Executive Summary
Duluth Holdings reported Q4 2025 revenue of $241.27 million, up meaningfully on a QoQ basis but down marginally year-over-year. The quarter delivered a robust 89.9% sequential revenue increase versus Q3 2025, reflecting strong seasonality and a post-quarter ramp, yet the company remained in a net loss position with an operating loss of $4.24 million and a net loss of $3.52 million, translating to an EPS of -$0.17. Gross margin stood at 44.13%, slightly below the prior-year level, indicating ongoing pressure from selling, general, and administrative costs as well as mix impact after the top-line rebound.
Key Performance Indicators
QoQ: 81.23% | YoY:-144.24%
QoQ: 87.68% | YoY:-150.34%
QoQ: -148.57% | YoY:-180.95%
Key Insights
Revenue: $241.27m; YoY revenue change: -1.77%; QoQ revenue change: +89.89%
Gross Profit: $106.48m; Gross Margin: 44.13%; YoY gross profit: -2.94%; QoQ gross profit: +60.33%
Operating Income: -$4.24m; Operating Margin: -1.76%; YoY operating income: -144.24%; QoQ operating income: +81.23%
Net Income: -$3.52m; Net Margin: -1.46%; YoY net income: -150.34%; QoQ net income: +87.68%
EPS: -$0.17; EPS YoY: -180.95%; EPS QoQ: -148.57%...
Financial Highlights
Revenue: $241.27m; YoY revenue change: -1.77%; QoQ revenue change: +89.89%
Gross Profit: $106.48m; Gross Margin: 44.13%; YoY gross profit: -2.94%; QoQ gross profit: +60.33%
Operating Income: -$4.24m; Operating Margin: -1.76%; YoY operating income: -144.24%; QoQ operating income: +81.23%
Net Income: -$3.52m; Net Margin: -1.46%; YoY net income: -150.34%; QoQ net income: +87.68%
EPS: -$0.17; EPS YoY: -180.95%; EPS QoQ: -148.57%
Income Statement
| Metric |
Value |
YoY Change |
QoQ Change |
| Revenue |
241.27M |
-1.77% |
89.89% |
| Gross Profit |
106.48M |
-2.94% |
60.33% |
| Operating Income |
-4.24M |
-144.24% |
81.23% |
| Net Income |
-3.52M |
-150.34% |
87.68% |
| EPS |
-0.17 |
-180.95% |
-148.57% |
Key Financial Ratios
operatingProfitMargin
-1.76%
operatingCashFlowPerShare
$1.23
freeCashFlowPerShare
$1.16
Management Commentary
Transcript unavailable in the provided data. No management quotes are available from an earnings call to quote here. If a transcript is obtained, key themes would be grouped by strategy, operations, and market conditions with context and significance for investors.
Forward Guidance
No explicit full-year guidance was provided in the QQ4 2025 data. Given the near-term dynamics, the forward view hinges on (1) sustaining gross margin around the mid-40s percentage range while moderating SG&A spend, (2) improving inventory turns to reduce working capital tied to elevated inventory days (Days of Inventory Outstanding ~111), and (3) continued cash-flow generation to support deleveraging and potential capital allocation. Investors should monitor: (a) trajectory of SG&A as a percentage of revenue, (b) trend in inventory levels and turnover, (c) whether QoQ revenue momentum can translate into sustained profitability, and (d) any changes in store strategy or omnichannel investments that could alter margin and cash-flow dynamics.