Sporting goods retailer The Sportsman's Guide Inc has reported results for the quarter ended March 31st 2006 that, with respect to net sales and fully diluted earnings per share, were at the high end of the most recent guidance.
Net sales for the company's first quarter were $71.6 million, an approximate 11 percent increase when compared to $64.6 million reported for the same period in 2005. The increase in net sales for the period was primarily due to increased Internet-related sales.
Net earnings for the first quarter of 2006 were $2.2 million compared to net earnings of $2.3 million for the quarter ended March 31st 2005.
The first quarter of 2006 is the first period that stock-based compensation expense has been recognized in the company's consolidated financial statements. For the first quarter of 2006, the stock-based compensation expense totaled $568,000 on a pre-tax basis. Since the company applied the modified prospective method in adopting SFAS 123R, periods prior to adoption have not been restated.
Gregory Binkley, President and CEO, stated, "It was another strong first quarter at The Sportsman's Guide. We saw net sales increases at both TSG and TGW; TSG's net sales grew in excess of 10 percent and TGW's net sales grew 13 percent. This double-digit sales growth at both was once again primarily due to our success in generating higher levels of Internet-related sales."
Total consolidated catalog circulation during the first quarter of 2006 was 13.7 million catalogs compared to 13.3 million catalogs during the first quarter of 2005. TGW circulated 1.3 million catalogs during the first quarter of both 2006 and 2005.
The Sportsman's Guide Inc is a multi-channel direct marketer of value-priced outdoor gear and general merchandise, with a special emphasis on outdoor clothing, outdoor equipment, sporting goods, golf apparel and equipment and footwear.
The Sportsman's Guide Inc