Gander Mountain Company reported results for the fiscal quarter ended May 5, 2007.
For the first quarter, sales increased 13.0 percent to $175.7 million and comparable store sales increased 1.0 percent versus the first quarter of the prior year. Losses from operations were $18.9 million, or 10.7 percent of sales, versus $19.0 million, or 12.2 percent of sales for the comparable period.
For the quarter, the company reported a net loss of $22.8 million, or $1.14 per diluted share, compared to a net loss of $23.0 million, or $1.61 per diluted share, in the first quarter of fiscal 2006.
"In the first quarter, we demonstrated progress by reducing losses in what historically has been our seasonally smallest period while operating a higher number of stores. Though the gains were small, this is the first time as a public company that Gander Mountain has improved operating performance in the first quarter versus the prior year," said Mark Baker, president and CEO.
"We were pleased by the regional strength in our growing number of southern stores and by initial performance in our new offering of Tracker Marine Group boats at selected stores. Both these trends are evidence of the operating momentum we are gaining from our merchandising initiatives and geographic diversification strategy."
First Quarter 2007 Financial Highlights: • The company opened one replacement store during the first quarter, bringing the number of stores operated at the close of the first quarter to 105. For all of fiscal 2007, the company plans to open a total of 13 stores, including three replacement stores, bringing total stores operated at year end to 115.
marketing@alchempro.com
