Duluth Q2 net income $18.4M vs $1.3M; raises FY26 adjusted EBITDA guidance to $38-42M

DULUTH HOLDINGS INC.

Net income $18.4M vs $1.3M prior year; EPS $0.50 reported and adjusted, incl. $0.44 from tariff refunds.
Net sales down 7.8% to $121.4M; DTC -11.5% to $70.1M, retail -2.4% to $51.3M.
Gross margin 72.8% (59.6% ex-tariff refunds), up 490 bps; inventory down 15.5% ($22.9M).
FY26 adjusted EBITDA guidance raised to $38-42M from $28-32M; net sales affirmed $540-560M.
Zero debt on $70M ABL facility; cash $26.8M, net liquidity $96.1M.

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