Maurices will close its headquarters in Downtown Duluth on Wednesday for its 3rd annual Best Day Ever and Grand Give.
In one afternoon, Maurices will donate thousands of dollars and over 450 home office associates will contribute nearly 1,600 hours of volunteer time to 26 organizations in the Duluth area.
Many of the projects align with Maurices philanthropic mission of inspiring women and children to be their best.
“We love our hometown and the Grand Give has become an important tradition to our associates,” said Maurices President and CEO George Goldfarb. “They love to make a meaningful impact in our community and give back to the place we call home.”
After nearly three years in the making, Maurices today officially celebrated the completion of its new headquarters building at 425 West Superior Street with a ribbon cutting ceremony. The $80 million project is the largest commercial development in Downtown Duluth.
The building stands an impressive 11 stories tall and spans an entire city block.
Maurices funded $60 million and the City of Duluth and State of Minnesota provided $20 million to build the public parking ramp and skywalk infrastructure.
For more than 85 years, Maurices has called Duluth home. What started as a small retail store in downtown Duluth is now nearly 1,000 stores across North America with 9,000 associates.
The new building honors Maurices heritage and Duluth roots, while providing a contemporary home for 450 associates with room to grow to 600.
“I couldn’t be more proud of providing our associates with a new building that promotes well-being, collaboration and is truly an inspiring place to come to work each day,” said George Goldfarb, Maurices President & CEO. “I’m also proud to be investing in Duluth and continuing to help revitalize our downtown, making our city a great place to live and work.”
The new headquarters provides amenities such as a fitness center, a multipurpose family room for dining, working or socializing, an outdoor deck to enjoy fresh air and breathtaking views, adjustable height desks so associates can sit or stand throughout the day and a mock store that is a replica of a real store to provide visual direction to stores across the country.
Maurices is known for being the destination for style in hometowns across North America, providing flattering styles for women of all ages and sizes.
A very tough overall retail environment resulted in Maurices first comparable sales decrease in over two years, the Duluth-headquartered company announced today.
Total sales for the third quarter, which ended April 23, decreased 2% over the same period last year to $269.4 million as compared to $274.9 million. Comparable sales for the quarter were down 6%. On a year-to-date basis, total sales increased 5% to $843.7 million as compared to $806.6 million for the same period last year. Comparable sales were up 1% on a year-to-date basis.
Profits for the third quarter were still a very solid $34.3 million, or 13% of sales, down from last year’s $47.4 million or 17% of sales.
“Despite the tough results relating to extremely challenging retail industry traffic, we were able maintain our position near the top of retailers from a profit perspective,” said Brian Thun, Maurices SVP/Chief Financial Officer. “Our comp decrease was largely due to a decline in store traffic, and we especially saw this in Midwest states that were impacted by the commodity industry such as oil and farming. We also were up against some fluctuating weather patterns that tempered Spring/Summer product sales.”
“After our solid run of successful comp growth, third quarter results were disappointing,” Maurices President and CEO George Goldfarb said. “However, through our disciplined inventory and expense management, we have been able to navigate through these traffic headwinds and maintain a very healthy margin rate. We enter fourth quarter with inventories well positioned to react as retail traffic rebounds. As always, we remain very confident in our growth strategies and our ability to bounce back even stronger as the environment improves.”
Maurices continues to be pleased with its new store performance, adding roughly 50 new stores this fiscal year as part of its US and Canadian expansion strategy, ending the fiscal year in July 2016 with roughly 990 stores. Maurices plans to hit the 1,000 store mark in the first quarter of fiscal 2017.
Today marks maurices’ 85th year anniversary. From the single store that opened in 1931 in downtown Duluth, maurices has grown to a $1.1 billion retailer with 980 stores across the United States and Canada and more than 9,000 employees.
“I’m so proud to be one of North America’s longest standing and strongest specialty retail brands,” said George Goldfarb, President and CEO of maurices. “I’m often asked about our secret sauce and what has enabled us to achieve such a sustained track record. I truly believe our success is a result of our pervasive and powerful culture, which is centered around great people and strong values, the same foundation that was established with our founders, Maurice and Ella Labovitz.”
That culture was acknowledged by Forbes business magazine last week, which placed maurices on its 2016 list of America’s Best Employers. The magazine surveyed more than 30,000 employees across the country, with a willingness to recommend one’s own employer to someone else as the most important factor in the assessment. maurices made the list of 500 employers across 25 industries.
The company will be celebrating its 85th anniversary throughout the next year beginning with the move to its new headquarters at 425 W. Superior Street at the end of April.
maurices, located in downtown Duluth since 1931, is a subsidiary of Ascena Retail Group, Inc. (NASDAQ – ASNA), which includes maurices, Ann Taylor, LOFT, Lou & Grey, dressbarn, Justice, Lane Bryant, and Catherines. It’s the fashion store for women who embrace who they are and want to express their unique style.
maurices, is a multi-channel retailer, currently operating 980 stores in 46 states and Canada.