Maurices posts record sales in recent fiscal year
Sales are up again at Maurices. The Duluth-based women's clothing chain ended its fiscal year July 28, recording record sales of $853 million, up 10 percent from last year's sales, according to quarterly results announced Friday. The fiscal year ...
Sales are up again at Maurices.
The Duluth-based women's clothing chain ended its fiscal year July 28, recording record sales of $853 million, up 10 percent from last year's sales, according to quarterly results announced Friday.
The fiscal year saw nearly $103 million in profits, the second highest ever reached, topped only by 2011's $114.6 million. The percentage of profits from sales was 12 percent, down from last year's nearly 15 percent. But that 12 percent was similar to other recent years, company figures show.
The business year ended on a strong note, with record profits of $14.7 million in the fourth quarter, with 7.3 percent of the profits coming from sales. Sales rose 10 percent to $202 million.
Company officials were disappointed, however, with the 1 percent increase in sales at its established stores in the final quarter, compared to the same quarter last year.
Company President George Goldfarb attributed it to failing to act on some key women's fashion trends.
Meanwhile, Maurices' growth spurt continues. The company opened 57 new stores in fiscal year 2012, including six in Canada. It plans to open even more in the next year -- 70 new stores, including 15 in Canada.
"We are extremely pleased with our entry into Canada and see this as an excellent growth opportunity," Goldfarb said. "At year-end, Maurices operated 832 stores in 45 states and Canada. Strong online sales growth was a contributing factor to our performance."
The company expects to have another successful year by continuing to focus on its customers and providing fashion at a value, he said.
Maurices is owned by Ascena Retail Group Inc., a publicly traded company.