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Here are 1-3 brief analogies for Duluth Holdings Inc. (DLTH):

• Duluth is like if Carhartt met L.L.Bean, offering durable workwear and practical casual apparel through catalogs, online, and retail stores.
• Think of Duluth as a more rugged and innovative Lands' End, known for its durable and comfortable clothing with unique features.

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• Shirts: A variety of tops for men and women, including t-shirts, button-downs, and work shirts.
• Pants: Bottom-wear options for men and women, such as jeans, work pants, and casual trousers.
• Underwear: Specialized undergarments designed for comfort and performance for both genders.
• Outerwear: Jackets, coats, vests, and other garments designed to be worn over other clothing for protection from the elements.
• Footwear: Shoes, boots, and other items worn on the feet, offering comfort and durability.
• Accessories: Items like belts, hats, bags, and other additions that complement clothing and lifestyle.
• Hard Goods: Non-apparel items such as tools, gear, and other practical merchandise for various uses.

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Duluth Holdings Inc. (DLTH) sells its products primarily to individual consumers.

The company serves the following categories of customers:

• Manual laborers and tradespeople: Individuals who require durable, functional, and comfortable workwear for demanding jobs in fields such as construction, skilled trades, and agriculture.
• Outdoor enthusiasts and hobbyists: Consumers who seek rugged and reliable clothing and accessories for outdoor activities, gardening, or other demanding hobbies that require durable and practical apparel.
• Everyday consumers: Individuals who appreciate high-quality, comfortable, and long-lasting casual wear for daily use, valuing the brand's reputation for durability, practical features, and unique designs.

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Stephanie Pugliese, President and Chief Executive Officer

Stephanie Pugliese assumed the role of President and Chief Executive Officer of Duluth Holdings Inc. effective May 5, 2025. A retail veteran with 30 years of experience, she previously led Duluth Trading as President and CEO from February 2015 to August 2019, a period during which the company doubled its net sales and enhanced profitability. Prior to her return to Duluth Trading, Ms. Pugliese served as President of North America for Under Armour, Inc. from September 2019 to May 2020, and as President of the Americas from June 2020 to March 2023. Her career also includes executive positions at Lands' End, Inc. (2005-2008) and Ann, Inc. (2000-2003). Ms. Pugliese holds a Bachelor of Science degree in Marketing from New York University Stern School of Business. She currently serves on the Advisory Board of the Women in Retail Leadership Circle and Cooper's Hawk Winery and Restaurants, and has been a director on the board of Fortune Brands Innovations, Inc. since March 2023.

Heena Agrawal, Senior Vice President and Chief Financial Officer

Heena Agrawal was appointed Senior Vice President and Chief Financial Officer of Duluth Holdings Inc., effective February 12, 2024. She brings two decades of finance and leadership experience from diverse industries. Ms. Agrawal's professional background includes roles such as CFO, Global Wrangler and Global Kontoor Supply Chain at Kontoor Brands; CFO, Global Industrial Segment and CFO, Global Connected Technology Appliances & Lighting Division at Underwriters Laboratories; and vendor synergy leader, Rite Aid M&A Integration at Walgreens Boots Alliance. She spent the first ten years of her finance career at Procter & Gamble. Ms. Agrawal is a CPA and holds a CF and an MBA from the Kelley School of Business at Indiana University.

Stephen L. Schlecht, Chairman and Founder, Senior Advisor

Stephen L. Schlecht is the Founder of Duluth Holdings Inc. and currently serves as its Chairman of the Board and Senior Advisor. He has been a member of the board of directors since the company's founding in 1986. Mr. Schlecht previously held the position of President and Chief Executive Officer from February 2003 to February 2015, after which he became Executive Chairman. He also served as Interim CEO from September 2019 to May 2021 and again from April 25, 2025, until Stephanie Pugliese's appointment in May 2025. Furthermore, Mr. Schlecht founded GEMPLER'S Inc. in 1986 and served as its President and Chief Executive Officer until February 2003. He holds BSBA and MBA degrees from Northwestern University.

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The key risks to Duluth Holdings Inc.'s business (DLTH) are:

1. Declining Sales and Profitability: Duluth Holdings Inc. faces significant challenges with consistent declines in sales, flat or decreasing gross margins, and growing operating losses, leading to negative earnings. This suggests fundamental issues with their strategic approach, merchandising effectiveness, and ability to compete in the apparel market. Management has acknowledged strategic problems and is considering store and fulfillment center closures as part of a strategic review.

2. Debt and Liquidity Concerns: The company carries a notable level of debt, with liabilities significantly outweighing its cash and near-term receivables. Recent reports indicate net debt and a considerable deficit when comparing current liabilities to liquid assets. The company has incurred earnings before interest and tax (EBIT) losses, raising concerns about its ability to service its debt and potentially requiring a major recapitalization if creditors demanded repayment.

3. Supply Chain and Distribution Disruptions: Duluth Holdings Inc. is exposed to risks associated with potential disruptions in its supply chain and distribution centers. Such disruptions could adversely affect the company's ability to procure products, manage inventory, and deliver goods to customers, thereby impacting sales and profitability.

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Duluth Holdings Inc. (DLTH) operates in the United States, selling casual wear, workwear, and accessories for men and women. The addressable markets for these main product categories in the U.S. are substantial.

Addressable Markets in the U.S.

• Casual Wear: The United States casual wear market was valued at approximately USD 196.22 billion in 2024. This market is projected to grow to about USD 266.47 billion by 2033.
• Workwear: The U.S. workwear market generated an estimated revenue of USD 3,482.1 million (USD 3.48 billion) in 2024. It is expected to reach USD 4,973.5 million (USD 4.97 billion) by 2033.
• Accessories: The U.S. fashion accessories market, which includes various accessories, was valued at USD 222,074.1 million (USD 222.07 billion) in 2024. This market is projected to grow to approximately USD 342,988.5 million (USD 342.99 billion) by 2030.

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Duluth Holdings Inc. (DLTH) is expected to drive future revenue growth over the next two to three years through several key strategies:

1. Expansion and Growth in Women's Business and AKHG Brand: The company has observed significant acceleration in its women's business, with double-digit growth across both the Duluth and AKHG brands. The AKHG women's business, in particular, has demonstrated strong year-over-year growth exceeding 20%, indicating a continued focus on and success within this segment.
2. Introduction and Performance of New Products: Duluth Trading Co. continues to focus on product innovation. Successful new "hero products" such as the Heirloom Gardening bib, which has seen extended wear potential with the introduction of a lined version, are expected to contribute to revenue by attracting new customers and expanding product offerings.
3. Strategic Marketing Investments for Customer Acquisition and Retention: The company is committed to maintaining its strategic investment in marketing. This effort is aimed at attracting new customers to the brand while simultaneously strengthening relationships with its existing customer base, thereby fostering sustained customer growth and repeat business.
4. Implementation of Strategic Pricing Actions: Duluth Holdings Inc. plans to focus on resetting price integrity and undertaking pricing actions. These initiatives are designed to lead to higher average prices, which, combined with improved promotional strategies, are anticipated to positively impact revenue per unit.
5. Enhanced Operational Execution and Efficiency: Efforts to improve operational execution and efficiency, including better inventory management and optimized fulfillment costs, are crucial for supporting revenue growth. These efficiencies can lead to improved gross margins and allow for more competitive positioning and product availability, indirectly driving sales.

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Capital Allocation Decisions (Last 3-5 Years)

Share Issuance

• Duluth Holdings Inc. has seen an increase in its Class B common stock outstanding, from approximately 29.44 million shares as of June 2, 2020, to about 31.77 million shares as of March 19, 2025.
• Directors have received equity awards of Class B Common Stock in lieu of quarterly cash retainers, including 6,406 shares on October 30, 2025, and 7,469 shares on February 1, 2026.

Capital Expenditures

• Capital expenditures were $12.3 million for fiscal year 2020 (ended January 31, 2021), $15.1 million for fiscal year 2021 (ended January 30, 2022), $31.5 million for fiscal year 2022 (ended January 29, 2023), $53.2 million for fiscal year 2023 (ended January 28, 2024), and $17.4 million for fiscal year 2024 (ended February 2, 2025).
• Fiscal year 2022 capital expenditures included strategic investments in a new automated Southeast fulfillment center and re-platforming the company's website with next-generation e-commerce architecture, as well as software hosting implementation costs.
• For fiscal year 2023, the company projected capital expenditures, including software hosting implementation costs, to be approximately $55 million.