Dover Saddlery Reports Drop In Profits
Littleton-based Dover Saddlery Inc. saw its profits take a sharp drop in the second quarter over last year, falling from $627,000, or 12 cents per share to $304,000, or 5 cents per share, the company reported.
The equestrian product retailer's president and CEO, Stephen L. Day, attributed the fall to soft demand in direct sales. Net direct sales were down from $12.2 million last year to $11.5 this year. However, as the company has continued to open new retail stores – its 17th was launched in Pennsylvania during the quarter – its in-store sales have increased 16.4 percent from $8.1 million in 2011 to $9.4 million. Same-store sales increased 2.1 percent.
Total revenue for the period, which ended June 30, increased 3.6 percent, to $21 million, over the same span last year.
For the first six months of 2012, total revenue rose $39.3 million, from $37.5 million in 2011. Net income was $525,000, down from $752,000.
Dover is continuing to expand and plans to open stores in Medina, Minn., and Raleigh, N.C., in the fall.
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