Outdoor financials: Q1 sales for Gander mountain up 11.6 percent, plus Collective Brands, LaCrosse
Q1 sales for Gander Mountain rose 11.6 percent, Collective Brands' Q1 profits surged, and LaCrosse completed its acquisition of END Footwear.
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Q1 sales for Gander Mountain up 11.6 percent
Gander Mountain (Nasdaq: GMTN) narrowed its loss for the first quarter and said its retail sales increased 11.6 percent, reflecting strong performance in firearms, ammunition, marine and camping.
For the quarter ended May 2, retail segment sales were $209.9 million versus $188 million last year. Direct segment sales were $17.8 million for the quarter, compared to $19.7 million for the same quarter last year, a decrease of 9.6 percent.
Retail segment net loss was $16.4 million compared to a retail net loss of $22.8 million for the first quarter last year — an improvement of 28.3 percent. Gander said the improvement resulted primarily from sales gains, improved leverage in SG&A and reduced interest expense.
Consolidated net loss was $18.6 million versus a consolidated net loss of $24.4 million for the same quarter last year, an improvement of 23.7 percent. Consolidated results for the quarter include a net loss from the direct segment of $2.3 million.
Comparable store sales during the first quarter of fiscal 2009 were 7.4 percent, an improvement over a loss of 0.2 percent in the fourth quarter of fiscal 2008. Excluding a 5.4 percent loss in boat and ATV sales and power sport services, which are categories the company said it is in the process of exiting, comparable store sales were 12.8 percent during the quarter.
Consolidated SG&A costs, as a percentage of sales, declined 110 basis points to 27.3 percent of sales in the quarter.
At the end of the quarter, the company had total debt of $308 million, which is lower than the prior year by $39 million.
Collective Brands Q1 profits surge
Collective Brands (NYSE: PSS), parent of Saucony and Hind, said its first-quarter profits jumped 93 percent despite lower sales.
For the quarter ended May 2, earning were $38 million, or $0.59 per share, compared to $19.7 million, or $0.30 per share, during the same period a year ago. The year-ago period included $33.5 million in litigation and accounting charges.
Revenue fell 7.4 percent to $862.9 million. Same-store sales declined by 4.8 percent.
LaCrosse completes END Footwear acquisition
LaCrosse Footwear (Nasdaq: BOOT) said it has completed the acquisition of certain assets of Environmentally Neutral Design Outdoor, also known as END Outdoor Footwear. Through the agreement LaCrosse acquired substantially all the assets comprising END’s footwear business, including inventory, intellectual property and other assets.
–Compiled by Wendy Geister
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