Winter Weather Hurts Dover Sales
Citing brutal winter weather slowing sales, Littleton-based equestrian retailer Dover Saddlery reported a decline in same-store sales of 8.1 percent.
Total revenues for the period ended March 31 were down 0.7 percent to $18 million. That's compared to $18.1 million Dover is reporting for the first quarter of 2012 as it restates its financial reports from 2011 and 2012 due to errors in reporting gift card liabilities.
For the first quarter of 2013, retail channel revenues were up 5.6 percent to $7.2 million.
Dover reported a loss of $538,000, or 10 cents per share, compared to a restated profit of $142,000 or 3 cents per share in 2012.
"The first quarter of 2013 was a very challenging one," said President and CEO Stephen L. Day. "Heavy snowfalls in our retail-store regions resulted in several of our stores being unable to open and a total of 71 store days of sales being heavily affected by the snowstorms."
He said demand for show attire and tack was also affected because of the weather delaying the start of horse show season in many areas.
Dover also announced the restatement of its financials for 2011 and 2012 because of the gift card errors. As a result, Dover said net revenues were understated by $504,556 for 2011 and $293,657 for 2012. Net income was understated by $305,655 and $798,210.
The company said it's using a new database to track each gift card since Jan. 1.
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