At first blush, Duluth Holdings reported "better-than-feared" Q3 results this morning, allowing shares to recover steeper losses over the last few trading days, William Blair analyst Dylan Carden tells investors in a research note. The analyst, however, believes sales were supported by heavier promotions. He also continues to "draw pause" around the continued declines in Duluth's sales per store, which he notes moderated quarter-over-quarter in line with fewer stores entering their second year. He keeps a Market Perform on the shares, which are up 31% to $10.20 in morning trading.