Duluth Trading names Stephanie Pugliese as President and CEO

MOUNT HOREB, Wis. - Duluth Holdings Inc. (NASDAQ: DLTH), known as Duluth Trading Company, today announced that Stephanie Pugliese will take over as President and Chief Executive Officer starting May 5, 2025. She will also join the company’s Board of Directors. The announcement comes as the company, currently valued at $65 million, faces significant challenges with its share price down 66% over the past year. According to InvestingPro analysis, the company currently operates with a significant debt burden of $163 million.

The appointment marks Pugliese’s return to the company, where she previously served as President and CEO from 2015 to 2019, a period during which Duluth Trading experienced significant growth. Under her leadership, the company saw net sales double and profitability increase. This experience could prove crucial as recent data from InvestingPro shows the company reporting a negative return on equity of -22% and revenue decline of -3.1% in the last twelve months.

Chairman Stephen L. Schlecht expressed confidence in Pugliese’s return, citing her deep understanding of the brand and customer-centric approach. "Her exceptional experience and expertise in leading brand-focused consumer businesses will be invaluable as we drive toward sustainable and profitable growth," Schlecht stated.

Pugliese’s career spans 30 years in the retail industry, with notable roles at Under Armour, Inc., where she served as President of North America, and on the boards of Fortune Brands Innovations, Inc., and American Eagle Outfitters. She also currently serves on the Advisory Board of the Women in Retail Leadership Circle and Cooper’s Hawk Winery and Restaurants.

Expressing her enthusiasm for rejoining Duluth Trading, Pugliese said, "I am incredibly excited to be rejoining Duluth Trading at this pivotal time in its journey to profitable growth."

Duluth Trading is a lifestyle brand offering quality casual wear, workwear, and accessories for men and women. Known for its engaging marketing and customer service, the brand is backed by its "No Bull Guarantee."

This announcement is based on a press release statement. Duluth Trading has not provided further details on the strategic initiatives Pugliese will undertake upon assuming her new role. Investors are advised to follow the company’s performance under Pugliese’s leadership to gauge the impact of her appointment on the company’s growth trajectory. Currently trading at just 0.32 times book value, InvestingPro analysis suggests the stock is trading below its Fair Value. For deeper insights into Duluth Trading’s financial health and growth prospects, investors can access the comprehensive Pro Research Report, available exclusively to InvestingPro subscribers, along with 17 additional ProTips and detailed financial metrics.

In other recent news, Duluth Holdings Inc. reported disappointing financial results for the fourth quarter of 2024. The company posted an earnings per share (EPS) loss of $0.04, which fell short of the anticipated $0.11, marking a $0.15 miss. Revenue for the quarter was $241.3 million, underperforming the forecasted $252.88 million by $11.58 million. Despite these setbacks, Duluth Holdings ended the quarter with a strong liquidity position of $103.3 million and no debt. Analysts have noted significant operational improvements, including cost savings and enhancements in logistics and fulfillment capabilities. Looking ahead, Duluth Holdings has projected net sales for fiscal year 2025 to be between $570 million and $595 million, with expectations of a 300 basis point expansion in gross margins. The company plans to open two new stores in the second half of 2025 while closing one store in the first half, as part of its strategic initiatives. CEO Sam Sotto announced his retirement, with Stephen L. Schlicht, the founder and chairman, set to take over day-to-day operations temporarily.

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