Financial PerformanceShares of Duluth trade at 2.8 times the 2026 adjusted EBITDA estimate, while the company keeps generating negative free cash flow into this and next year.
Sales PerformanceQ3 missed expectations as revenues fell short on weak sales of seasonal merchandise in the latter part of the quarter, driving higher SG&A deleverage and creating an inventory overhang which will bleed into Q4 and fuel significant GM contraction.
Store ProductivityStore productivity having halved in the last seven years.