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Duluth Holdings Inc . (NASDAQ:DLTH), a retail company based in Mount Horeb, Wisconsin, with a market capitalization of $71.56 million, held its annual meeting of shareholders on May 29, 2025. According to InvestingPro data, the company currently faces financial challenges, with its overall financial health score rated as WEAK. Shareholders voted on three key proposals, all of which were approved, according to a recent SEC filing.
The first proposal involved the election of eight directors to the company’s board. The nominees, including Stephen L. Schlecht, David C. Finch, and Janet H. Kennedy, were elected to serve until the 2026 annual meeting. This leadership transition comes at a challenging time for the company, as InvestingPro data shows the stock has declined over 52% in the past six months, with significant debt burden concerns. Each nominee received substantial support from both Class A and Class B shareholders. For instance, Stephen L. Schlecht received 33,642,000 votes from Class A and 19,570,149 votes from Class B shares, with no votes withheld from Class A and 2,722,908 votes withheld from Class B.
The second proposal was an advisory vote on the compensation of the company’s named executive officers. This comes as the company maintains a current ratio of 1.49, indicating adequate short-term liquidity despite challenging market conditions. InvestingPro analysis reveals 13 additional key insights about the company’s financial position, available to subscribers. The proposal was approved with 33,642,000 votes in favor from Class A shares and 20,840,839 votes in favor from Class B shares. There were 1,192,840 votes against the proposal from Class B shareholders, alongside 259,378 abstentions.
The third proposal was the ratification of KPMG LLP as Duluth Holdings’ independent registered public accounting firm for the fiscal year ending February 1, 2026. This proposal also passed with 33,642,000 votes in favor from Class A shares and 27,931,764 votes in favor from Class B shares. There were 207,963 votes against and 14,894 abstentions from Class B shareholders.
These results were disclosed in a Form 8-K filed with the Securities and Exchange Commission. The filing also included financial statements and exhibits related to the meeting outcomes. With the company’s next earnings report due in just 3 days, investors seeking deeper insights can access comprehensive analysis and Fair Value estimates through InvestingPro’s detailed research reports.
In other recent news, Duluth Holdings Inc. reported disappointing financial results for the fourth quarter of 2024, with earnings per share at -$0.04, significantly missing the forecast of $0.11. The company also fell short on revenue expectations, reporting $241.3 million compared to the anticipated $252.88 million. Despite these challenges, Duluth Holdings remains debt-free with $103.3 million in liquidity. The company has also secured a new $100 million asset-based revolving credit facility to enhance liquidity and support operational needs, replacing its previous credit agreement. In a significant leadership change, Stephanie Pugliese will return as President and CEO, effective May 5, 2025. Pugliese previously led the company from 2015 to 2019, a period marked by substantial growth. Investors are watching closely to see how her return might influence the company’s trajectory. Additionally, Duluth Holdings plans to open two new stores in the second half of 2025 as part of its growth strategy.
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