Maurices suffers losses, store closures in third quarter
Maurices continued to close stores last quarter.
The Duluth-based women's clothing company closed seven stores in its third quarter ending April 28, dropping from 993 to 986 stores, according to parent company Ascena’s results released Monday.
Maurices had $236.6 million in sales in the third quarter, down from $256.1 million during the same period in 2017.
Maurices President and CEO George Goldfarb blamed the results on poor weather.
“With cool temps causing a slow start to the Spring/Summer selling period, third quarter results were challenging with maurices comparable sales down five percent. Trends started to improve over the March/April period, with a significant pick-up in May with summer temps finally arriving,” Goldfarb said in an emailed statement to the News Tribune.
In a conference call Monday afternoon, Ascena officials said Maurice’s online transactions were up 25 percent in the quarter and the company has found that if stores create localized social media accounts, it can drive more traffic to the store.
The third quarter announcement came as markets closed, but Ascena’s after-hours stock price fell sharply.