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Gander Mountain reports Q1 2008 results

03
Jun '08
Gander Mountain Company reported sales of $207.7 million for the quarter ended May 3, 2008, an increase of 18.2 percent over the prior year period. Comparable store sales decreased 6.7 percent in the first quarter. The 2008 period includes $19.7 million in direct marketing revenue due to the acquisition of Overton's in December 2007.

Net loss for the first quarter was $24.4 million, or $1.02 per share, compared to a net loss of $22.8 million, or $1.14 per share, in the first 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.

"As anticipated, first quarter results in our seasonally-smallest quarter reflect continuing economic pressure, both in the broad economy and particularly with the purchase of discretionary items. Overall, conditions eased in the first quarter of 2008 from late 2007 and our results were in line with our expectations," said Mark Baker, president and CEO.

"We have taken a conservative approach to new store openings. We have completed our 2008 opening program while increasing our emphasis on southern stores," said Baker. "In the second quarter of fiscal 2008, we expect to benefit from the positive impact of Overton's peak marine business. The combination of cost-saving initiatives, growth in direct marketing, fewer store openings and other strategic sales initiatives will position Gander Mountain for improved performance in fiscal 2008."


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