Duluth-based Maurices reports record profits for quarterDuluth-based women’s clothing chain Maurices says it posted a record 20 percent operating income in the quarter that ended April 24.
Duluth-based women’s clothing chain Maurices says it posted a record 20 percent operating income in the quarter that ended April 24.
Sales rose 17 percent to
$178 million for the quarter, and operating income was $35.2 million — or 20 percent of sales. That’s $10 million more in profit than the same period last year, an increase of about 40 percent, said Chief Operating Officer George Goldfarb.
“Maurices was extremely pleased and proud of our financial performance,” Goldfarb said.
Looking at the nine months ending April 24, sales rose more than 12 percent, to $498 million, with comparable store sales up 6 percent. Operating income during the period was $69.6 million or 14 percent of sales. That’s up 43 percent from the same period last year.
The gains were outlined in quarterly results of Dress Barn Inc., Maurices’ parent company, released Wednesday. The Suffern, N.Y.-based retailer reported third-quarter net earnings of $48 million versus earnings of $23.1 million during the same period last year.
“We are well positioned and optimistic going into the summer months and back-to-school and are very encouraged by our trends,” Goldfarb said in a statement. “Our merchants, marketing and store teams continue to deliver a strong fashion assortment and outstanding service, driving our results to record levels despite the tougher economic climate.”
Maurices is continuing to invest in store expansion, with about 40 new stores planned for this year, he said. Currently it has 750 locations in 44 states.