The growth of Duluth Trading Co. is continuing.
Just weeks after the Mount Horeb company opened its 50th store in Spokane Valley, Washington, its parent company, Duluth Holdings, has announced that it has opened a store in Jacksonville, Florida, its first entry into that state.
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“Not only is Jacksonville the most populous city in Florida, it also renowned for its 22 miles of beaches and one of the largest urban park systems in the U.S.," said Stephanie Pugliese, Duluth's CEO. "It is an ideal location for our many customers in northeastern Florida and visitors alike who are true fans of the Duluth Trading lifestyle brand."
Last month, after the company's fourth quarter financial report was released, Duluth stock dropped by 25 percent. The report showed that while holiday shopping started out strong, sales declined and the company had inventory glitches.
For the full 2018 fiscal year, Duluth Holdings reported $568.1 million in sales, including the extra week, up from $471.4 million for fiscal 2017. Net income was $23.3 million, or 72 cents a share, compared with $23.4 million, or 72 cents a share, the year before. Since December, the company's stock has lost almost half of its value but has hovered over the last month between about $16 and $17 per share.
In 2018, Duluth opened 15 stores, implemented a new order management system and e-commerce platform, upgraded its Belleville distribution center and opened a new $20 million headquarters building in downtown Mount Horeb. The company still has a distribution center, call center and outlet store in Belleville. Elsewhere in the state it has an outlet store in Oshkosh and stores in La Crosse, Waukesha, Port Washington and Mount Horeb.
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