Duluth Holdings Inc. · NASDAQ:DLTH
Duluth — Q2 2026 Earnings Presentation
16 slides from Duluth's earnings presentation, Sep 3, 2026
Slide 1: Investor Presentation Second Quarter 2026
Investor Presentation Second Quarter 2026 September 3, 2026
Slide 2: Disclaimer: Forward-Looking Statements
DISCLAIMER FORWARD-LOOKING STATEMENTS This investor presentation includes “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical facts included in this investor presentation, including statements co
Slide 3: Disclaimer: Non-GAAP Measurements
DISCLAIMER NON-GAAP MEASUREMENTS Management believes that non-GAAP financial measures may be useful in certain instances to provide additional meaningful comparisons between current results and results in prior operating periods. Within this presentation, including the tables attached hereto, refere
Slide 4: Introduction to Duluth Trading Company
INTRODUCTION TO DULUTH TRADING COMPANY 04
Slide 5: Who We Are
INTRODUCTION TO DULUTH TRADING COMPANY WHO WE ARE The Official Outfitter of Doers. We exist to champion the hands-on way of life. We build high-quality gear for hands-on folks who measure value by how long something lasts — not how much it costs. We are a No Bull Brand. We do what we say and make it
Slide 6: Product Is Our Passion. The Customer Is Our Compass.
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. 06 OUR FIVE WELDS INTRODUCTION TO DULUTH TRADING COMPANY
Slide 7: Build to Last Strategic Framework
BUILD TO LAST STRATEGIC FRAMEWORK 2025 SEAL the FOUNDATION FREE CASH FLOW POSITIVE Promotional reset to restore price integrity Inventory and assortment right-sizing Balanced, full-funnel marketing approach Logistics and store fleet optimization Cost and cash discipline New management team in place
Slide 8: Q2 Financial Review Fiscal 2026
Q2 FINANCIAL REVIEW FISCAL 2026 08
Slide 9: Fiscal 2026 Second Quarter Summary
EARNINGS PER SHARE 1 Reported and adjusted EPS of $0.50. This includes a $0.44 impact from tariff refunds. FISCAL 2026 SECOND QUARTER SUMMARY 09 NET INCOME Net income of $18.4 million compared to net income of $1.3 million in the prior year second quarter. This includes the impact of $16.3 million i
Slide 10: Net Sales, Adjusted EBITDA, Adjusted Net Income: Three Months
NET SALES THREE MONTHS ENDED 10 ADJUSTED EBITDA 1,2,3 1 Adjusted to reflect the add-back of long-term incentive, restructuring, and impairment expenses 2 See Reconciliation of net income / (loss) to EBITDA and EBITDA to Adjusted EBITDA on slide 15 3 2026 Adjusted EBITDA includes $16.3 million of tar
Slide 11: Net Sales, Adjusted EBITDA, Adjusted Net Income: Six Months
NET SALES SIX MONTHS ENDED 11 ADJUSTED EBITDA 1,2,3 ADJUSTED NET INCOME / (LOSS) 4,5,6 QUARTER ENDED AUGUST 2, 2026 ($ IN MILLIONS) ($ IN MILLIONS) ($ IN MILLIONS) 3.5% Margin 13.5% (5.5%) Margin 5.2% 1 Adjusted to reflect the add-back of long-term incentive, restructuring, and impairment expenses 2
Slide 12: Balance Sheet, Liquidity and Free Cash Flow
12 QUARTER ENDED AUGUST 2, 2026 BALANCE SHEET, LIQUIDITY AND FREE CASH FLOW Debt to Capital 1,2 ($ in millions) As of August 2, 2026 Cash and Cash Equivalents $26.8 Debt: Line of Credit $0.0 Term Loan $0.0 Total Debt $0.0 Total Shareholders’ Equity $175.2 Total Capitalization $202.0 Debt to Capital
Slide 13: Fiscal 2026 Outlook
13 AS OF AUGUST 2, 2026 FISCAL 2026 OUTLOOK Fiscal 2026 Guidance Reconciliation to 2026 Forecasted Adj. EBITDA 1 Inclusive of software hosting implementation costs which are included in Prepaid expenses & other current assets on the Company’s Consolidated Balance Sheet. Fiscal Year Ending January 31
Slide 14: Thank You
THANK YOU
Slide 15: Reconciliation to 2026 Adjusted EBITDA and Adjusted EPS
APPENDIX Reconciliation to 2026 Adjusted EBITDA and Adjusted EPS 15 Adjusted EBITDA Three Months Ended ($ in millions) August 2, 2026 August 3, 2025 Net income $18.4 $1.3 (+) Depreciation and amortization 5.6 6.5 (+) Amortization of internal-use software hosting subscription implementation costs 1.1
Slide 16: Reconciliation to Adjusted EBITDA, Adjusted EPS and Free Cash Flow
APPENDIX Reconciliation to 2026 Adjusted EBITDA, Adjusted EPS and Free Cash Flow 16 Adjusted EBITDA Six Months Ended ($ in millions) August 2, 2026 August 3, 2025 Net income / (loss) $8.4 $(14.0) (+) Depreciation and amortization 11.4 13.3 (+) Amortization of internal-use software hosting subscripti