Dover Saddlery rides high in Q4
Equestrian retailer Dover Saddlery closed 2013 on a strong note, the Littleton-based company announced Thursday.
Revenues for the fourth quarter ending Dec. 31 were up nearly 14 percent over the previous year to $30.3 million.
Net income grew 33 percent to $1.33 million, or 23 cents per share. That was compared to $999,000, or 18 cents per share, in 2012.
"Dover Saddlery, as previously reported, had an extremely strong fourth quarter with very successful omni-channel promotions that led to an impressive 7.3 percent increase in same-store sales and an 8 percent increase in the direct channel," President and CEO Stephen L. Day said in a statement. "We had an excellent in-stock situation during the holiday period and were able to ship out all our holiday orders on time."
Meanwhile, revenues for all of 2013 rose 8.7 percent to $93.8 million.
Retail revenues were up 17.7 percent, to $43.5 million, which the company attributed to the increase in same-store sales as well as the opening of four new stores over the year.
Dover now has 22 stores.
Net income for 2013 was $1.6 million, or 29 cents per share, compared with $1.7 million, or 31 cents per share, in 2012.
Dover declined to provide a financial outlook for 2014, saying the company will not provide further guidance “until there is greater long-term visibility on sustainable economic conditions and consumer behavior.” However, the company did say it plans to open another four-to-six retail stores this year.
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