Duluth Trading reported its third quarter (Q3) 2025 financial results, posting net sales of USD 114.9 million. Gross profit for the period was USD 61.8 million. The company recorded an EBITDA loss of USD 1.4 million for Q3, while adjusted EBITDA stood at a loss of USD 0.7 million. Net loss for the third quarter was USD 10.1 million, with reported EPS loss of USD 0.29 and adjusted EPS loss of USD 0.23, reflecting the impact of a tax valuation allowance. For the nine-month (9M) period ended November 2, 2025, net sales were USD 349.3 million, and gross profit totaled USD 187.2 million. EBITDA for the nine months was USD 4.0 million, while adjusted EBITDA was USD 7.5 million. The company highlighted a reduction in inventories by 17 percent year-over-year and reported net liquidity of USD 88.6 million. Duluth Trading affirmed the higher end of its previously issued fiscal 2025 adjusted EBITDA guidance range.