Hollister’s online stores are selling well, but they still struggle to make a profit.
As of late, the company has only $3 million in cash on hand, and a lot of that is sitting in the bank account.
The company, however, does have one big winner.
It has made more than $1 million in profits from its online store since the start of the year.
The sales are coming from the new store in Austin, Texas, but the majority of the profits came from sales from its wholesale store, which has nearly doubled in size in the past year.
As a result, the total cash on-hand in the Hollister brand is now $6 million, up from $2.4 million in February, when the Austin store closed.
In the past, Hollister had a cash-on-hand of $8 million.
“We are very pleased with the results of the first half,” Hollister CEO Jim Mulligan said in a statement.
“The business is growing very well and we are confident that we will be profitable for the rest of this year.”
The Austin store is the first new store to open in Austin since the store closed in April.
It will open in November, and Mulligan told Polygon that the company is “very pleased with that.”
“We had a great store that was open all the time and we had customers come in,” Mulligan added.
“It was really an amazing experience for us to be able to be in Austin at the time.”
Mulligan is hoping to open more Hollister stores in other parts of the country, including in New York City, Los Angeles, San Francisco, and Seattle.
“I want to expand the business,” Mulligans said.
“That’s a great way to expand and bring Hollister to the next level.”