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Duluth Holding Company, formerly Duluth Trading Company, is a 30-year-old lifestyle brand of men’s and women’s casual wear, workwear, and accessories headquartered in Belleville, Wisconsin.
It recently reported fiscal 2018 sales and earnings. Net sales increased by 20.5% to $568.1 million in fiscal 2018, up from $471.4 million in fiscal 2017.
Net income was $23.3 million, or $0.72 per fully diluted share, essentially unchanged from $23.4 million and $0.72 per fully diluted share the previous year.
Earnings growth was stifled by the company’s rapid expansion. Home Depot grew by more than 40% at one point in its early years.
To be successful, I advised management not to do it again and to maintain a 25% growth rate. Rapid expansion necessitates more supervision, more merchandise, and opening targets are frequently missed.
As a result, earnings are likely to fall short. Management is under too much stress. Home Depot’s management agreed, and the company’s subsequent success was built on disciplined growth and strict expense control.
Duluth Trading opened 16 retail stores totaling approximately 250,000 square feet during the fiscal year.
There were 46 stores at the end of the fiscal year.
Duluth Trading Company Brand of Mens And Womens Casual
This represented a 53% increase. It lays the groundwork for another 15 stores to open during the current fiscal year. This would represent a 33% increase in store locations.
Furthermore, the company is developing an omni-channel model and a more “holistic” approach to engaging customers across all channels.
Holistic? Definition: Things should be studied holistically rather than as a sum of their parts. Customers, in my opinion, should be understood, served, and befriended.
Instead of attempting to be all-encompassing, the company should be realistic. Duluth Trading definitely became a friend of mine.
Its advertisements are amusing because it assumes the customer is intelligent and appreciates good storytelling. The product is of high quality, outdoor-bound, strong, and weatherproof. Its catalog is vivacious.
It offers Buck Naked Underwear for both men and women, as well as women’s artisan hemp tops, Longtail sleeveless T shirts, and women’s No-Yank tanks.
According to Wikipedia, the United States Olympic Committee chose Duluth Trading Company as the “Official Off-Sled Outfitter” of the United States luge team for the 2018 Winter Olympics.
Bob and Dave Fierek founded Duluth Trading. They began by producing and selling a toll organizer known as the Bucket Boss.
Its corporate headquarters were on a barge, a floating store on Lake Superior. Fiskars eventually purchased Duluth in the 1990s.
Steve Schlecht has owned it since 2000; he is now the executive chairman of the company and the founder of the company as it currently exists. Stephanie Pugliese began working for the company in 2008.
She came to the company after working in senior positions at Lands’ End and Ann Inc. She held several positions within the company before being named president and CEO in 2015.
Duluth Trading Company locations can now be found as far west as Colorado and as far east as Virginia, Pennsylvania, and New Jersey.
Duluth has made a significant foray into the retail market. I believe they have a loyal customer base. The company is concerned about their customers.
They must, however, pay attention to their investors, who were taken aback by the lack of earnings momentum.
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