Duluth Trading sets 2018 store openings
Duluth Trading continues to grow its brick-and-mortar footprint.
The lifestyle brand of men’s and women’s casual wear, workwear and accessories said on Thursday that it plans to open 15 locations in 2018. Store sizes will vary from 12,410 sq. ft. to 25,409 sq. ft. The expansion will give Duluth Trading coast-to-coast presence from Portland, Maine to Portland, Oregon.
“With each new store opening, we are attracting more customers to the Duluth Trading brand and during fiscal 2017, new customers acquired through our retail segment accounted for 25% of total new customer growth,” said Stephanie Pugliese, CEO of Duluth Trading, which has 31 stores. “We continue to see higher sales growth in markets with an established store, which supports our long-term strategy to significantly expand our total market opportunity through continued strength in online capabilities and the full expression of the brand in a brick-and-mortar setting.”
Also on Thursday, Duluth reported that its net sales increased 24.7% to $217.8 million in the quarter ended January 28, compared to $174.7 million in the year-ago period.
Net income was $19.5 million, or $0.60 per diluted share, compared to $14.0 million, or $0.43 per diluted share in the prior-year quarter. Excluding the impact of the recent tax legislation, net income was $17.6 million, or $0.55 per diluted share.
For the full year, net sales increased 25.3% to $471.4 million compared to $376.1 million in the prior year. Net income was $23.4 million, or $0.72 per diluted share, compared to $21.3 million, or $0.66 per diluted share in the prior year. Excluding the impact of the Tax Act, net income was $21.5 million, or $0.67 per share.
“Net sales [for the full year] in our men’s business grew 22% and our women’s business grew 37%, exceeding the $100 million milestone and accounting for almost a quarter of our total annual sales,” Pugliese said. “This marks our 32nd consecutive quarter of increased net sales year-over-year.”
Founded as a catalog operation, Duluth describes itself as a lifestyle brand for the modern, self-reliant American, offering high-quality, solution-based apparel for men and women who lead a hands-on lifestyle. Known for its quirky, fun advertisements and marketing, the company strives to offer customers an engaging and entertaining experience, online and in stores.
The lifestyle brand of men’s and women’s casual wear, workwear and accessories said on Thursday that it plans to open 15 locations in 2018. Store sizes will vary from 12,410 sq. ft. to 25,409 sq. ft. The expansion will give Duluth Trading coast-to-coast presence from Portland, Maine to Portland, Oregon.
“With each new store opening, we are attracting more customers to the Duluth Trading brand and during fiscal 2017, new customers acquired through our retail segment accounted for 25% of total new customer growth,” said Stephanie Pugliese, CEO of Duluth Trading, which has 31 stores. “We continue to see higher sales growth in markets with an established store, which supports our long-term strategy to significantly expand our total market opportunity through continued strength in online capabilities and the full expression of the brand in a brick-and-mortar setting.”
Also on Thursday, Duluth reported that its net sales increased 24.7% to $217.8 million in the quarter ended January 28, compared to $174.7 million in the year-ago period.
Net income was $19.5 million, or $0.60 per diluted share, compared to $14.0 million, or $0.43 per diluted share in the prior-year quarter. Excluding the impact of the recent tax legislation, net income was $17.6 million, or $0.55 per diluted share.
For the full year, net sales increased 25.3% to $471.4 million compared to $376.1 million in the prior year. Net income was $23.4 million, or $0.72 per diluted share, compared to $21.3 million, or $0.66 per diluted share in the prior year. Excluding the impact of the Tax Act, net income was $21.5 million, or $0.67 per share.
“Net sales [for the full year] in our men’s business grew 22% and our women’s business grew 37%, exceeding the $100 million milestone and accounting for almost a quarter of our total annual sales,” Pugliese said. “This marks our 32nd consecutive quarter of increased net sales year-over-year.”
Founded as a catalog operation, Duluth describes itself as a lifestyle brand for the modern, self-reliant American, offering high-quality, solution-based apparel for men and women who lead a hands-on lifestyle. Known for its quirky, fun advertisements and marketing, the company strives to offer customers an engaging and entertaining experience, online and in stores.