Gander Mountain Company sees profits up 37%, Q1 2005
19 May '05
5 min read
Leading specialty outdoor accessory retailers Gander Mountain Company reported sales and earnings for the first quarter ended April 30, 2005.
Sales increased 37 percent over the first quarter of fiscal 2004, on track for the company's targeted sales increase of at least 32 percent for the year. -- The company currently operates 89 stores in 14 states.
For the first quarter of fiscal 2005, sales increased to $135.1 million, an increase of 37 percent over the first quarter of fiscal 2004. Comparable store sales decreased one percent after an increase of 8.7 percent in the first quarter of 2004. The net loss for the first quarter of fiscal 2005 was $17.6 million, compared to a $13.8 million restated loss for the first quarter of fiscal 2004.
"First quarter results keep us on track to meet our 2005 financial plan," said Mark Baker, President and CEO. "We are satisfied with our results for this quarter, which accounts for only about 15 percent of sales due to seasonality. We saw solid comparable store sales gains in hunting, our largest product category, and in marine accessories."
In the first quarter of fiscal 2005, the company opened six new stores, including one relocated store, bringing the total store count to 87 at the end of the quarter. Three of the new stores expand the company's presence in markets where the Gander Mountain brand was introduced in 2004, namely, Texas and Colorado. The other new stores extend the company's reach into Minnesota, New York and Indiana.
marketing@alchempro.com
