Outdoor apparel manufacturer and e-retailer goes public
13.10.2015 322 views
A Wisconsin-based outdoor apparel manufacturer and retailer has filed for a $115 million initial public offering, revealing in its IPO filing that the web accounts for the majority of its sales.
Duluth Holdings Inc., which owns Duluth Trading Co., wrote in its IPO filing last Tuesday that e-commerce represented 70% of its overall sales during fiscal 2014, which ended on February 1, 2015. Based on net revenues of $231.9 million, that would mean that e-commerce accounted for about $162 million in revenue in fiscal 2014.
“Our e-commerce platform is highly scalable and has exhibited strong growth with e-commerce net sales increasing at a CAGR [compound annual growth rate] of 47% from fiscal 2012 to fiscal 2014,” the company writes. “We believe our e-commerce customer experience has been successful in converting website visitors into customers.”
Duluth Trading says its web traffic increased to 26.8 million visits in 2014, more than double (52%) the number of visits it saw in fiscal 2013. It offers free shipping on all online orders over $50.
For the first six months of fiscal 2015 ended August 2, Duluth Trading reports in its filing: Direct sales, which includes online sales, of $94.7 million, up 31.8% from $71.8 million during the same time last year.
Source: Internet Retailer