Gander Mountain reports higher sales, lower net loss
By IBI Magazine
Gander Mountain Company today reported sales of US$252.9 million for its second quarter ended August 2, 2008, a 16.8 per cent increase over the same period a year ago. The company also reported a net loss of US$4.9 million compared to a net loss of US$9.7 million a year ago. A statement noted that the increased sales were partly due to revenues gained through its acquisition of Overton's. Same-store sales decreased by 11.7 per cent in the quarter. "As anticipated, second quarter results reflect continuing economic pressure on consumer purchases of discretionary items, and we expect these conditions to persist in the second half of fiscal 2008," said Mark Baker, president and CEO, in the statement. "Entering the seasonally-stronger second half of our year, Gander Mountain's concentration on growth in the direct business, targeted marketing spend, and cost-saving initiatives offer opportunities for improved performance in the remainder of fiscal 2008." Gander Mountain has 115 retail stores in the US, selling outdoor and marine products. It also owns Overton's, a catalogue and internet retailer of boating accessories.
(27 August 2008)
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