEARS of BUILDING NET REVENUE 100X REVENUE GROWTH IN 20 YEARS $800M $650M $500M 350M $200M $50M $0 2001 2002 '02–'08 2011 2015 '15–'19 '21 '21–'24 IPO · $12/SHARE $6M APPAREL PROBLEM- VOICE GOING OMNI PEAK BIG DAM CATALOG CATEGORY SOLVING ESTABLISHED PUBLIC CHANNEL S
Slide 17: What We Learned Informs Our Strategy
LESSONS FROM THE LAST CYCLE WHAT WE LEARNED INFORMS our STRATEGY WHAT WORKED WHAT DIDN'T • Durable, high-quality products • Rapid store expansion • Loyal, repeat, high-value customers • Infrastructure overbuild • Distinctive, humorous marketing • SKU proliferation, over-inventoried • Direct-to-facto
Slide 18: How We Build from Here
03 CHAPTER THREE HOW WE BUILD from HERE 18
Slide 19: Build to Last
BUILD TO LAST 2025 2026 - 2027 2028 + SEAL the FOUNDATION FRAME the STRUCTURE RAISE the ROOF FREE CASH FLOW POSITIVE STABILIZE TOP LINE GROW PROFITABLY 2026 — 2027 • Promotional reset to restore price integrity FRAME the STRUCTURE • Core-first product strategy • Loyalty at scale STABILIZE TOP LINE •
Slide 20: 2026 Priorities
FRAME THE STRUCTURE 2026 - 2027 2026 PRIORITIES • Return to our core: work-focused product, the customers who built this brand. • Rebuild the e-commerce experience to match the way our customer shops today. • Stabilize new customer acquisition and reverse the decline in retention. • Test additional
Slide 21: Marketing Strategy
FRAME THE STRUCTURE 2026 - 2027 MARKETING STRATEGY • Building brand awareness through upper-funnel Rebalancing Toward Brand Building Shift in Marketing Spend channels: TV, digital video, creators. • Shifting from last-click, promotional-driven marketing to full-funnel investment. THEN NOW • Investin
Slide 22: Raise the Roof
RAISE THE ROOF 2028+ RAISE the ROOF • Increase customer base and brand awareness to drive comps in own channels. • Expand distribution while protecting brand and pricing integrity. • Deliver improved margins with structural discipline. • Generate meaningful cash to fund growth 22
Slide 23: Financial Targets
04 CHAPTER FOUR FINANCIAL TARGETS 23
Slide 24: FY2025 Scorecard: Operational Progress
SEAL THE FOUNDATION 2025 FY2025 SCORECARD OPERATIONAL PROGRESS PRICING INVENTORY OPERATIONS STORE PORTFOLIO REDUCED INVENTORY & PLANNING & REAL ESTATE STORE PROMOTIONAL DEPTH. ASSORTMENT FULFILLMENT PORTFOLIO STRATEGY HIGHER PRICE RIGHTSIZING INTEGRITY Inventory -21% YoY Cross-functional, integrated
Slide 25: FY2025 Scorecard: Financial Results Delivered
SEAL THE FOUNDATION 2025 FY2025 SCORECARD FINANCIAL RESULTS DELIVERED REVENUE MARGIN EXPENSES ADJUSTED EBITDA CASH FLOW IMPROVED EXPANDED REDUCED SG&A IMPROVED GENERATED FREE REVENUE GROSS MARGIN PROFITABILITY CASH FLOW QUALITY Average unit retail 53.4% in FY2025 -$27.1 million YoY Adjusted EBITDA $
Slide 26: Where We Are Today: Q1 2026 Results
SEAL THE FOUNDATION WHERE WE ARE TODAY Q1 2026 RESULTS REVENUE MARGIN EXPENSES ADJUSTED EBITDA CASH FLOW IMPROVING EXPANDING REDUCED SG&A IMPROVING GROWING FREE REVENUE GROSS MARGIN PROFITABILITY CASH FLOW QUALITY $98.6M 57.4% 62.7% of sales reflects $2.6M -$15.2M leverage of 70 bps YoY -4% YoY with
Slide 27: Build to Last Business Model
BUSINESS MODEL EVOLUTION BUILD to LAST BUSINESS MODEL FROM BIG DAM BLUEPRINT TO BUILD TO LAST Multi-Brand Platform CORE product, CORE customer Mobile First Omni-Channel: Digital PLUS Store PLUS Wholesale Marketing Skewed to Lower Funnel Full Funnel Marketing Approach High Inventory, High SKU Count,
Slide 28: Financial Targets
LEVERS & DRIVERS FINANCIAL TARGETS LEVER 2025 - 2028 TARGET DRIVERS REVENUE +1–3% CAGR • Core product focus • Comp growth • Loyalty maturation • Women’s • New distribution GROSS MARGIN +200–300 BPS • Inventory and markdown reduction • Price and promotion discipline • Sourcing optimization • Tariff l
Slide 29: Financial Roadmap
LONG-RANGE PLAN FINANCIAL ROADMAP 2025 · SEAL THE 2026 – 2027 2028+ · RAISE FOUNDATION FRAME THE STRUCTURE THE ROOF 2025 2026 1H 2026 2H 2027 2028+ NET SALES GROWTH % Mid to High +Low Single Single Digits -2% to +2% Digits -6% Net to Sales↓ Net-10% Sales↓ GM%+++ GM%+++ -10% ADJUSTED 4.4% 5% - 7% 8%
Slide 30: Capital Allocation Principles
CAPITAL ALLOCATION CAPITAL ALLOCATION PRINCIPLES 01 02 03 SELF-FUNDING GUARDRAILS BALANCED ALLOCATION No external capital required to Base capital capped below 3% Allocated between growth, execute the plan. of sales is in line with industry efficiency, and maintenance. standard. Growth initiatives f
Slide 31: Why Invest
05 CHAPTER FIVE WHY INVEST 31
Slide 32: The Investment Case
THE CLOSING ARGUMENT THE INVESTMENT CASE 2025 2028 BRAND STRENGTH Loyal customer, durable problem-solution SALES GROWTH -10% MSD - HSD product, humorous & distinctive marketing. ADJUSTED EBITDA 4.4%, ~$25M 8-10%, ~$50M-$60M MANAGEMENT Commitments made in 2025 have been met. The work in 2026 and 2027
Slide 33: Q&A, Conversation & Lunch
Q&A — AND NOW — CONVERSATION & LUNCH THANK YOU
Slide 34: Reconciliation to 2025 Adjusted EBITDA and Free Cash Flow
APPENDIX Reconciliation to 2025 Adjusted EBITDA and Free Cash Flow Adjusted EBITDA Free Cash Flow Twelve Months Ended Twelve Months Ended ($ in millions) February 1, 2026 February 2, 2025 ($ in millions) February 1, 2026 February 2, 2025 Net Income / (Loss) $(16.2) $(43.6) Net cash used in operating
Slide 35: Reconciliation to Q1 2026 Adjusted EBITDA and Free Cash Flow
APPENDIX Reconciliation to Q1 2026 Adjusted EBITDA and Free Cash Flow Adjusted EBITDA Free Cash Flow Three Months Ended Three Months Ended ($ in millions) May 3, 2026 May 4, 2025 ($ in millions) May 3, 2026 May 4, 2025 Net Income / (Loss) $(10.0) $(15.3) Net cash used in operating activities $(11.4)