BTIG analyst Janine Stichter reiterated a Neutral rating on Duluth Holdings (NASDAQ: DLTH).

The analyst comments "Q2 exceeded expectations on a return to revenue growth, as greater product newness, and solid marketing execution drove improved conversion and AOV, and moderating traffic declines. As an offset, chasing inventory combined with product delays has led inventory to become a touch heavy, and higher clearance will constrain the level of H2 GM improvement. Overall, we still expect a potentially volatile near-term, but remain encouraged by key initiatives, particularly around sourcing (which have a long cost-benefit tail) and a fresh look at the real estate portfolio that creates potential for improved profitability. While valuation remains discounted to history/peers, with visibility still muted, we choose to remain on the sidelines and reiterate our Neutral rating."

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Shares of Duluth Holdings closed at $3.23 yesterday.