DULUTH HOLDINGS INC.

TENTS

FORWARD-LOOKING STATEMENTS

This Annual Report on Form 10-K contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 that are subject to risks and uncertainties. All statements other than statements of historical or current facts included in this Annual Report on Form 10-K are forward-looking statements. Forward-looking statements refer to our current expectations and projections relating to our financial condition, results of operations, plans, objectives, strategies, future performance and business. You can identify forward-looking statements by the fact that they do not relate strictly to historical or current facts. These statements may include words such as “anticipate,” “could,” “design,” “estimate,” “expect,” “project,” “plan,” “potential,” “intend,” “believe,” “may,” “might,” “will,” “objective,” “should,” “would,” “can have,” “likely” and other words and terms of similar meaning in connection with any discussion of the timing or nature of future operating or financial performance or other events. For example, all statements we make relating to our estimated and projected earnings, revenue, costs, expenditures, cash flows, growth rates and financial results, our plans and objectives for future operations, growth or initiatives, strategies or the expected outcome or impact of pending or threatened litigation are forward-looking statements. All forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from those that we expected, including:

the impact of inflation and measures to control inflation on our results of operations;

the prolonged effects of economic uncertainties on store and website traffic;

disruptions to our distribution network, supply chains and operations;

failure to effectively manage inventory levels;

our ability to maintain and enhance a strong brand and sub-brand image;

adapting to declines in consumer confidence, inflation and decreases in consumer spending;

disruptions to our e-commerce platform;

our ability to meet customer delivery time expectations;

our ability to properly allocate inventory throughout our distribution network to fulfill customer demand;

our failure to meet our debt covenant ratios;

natural disasters, unusually adverse weather conditions, boycotts, prolonged public health crises, epidemics or pandemics and unanticipated events;

generating adequate cash from our existing stores and direct sales to support our growth;

the impact of changes in corporate tax regulations and sales tax;

identifying and responding to new and changing customer preferences;

the success of the locations in which our stores are located;

effectively relying on sources for merchandise located in foreign markets;

transportation delays and interruptions, including port congestion;

our inability to timely and effectively obtain shipments of products from our suppliers and deliver merchandise to our customers;

the inability to maintain the performance of our maturing store portfolio;

our inability to deploy marketing tactics to strengthen brand awareness and attract new customers in a cost effective manner;

our ability to successfully open new stores;

effectively adapting to new challenges associated with our expansion into new geographic markets;

competing effectively in an environment of intense competition or elevated promotions;

our ability to adapt to significant changes in sales due to the seasonality of our business;

price reductions or inventory shortages resulting from failure to purchase the appropriate amount of inventory in advance of the season in which it will be sold;

the potential for further increases in price and lack of availability of raw materials;

our dependence on third-party vendors to provide us with sufficient quantities of merchandise at acceptable prices;

the susceptibility of the price and availability of our merchandise to international trade conditions including tariffs;

failure of our vendors and their manufacturing sources to use acceptable labor or other practices;

our dependence upon key executive management or our inability to hire or retain the talent required for our business;

increases in costs of fuel or other energy, transportation or utility costs and in the costs of labor and employment;

failure of our information technology systems to support our current and growing business, before and after our planned upgrades;

disruptions in our supply chain and fulfillment centers;

our inability to protect our trademarks or other intellectual property rights;

infringement on the intellectual property of third parties;

acts of war, terrorism or civil unrest;

the impact of governmental laws and regulations and the outcomes of legal proceedings;

changes in U.S. and non-U.S. laws affecting the importation and taxation of goods, including imposition of unilateral tariffs on imported goods;

our ability to secure the personal and/or financial information of our customers and employees;

failure to comply with data privacy regulations;

our ability to comply with the security standards for the credit card industry;

our failure to maintain adequate internal controls over our financial and management systems; and

acquisition, disposition, and development risks.

We make many of our forward-looking statements based on our operating budgets and forecasts, which are based upon detailed assumptions. While we believe that our assumptions are reasonable, we caution that it is very difficult to predict the impact of known factors, and it is impossible for us to anticipate all factors that could affect our actual results.

See the “Risk Factors” section of this Annual Report on Form 10-K for a more complete discussion of the risks and uncertainties mentioned above and for discussion of other risks and uncertainties. All forward-looking statements attributable to us are expressly qualified in their entirety by these cautionary statements as well as others made in this annual report and hereafter in our other SEC filings and public communications. You should evaluate all forward-looking statements made by us in the context of these risks and uncertainties.

We caution you that the risks and uncertainties identified by us may not be all of the factors that are important to you. Furthermore, the forward-looking statements included in this Annual Report on Form 10-K are made only as of the date hereof. We undertake no obligation to publicly update or revise any forward-looking statement as a result of new information, future events or otherwise, except as otherwise required by law.

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Part I