Duluth Holdings FY19 sales rise 8.4% to $616 mn

Fashion

23 Mar `20

2 min read

Duluth Holdings Inc, a lifestyle brand of men’s and women’s casual wear, workwear and accessories, has announced its fiscal 2019 results that ended on February 2, 2020. Net sales in the year increased 8.4 per cent to $615.6 million (FY18: $568.1 million) compared to prior year. Net sales in the fourth quarter (Q4) FY19 rose 3.6 per cent to $259.6 million.

Duluth Holdings Inc, a lifestyle brand of men`s and women`s casual wear, workwear and accessories, has announced its fiscal 2019 results that ended on February 2, 2020. Net sales in the year increased 8.4 per cent to $615.6 million (FY18: $568.1 million) compared to prior year. Net sales in the fourth quarter (Q4) FY19 rose 3.6 per cent to $259.6 million.#

“We entered the fourth quarter well prepared to serve our customers during the peak holiday season, yet like many retailers, significant headwinds of a shortened holiday shopping season and unseasonably warm weather limited our fourth quarter potential. Net sales grew 7 per cent on a comparable 13-week basis and due to our intense focus on managing expenses,” Stephen L Schlecht, founder and chief executive officer of Duluth Trading, said in a press release.

Duluth Holdings Inc, a lifestyle brand of men`s and women`s casual wear, workwear and accessories, has announced its fiscal 2019 results that ended on February 2, 2020. Net sales in the year increased 8.4 per cent to $615.6 million (FY18: $568.1 million) compared to prior year. Net sales in the fourth quarter (Q4) FY19 rose 3.6 per cent to $259.6 million.#

Gross profit over the year were $328.1 million (FY18: 310.4 million) compared to prior year. However, net income fell from $23.2 million in fiscal 2018 to $18.9 million in the reported year. Selling, general and administrative expenses increased 9.8 per cent to $300.0 million (FY18: $273.2 million) compared to prior year.

Duluth Holdings Inc, a lifestyle brand of men`s and women`s casual wear, workwear and accessories, has announced its fiscal 2019 results that ended on February 2, 2020. Net sales in the year increased 8.4 per cent to $615.6 million (FY18: $568.1 million) compared to prior year. Net sales in the fourth quarter (Q4) FY19 rose 3.6 per cent to $259.6 million.#

The increase in Q4 was reportedly driven by a 11.6 per cent growth in retail net sales, partially offset by a 0.6 per cent decline in direct net sales. The inclusion of the 53rd week in fiscal 2018 amounted to an additional $7.7 million of net sales, as company reported.

Duluth Holdings Inc, a lifestyle brand of men`s and women`s casual wear, workwear and accessories, has announced its fiscal 2019 results that ended on February 2, 2020. Net sales in the year increased 8.4 per cent to $615.6 million (FY18: $568.1 million) compared to prior year. Net sales in the fourth quarter (Q4) FY19 rose 3.6 per cent to $259.6 million.#

The increase in retail net sales was attributed to the opening of 15 new retail stores during Q4 FY19, partially offset by a decline in existing store sales.

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