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Duluth Holdings FY19 sales rise 8.4% to $616 mn

Mar '20
Pic: Duluth Trading
Pic: Duluth Trading
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. 
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. 
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.
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. 
Women’s business sales over the quarter grew 9.2 per cent driven by fall and winter gear and the expansion of the women’s plus line. Men’s business net sales increased 2.1 per cent driven by new products and growth in Alaskan Hardgear, partially offset by lower outerwear sales due to unseasonably warm weather in many parts of the country, as company reported.
Women’s business sales in full FY19 jumped 15 per cent to $162.8 million (FY18: 141.2 million) compared to prior year. Sales of Men’s business grew 6 per cent to $419.1 million (FY18: 395.5 million) compared to prior year.

Fibre2Fashion News Desk (JL)

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March 2020

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