Maurices comes out of gate strong under new owners

Maurices announced its first financial results since it sold by Ascena Retail Group.

The value-oriented women’s apparel retailer, which was acquired by an affiliate of British private equity firm OpCapita in May, said that same-store sales rose 7% for its first quarter, which ended on November 2.  Maurices also experienced solid gains in margin, operating income and EBIDTA, the company said.

“We are pleased with our momentum and first-quarter performance which speaks to the strength of our brand, our strategic initiatives and our loyal customers,” said George Goldfar, president and CEO, Maurices, which operates more than 903 stores nationwide. (Goldfarb had served in the same position when the company was owned by Ascena.)

Goldfarb cited the positive results to the chain’s hitting key new fashion trends, greater size availability, competitive pricing and exceptional shopping experiences – both in stores and online. 

“Our traffic and customer base continues to grow, and we have exceptional talent who executed well throughout the quarter,” Goldfarb commented.” I’m excited that not only are we promoting from within, we are also bringing new talent and capabilities into the organization. We appreciate the partnership of our new ownership, OpCapita, and they remain committed to our growth.”

Ascena received approximately $210 million in cash for Maurices before expenses, and an approximately 49.6% interest in the OpCapita affiliate that is now the owner of Maurices. The U.S. retailer also continues to support the chain on its shared business services platform through a managed services agreement, including support for IT, supply chain, sourcing, and certain back-office functions.