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Gander Mountain reports double-digit decline in same-store sales
28
Aug '08
Gander Mountain Company reported sales of $252.9 million for the quarter ended August 2, 2008, an increase of 16.8 percent over the prior year period. Comparable store sales decreased 11.7 percent in the second quarter. The 2008 period includes $39.7 million in revenue due to the expansion of the company's direct marketing business through Overton's.

Net loss for the second quarter was $4.9 million, or $0.20 per share, compared to a net loss of $9.7 million, or $0.48 per share, in the second quarter of fiscal 2007. Per share information for the most recent quarter reflects the issuance of an additional 4,067,797 shares of common stock in December 2007, the proceeds of which were used to partially fund the Overton's acquisition.

For the 26 weeks ended August 2, 2008, the company reported sales of $460.5 million, an increase of 17.4 percent over the comparable period in 2007. The company reported a net loss for the 26-week period of $29.3 million, or $1.22 per share, compared with a net loss of $32.5 million, or $1.61 per share for the 26 weeks ended August 4, 2007.

"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.

"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," said Baker.

Gross profit increased 30.9 percent to $67.5 million for the second quarter. As a percent of sales, gross profit increased 288 basis points to 26.7 percent, reflecting both improvement in business mix relating to higher-margin direct sales and increased retail product margins.

Selling, general and administrative expenses (SG&A) for the second quarter increased 21.1 percent to $66.9 million, reflecting the inclusion of $14.6 million in operational expenses from the direct marketing segment. As a percent of sales, SG&A for the retail segment improved 97 basis points over the comparable quarter last year.

Gander Mountain Company


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