Duluth Holdings Inc. is showing early signs of a turnaround, with improving profitability despite ongoing revenue declines. DLTH achieved a swing to net profit in Q4 2025, driven by gross margin expansion and cost controls, even as sales fell 10.5%. Management expects FY2026 net losses to narrow and EBITDA to rise to $26–30 million, but analysts remain pessimistic on near-term results.