Gander Mountain Company, the nation's largest retail network of stores for hunting, fishing, camping, marine and outdoor lifestyle products and services, reported results for the quarter ended April 29, 2006.
Sales increased to $155.6 million, an increase of 15 percent over the first quarter of fiscal 2005. Comparable store sales decreased 10.4 percent.
The company reported a loss for the first quarter of fiscal 2006 of $23.0 million for both pretax and net loss, compared to a first quarter 2005 pretax and net loss of $20.1 million before a one-time payment to Gander Mountain of $2.5 million related to the termination of the company's previous co-branded credit card agreement.
The reported pretax and net loss for the first quarter of 2005 was $17.6 million.
"Since many of our stores are unprofitable during our seasonally small first quarter, the increase in our first quarter loss over last year is primarily the result of having, on average, an additional 16 stores open during the period," said Mark Baker, President and CEO. "We have maintained tight control over our expenses, and we have a number of initiatives in place to drive sales during the remainder of the year, including the important hunting and holiday seasons."
The net loss per share for the first quarter of fiscal 2006 was $1.61, compared to a net loss of $1.23 per share for the first quarter of fiscal 2005. The company does not currently record a tax benefit in calculating net loss or loss per share.
marketing@alchempro.com
