Duluth Trading continues sales surge for 29th consecutive quarter
With the release of its fiscal first quarter (ending April 30) financial results, Duluth Holdings Inc. (dba, Duluth Trading Co.) reported a year-over-year increase of 21.9% in net sales, from $68.6 million in first quarter 2016 to the current $83.7 million. It was the 29th consecutive quarter of increased net sales year over year.
Net income fell, however. It was $0.4 million ($0.01 per diluted share), compared to $3.2 million (10 cents/diluted share) last year.
Four new stores were opened during the quarter — in the Boston, Detroit, Indianapolis, and Providence markets — and the company now expects to open a total of 12 retail stores and one outlet store in 2017.
In the first quarter, the company had 20 retail locations compared to just nine a year ago.