Thursday, May 10, 2018

Duluth Trading aiming for 100 stores in 5 years

Retail Dive
As a public company (the retailer staged an initial public offering two and a half years ago), Duluth Trading Co. has grown newly ambitious about a cross-country expansion. The retailer, based in Belleville, Wisconsin, for years served as a small regional catalog-based retailer, catering to workmen and outdoorsy types like gardeners, but executives are confident that there's an enthusiastic consumer to reach well beyond its northern Midwestern base.

Sales are indeed up. In March, the company reported fourth quarter net sales rose 25% to $217.8 million from $174.7 million last year. Gross profit in the quarter was $116 million, or 53.3% of net sales, compared to $96.8 million or 55.4% of net sales last year. "The growth in the retail sales can be attributed to having 15 more stores as compared to last year," CFO Dave Loretta told analysts. . . . more