Duluth Holdings Inc. · NASDAQ:DLTH
Duluth — Investor Day (June 2026)
35 slides from Duluth's investor day presentation, Jun 8, 2026
Slide 1: Investor & Analyst Day: Growing from the Core
Exhibit 99.1 N A S D A Q · D L T H · I N V E S T O R & A N A L Y S T D A Y G R O W I N G F R O M T H E C O R E I NV E S T OR & A NA L Y S T E V E NT MONDAY · JUNE 8, 2026
Slide 2: Safe Harbor Statement
S A F E H A R B O R S T A T E M E N T 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
Slide 3: Today's Presenters & Agenda
P R O G R A M TODAY’S PRESENTERS & AGENDA PRESENTERS AGENDA INTRODUCTION TO DULUTH TRADING 01 STEPHANIE PUGLIESE C H I E F E X E C U T I V E O F F I C E R WHAT WE LEARNED 02 HOW WE BUILD FROM HERE 03 FINANCIAL TARGETS 04 HEENA AGRAWAL C H I E F F I N A N C I A L O F F I C E R WHY INVEST 05 Q&A / LUN
Slide 4: Opening Remarks: Why Are We Here?
O P E N I N G R E M A R K S WHY ARE WE HERE? 0 1 · T H E B R A N D 0 2 · T H E H O N E S T R E A D 0 3 · T H E R E S E T 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 strat
Slide 5: But First, Let's Talk About What Makes Duluth Special
BUT FIRST, LET’S TALK ABOUT WHAT MAKES DULUTH SPECIAL… 0 5
Slide 6: Chapter One: Introduction to Duluth Trading
C H A P T E R O N E INTRODUCTION to DULUTH TRADING COMPANY 0 6
Slide 7: Who We Are
B R A N D & C U S T O M E R WHO WE ARE The Official Outfitter of Doers. We exist $565M 53.4% $16.6M to champion the hands-on way of life. F Y 2 0 2 5 N E T S A L E S F Y 2 0 2 5 G R O S S F Y 2 0 2 5 F C F M A R G I N We build high-quality gear for hands-on 66 folks who measure value by how long S T
Slide 8: Our Customers
B R A N D & C U S T O M E R OUR CUSTOMERS They may live in different demographics, but they share a powerful psychographic. Whether Gen Z, 2.8M Millennial, Gen X or Boomer, they share ACTIVE BUYERS · 2025 common Values. We are the Brand for them. • Family-focused 50% • College-educated WOMEN SHOPPER
Slide 9: A National Customer Base: Coast to Coast
B R A N D & C U S T O M E R A NATIONAL CUSTOMER BASE: COAST to COAST Store Locations Customers 0 9
Slide 10: Our Five Welds
O U R C U L T U R E 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. 1 0
Slide 11: Product Is Our Passion
P R O D U C T I S O U R P A S S I O N 75% of 2025 Revenue Driven By Core, Solution-Based Products ® ® ® BUCK NAKED UNDERWEAR WOMEN’S NO-YANK TANK DULUTHFLEX FIRE HOSE P R O B L E M P R O B L E M P R O B L E M Pants that constrict movement Tanks that creep, bunch Soggy and restrictive and don’t cover
Slide 12: Customers Are Our Compass
C U S T O M E R S A R E O U R C O M P A S S 16K 90% 72 NPS 5 - S T A R R E V I E W S · B U C K N A K E D 4 & 5 - S T A R R E V I E W S · S I T E - W I D E Q 1 2 0 2 6 I BOUGHT THESE FOR ”BEST UNDERWEAR I ONLY UNDERWEAR I FIREFIGHTING AND THEY HAVE EVER WORN. WILL PURCHASE. ARE GREAT. J O H N · N H S
Slide 13: Humorous & Distinctive Marketing
M A R K E T I N G HUMOROUS & DISTINCTIVE MARKETING C A M P A I G N I C O N Gives our products an identity and enhances our brand. GIANT ANGRY MAX GLUTEUS BEAVER Makes shopping fun with attention-grabbing ads — humorous, irreverent, quirky. National TV — long- running brand mascot for the unmentionab
Slide 14: Evolution of Marketing
M A R K E T I N G EVOLUTION of MARKETING 1 4
Slide 15: Chapter Two: What We Have Learned
C H A P T E R T W O WHAT WE HAVE LEARNED 1 5
Slide 16: Twenty-Five Years of Building
W H A T W E H A V E L E A R N E D TWENTY-FIVE YEARS of BUILDING 1 0 0 X R E V E N U E G R O W T H I N 2 0 Y E A R S N E T R E V E N U E $800M $650M $500M 350M $200M $50M $0 2001 2002 '02–'08 2011 2015 '15–'19 '21 '21–'24 IPO · $12/SHARE BIG DAM $6M APPAREL PROBLEM- VOICE GOING OMNI PEAK BLUEPRINT CA
Slide 17: What We Learned Informs Our Strategy
L E S S O N S F R O M T H E L A S T C Y C L E 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
Slide 18: Chapter Three: How We Build from Here
C H A P T E R T H R E E HOW WE BUILD from HERE 1 8
Slide 19: Build to Last
BUILD TO LAST 2025 2026 - 2027 2028 + SEAL the FOUNDATION FRAME the STRUCTURE RAISE the ROOF F R E E C A S H F L O W P O S I T I V E S T A B I L I Z E T O P L I N E G R O W P R O F I T A B L Y 2026 — 2027 FRAME the STRUCTURE • Promotional reset to restore price integrity • Core-first product strateg
Slide 20: Frame the Structure: 2026 Priorities
F R A M E T H E S T R U C T U R E 2 0 2 6 - 2 0 2 7 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
Slide 21: Frame the Structure: Marketing Strategy
F R A M E T H E S T R U C T U R E 2 0 2 6 - 2 0 2 7 MARKETING STRATEGY Rebalancing Toward Brand Building • Building brand awareness through upper-funnel S h i f t i n M a r k e t i n g S p e n d channels: TV, digital video, creators. • Shifting from last-click, promotional-driven T H E N N O W marke
Slide 22: Raise the Roof
R A I S E T H E R O O F 2 0 2 8 + 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 2 2
Slide 23: Chapter Four: Financial Targets
C H A P T E R F O U R FINANCIAL TARGETS 2 3
Slide 24: Seal the Foundation: FY2025 Scorecard, Operational Progress
S E A L T H E F O U N D A T I O N 2 0 2 5 FY2025 SCORECARD OPERATIONAL PROGRESS INVENTORY OPERATIONS STORE PORTFOLIO PRICING INVENTORY & PLANNING & REAL ESTATE STORE REDUCED ASSORTMENT FULFILLMENT PORTFOLIO STRATEGY PROMOTIONAL DEPTH. RIGHTSIZING HIGHER PRICE INTEGRITY Inventory -21% YoY Cross-funct
Slide 25: Seal the Foundation: FY2025 Scorecard, Financial Results
S E A L T H E F O U N D A T I O N 2 0 2 5 FY2025 SCORECARD FINANCIAL RESULTS DELIVERED REVENUE EXPENSES ADJUSTED EBITDA MARGIN CASH FLOW IMPROVED REDUCED SG&A GENERATED FREE EXPANDED IMPROVED REVENUE GROSS MARGIN PROFITABILITY CASH FLOW QUALITY Average unit retail 53.4% in FY2025 -$27.1 million YoY
Slide 26: Where We Are Today: Q1 2026 Results
S E A L T H E F O U N D A T I O N WHERE WE ARE TODAY Q1 2026 RESULTS REVENUE MARGIN EXPENSES ADJUSTED EBITDA CASH FLOW IMPROVING REDUCED SG&A EXPANDING 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 Yo
Slide 27: Business Model Evolution: Build to Last
B U S I N E S S M O D E L E V O L U T I O N 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 Inventor
Slide 28: Financial Targets: Levers & Drivers
L E V E R S & D R I V E R S FINANCIAL TARGETS L E V E R 2 0 2 5 - 2 0 2 8 T A R G E T D R I V E R S • Core product focus REVENUE +1–3% CAGR • Comp growth • Loyalty maturation • Women’s • New distribution • Inventory and markdown reduction GROSS MARGIN +200–300 BPS • Price and promotion discipline •
Slide 29: Financial Roadmap
L O N G - R A N G E P L A N FINANCIAL ROADMAP 2025 · SEAL THE 2026 – 2027 2028+ · RAISE FOUNDATION FRAME THE STRUCTURE THE ROOF 2028+ 2025 2026 1H 2026 2H 2027 NET SALES GROWTH % Mid to High Single Digits +Low Single -2% to +2% Digits Net Sales↓ -6% to Net Sales↓ -10% GM%+++ -10% GM%+++ ADJUSTED 8%
Slide 30: Capital Allocation Principles
C A P I T A L A L L O C A T I O N 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. Growt
Slide 31: Chapter Five: Why Invest
C H A P T E R F I V E WHY INVEST 3 1
Slide 32: The Investment Case
T H E C L O S I N G A R G U M E N T THE INVESTMENT CASE 2025 2028 Loyal customer, durable problem-solution SALES GROWTH -10% MSD - HSD BRAND STRENGTH product, humorous & distinctive marketing. ADJUSTED EBITDA 4.4%, ~$25M 8-10%, ~$50M-$60M Commitments made in 2025 have been met. MANAGEMENT The work i
Slide 33: And Now: Conversation & Lunch, Thank You
— A N D N O W — CON VER SA TI ON & LUN CH TH AN K YOU
Slide 34: Reconciliation to 2025 Adjusted EBITDA and Free Cash Flow
APPENDIX Reconciliation to 2025 Adjusted EBITDA and Free Cash Flow Adjusted EBITDA Free Cash Flow Twelve Months Ended Twelve Months Ended ($ 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)