Maurices sales dip, rebound ahead of holiday shopping season
Duluth-based Maurices saw sales slide 3 percent in its most recent fiscal quarter, which ended Nov. 3.
"In August and September, we experienced a challenging transitional period resulting from both lacking newness in the assortment and adequate depth in key fashion items,” CEO George Goldfarb said in a statement. “We saw a marked improvement in the business trend in October that has continued into November.”
The women’s apparel retailer brought in $253.3 million in the last quarter, compared to $265.9 million over the same period in 2017. Maurices locations near shuttered BonTon stores — Younkers, Herbergers, etc. — performed better than others, Goldfarb said.
“We are beginning to see benefits related to competitor store closures,” he said. “Additionally, we continue to see growth with our myMaurices loyalty program.”
Maurices closed 11 stores in the past quarter, bringing the total to 961.
Parent company Ascena Retail Group saw a 3 percent sales increase across all its brands, led by gains at Justice and Loft.