Duluth Holdings Inc. announced their 40th consecutive quarter of increased net sales year-over-year. The lifestyle brand of men’s and women’s casual wear released financial results from their fiscal fourth quarter.
This past quarter, which ended on Feb. 2, 2020, resulted in a net sales increase of 3.6% to $259.6 million compared to $250.5 million in the prior-year fourth quarter. This includes $7.7 million of net sales from the 14th week.
Along with an increase in net sales, there was growth all across the board for the company compared to the prior-year fourth quarter:
- Gross margin increased to 52.8% compared to 52.4%
- Operating income increased 10.1% to $33.1 million, compared to $30.1 million
- Net income was $24.4 million, compared to $20.6 million
The increase in retail net sales was attributed to the opening of 15 new retail stores during fiscal 2019. In just the fourth quarter, the company opened three new retail stores in Bloomington, MN; Franklin, TN and Knoxville, TN, totaling approximately 29,000 SF.
Source: Duluth IR 3/19/20
Photo Credit: Duluth Trading
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About Duluth Holdings, Inc.
Duluth Holdings Inc. is a rapidly growing lifestyle brand for the Modern, Self-Reliant American. Based in Mount Horeb, Wisconsin, they offer high quality, solution-based casual wear, workwear and accessories for men and women who lead a hands-on lifestyle and who value a job well-done. They provide customers an engaging and entertaining experience. Their marketing incorporates humor and storytelling that conveys the uniqueness of products in a distinctive, fun way. Duluth’s products are sold exclusively through their website, catalogs, and “store like no other” retail locations. They are committed to outstanding customer service backed by their “No Bull Guarantee” – if it’s not right, they’ll fix it. Visit their website at www.duluthtrading.com.
