Sales up, profits down at Dover Saddlery
Sales surged but profits fell during 2013 at Dover Saddlery, according to preliminary data released Monday.
The Littleton-based equestrian products retailer said full-year revenue increased 8.7 percent from $86.3 million in 2012 to $93.8 million in 2013. That was fueled in part by a 4 percent jump in same-store sales for the year.
Net income, though, dropped from $1.7 million, or 31 cents per share, to $1.6 million, or 30 cents per share.
Dover Saddlery plans to open five to seven new stores in 2014 and expand its e-commerce operation.
“The fourth quarter was very strong, which helped offset the first quarter of 2013 which was adversely affected by weather with about 70 lost sales days,” President and CEO Stephen Day said in a statement. In spite of the weather challenges, in all, it was a very good year.”
Dover will officially report its fourth-quarter and full-year results March 7.
(Image credit: freedigitalphotos.net)
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