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Feb 02, 2025
Duluth Trading Co. Q4 2024 Earnings Report
Duluth Trading reported a revenue decline and an adjusted net loss for Q4 2024.
Key Takeaways
Duluth Trading's Q4 2024 revenue decreased by 1.8% year-over-year to $241.3 million, with a decline in retail store sales offsetting a slight increase in direct-to-consumer sales. The company posted a net loss of $5.6 million, driven by lower margins and a $3.0 million software impairment. Adjusted EBITDA was significantly lower than the prior year due to increased discounting and operational inefficiencies.
Total revenue declined 1.8% YoY to $241.3 million.
Gross profit margin fell to 44.1%, down from 48.2% in Q4 2023.
Net loss of $5.6 million, compared to net income of $6.8 million last year.
Adjusted EBITDA decreased to $8.5 million from $20.9 million in Q4 2023.
Revenue by Segment
Forward Guidance
Duluth Trading anticipates continued revenue pressures in 2025 but remains focused on strategic product expansion and operational improvements.
Positive Outlook
- Projected net sales between $570 million and $595 million in FY25.
- Expansion of Duluth Women's Heirloom and Men's Backyard collections.
- Growth in direct-to-consumer sales via mobile and digital channels.
- Ongoing store optimizations and inventory management improvements.
- Expected adjusted EBITDA between $20 million and $25 million in FY25.
Challenges Ahead
- Retail store sales continue to face headwinds.
- Gross margin pressures from discounting and higher costs.
- Operational inefficiencies impacted Q4 fulfillment performance.
- Increased software-related impairments affected bottom-line results.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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