Dover Saddlery Revenues Rise, Profits Dampened By Store Expansions
Dover Saddlery Inc., of Littleton, reported an increase in revenues for the fourth quarter of 2011 as well as the full year.
The equestrian retailer said revenues for the fourth quarter, which ended Dec. 31, increased 1.3 percent to $23.8 million, compared to $23.5 million in the same period the year before. Store revenues rose by 18.5 percent to $9 million, driven by the addition of two stores and an increase in same-store sales. However, lower direct sales accounted for a drop in quarterly profits, bringing them to $641,000 compared to just more than $1 million in the same period the year before.
While total revenue for the year rose 3.4 percent to $80.8 million, up from $78.2 million, the company's profits dropped from $2 million to $1.7 million, or 31 cents per share. Stephen L. Day, president and CEO, said profits were lower due to pre-opening expenses of new stores and softer sales in the fourth quarter.
Dover is planning to open four to six new retail stores in 2012, adding to its current 14. The first of those will be in Warrington, Pa., and is slated to open in late spring.
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