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Gander Mountain improves its performance through year
23 Apr '09
4 min read
2008 Fiscal Year:
For the fiscal year, the company reported record sales of $1.1 billion, an increase of 9.8 percent over the prior year. The company reported a net loss for the year of $15.5 million, or ($0.64) per share, compared with a net loss of $31.8 million, or ($1.52) per share for the 2007 fiscal year.
Retail segment results for the year were a net loss of $9.4 million compared with a net loss of $30.6 million in fiscal 2007. Comparable store sales declined 5.6 percent. Direct segment results were a net loss of $6.1 million compared with a net loss of $1.2 million in fiscal 2007 reflecting additional investment in the launch of Gander Direct in fiscal 2008.
Improvement in inventory management resulted in a decrease in Retail segment inventory of 18 percent per square foot, year-over-year, and a 23 percent decrease in Retail segment clearance inventory.
Record cash flows from operating activities for the year were $59.2 million, an improvement of approximately $90 million over fiscal year 2007. During the year, the Company reduced its total debt by approximately $38 million.
"Gander Mountain improved its performance through the year in total revenues, operating performance and cash generation as we applied a more disciplined approach to our operations, capital, and expense decisions," said David C. Pratt, chairman and interim chief executive officer.
"Thus far into 2009, in a difficult retail environment, we continue to see progress in operating performance. Our ongoing efforts to build the leadership team, improve operating margins, and reduce debt should continue the momentum we generated in the 'New Gander Mountain' this last fiscal year."
For the fiscal year, the company reported record sales of $1.1 billion, an increase of 9.8 percent over the prior year. The company reported a net loss for the year of $15.5 million, or ($0.64) per share, compared with a net loss of $31.8 million, or ($1.52) per share for the 2007 fiscal year.
Retail segment results for the year were a net loss of $9.4 million compared with a net loss of $30.6 million in fiscal 2007. Comparable store sales declined 5.6 percent. Direct segment results were a net loss of $6.1 million compared with a net loss of $1.2 million in fiscal 2007 reflecting additional investment in the launch of Gander Direct in fiscal 2008.
Improvement in inventory management resulted in a decrease in Retail segment inventory of 18 percent per square foot, year-over-year, and a 23 percent decrease in Retail segment clearance inventory.
Record cash flows from operating activities for the year were $59.2 million, an improvement of approximately $90 million over fiscal year 2007. During the year, the Company reduced its total debt by approximately $38 million.
"Gander Mountain improved its performance through the year in total revenues, operating performance and cash generation as we applied a more disciplined approach to our operations, capital, and expense decisions," said David C. Pratt, chairman and interim chief executive officer.
"Thus far into 2009, in a difficult retail environment, we continue to see progress in operating performance. Our ongoing efforts to build the leadership team, improve operating margins, and reduce debt should continue the momentum we generated in the 'New Gander Mountain' this last fiscal year."
Gander Mountain Company
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