US workwear firm Duluth Holdings' FY20 sales up 3.8% to $639 mn

Duluth Holdings, an omnichannel lifestyle brand of men’s and women’s casual wear and workwear, has reported 3.8 per cent sales growth to $638.8 million in its complete fiscal 2020 ended on January 31, 2021, compared to the sales of $615.6 million in the previous fiscal. The company’s net income for the year dropped to $13.6 million (FY19: $18.9 million).

 

Duluth Holdings, an omnichannel lifestyle brand of men's and women's casual wear and workwear, has reported 3.8 per cent sales growth to $638.8 million in its complete fiscal 2020 ended on January 31, 2021, compared to the sales of $615.6 million in the previous fiscal. The company's net income for the year dropped to $13.6 million (FY19: $18.9 million).#

“Fortunately, our strong omnichannel presence allowed customers, who traditionally shopped in stores, to shift their buying patterns to online purchases. When our stores closed, we also ramped up digital marketing and promotions to draw current and new customers to our website. Overall, direct sales closed the retail gap and ended the year accounting for 72 per cent of total 2020 sales,” Steve Schlecht, executive chairman and CEO of Duluth Trading, said in a press release.

 

Duluth Holdings, an omnichannel lifestyle brand of men's and women's casual wear and workwear, has reported 3.8 per cent sales growth to $638.8 million in its complete fiscal 2020 ended on January 31, 2021, compared to the sales of $615.6 million in the previous fiscal. The company's net income for the year dropped to $13.6 million (FY19: $18.9 million).#

Gross profit during FY20 was $331.5 million ($328.1 million), while selling, general and administrative expenses were $307.3 million ($300.0 million). The company’s operating income decreased to $24.2 million ($28.1 million).

 

Duluth Holdings, an omnichannel lifestyle brand of men's and women's casual wear and workwear, has reported 3.8 per cent sales growth to $638.8 million in its complete fiscal 2020 ended on January 31, 2021, compared to the sales of $615.6 million in the previous fiscal. The company's net income for the year dropped to $13.6 million (FY19: $18.9 million).#

“Early 2021 sales are off to a good start and are trending up in the mid-teens to last year. We are confident in our future based on the strength of our brand, our innovative product development resonating with customers and our ability to enhance profitability,” Schlecht concluded.