Duluth-based Maurices chain reports profits in third quarter
Maurices is reporting strong third-quarter profits, despite harsh winter weather that kept many shoppers away and affected sales.
Comparable sales — sales of its established stores open at least one year — rose 2.3 percent, driven by continued strong online growth.
“Even with the difficult unseasonable weather patterns that contributed to traffic pressures, Maurices was able to achieve a respectable comparable sales increase for the third quarter, which was upper quartile to our industry peer group,” Maurices President George Goldfarb said in a statement. “Our profits continue to remain solid in excess of 13 percent of sales for the quarter. Our continuing strategy of more targeted promotions resulted in very strong margin and profit rates.”So far this fiscal year, Maurices has posted $85.2 million in profits and $744.3 million in sales, a 6.2 percent increase.Same-store sales for the three quarters are up 1.2 percent compared to the same period last year, while online sales are up a whopping 41 percent to $69.8 million, the data shows.March marked the opening of the fast-growing chain’s 900th store. By the end of its fiscal year in July, it will have opened about 55 new stores for the year, including 13 in Canada.Goldfarb is optimistic about the summer shopping season.“We feel positive about our summer fashions and are looking forward to increasing our momentum,” he said.