Dover Saddlery retail stores drive revenue gain
Littleton-based retailer of equestrian products, Dover Saddlery Inc. reported a 6-percent jump in revenue, thanks to the performance of its brick-and-mortar stores.
Total revenue for the second quarter of 2014 increased 6.2 percent to $24.4 million, compared to $22.9 million in the second quarter of 2013.
Perhaps bucking a trend, its retail store channel outgained its direct sales channel for the quarter.
Retail store revenues increased 13.2 percent to $13.3 million, primarily due to the opening of new stores, while same-store sales outpaced the industry average with an increase of 5.8 versus the second quarter of 2013. At the same time, its direct channel dipped 1.1 percent to $11.1 million from $11.2 million in 2013, due to what CFO David Pierce said was “weakness in consumer spending in this channel and the shift from direct to retail for some purchases.”
But while revenue grew in the quarter, increased selling, general, and administrative expenses drove net income down to $261,000 or 5 cents per share, compared to $355,000 or 6 cents per share in the second quarter of 2013, Dover Saddlery said.
The company also said it plans to open an additional four to six retail shops this year.
WBJ Web Partners
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