August 10, 2007
Weather reins in 2Q sales, Dover says
By Matthew L. Brown
Cool weather rock bottom liquidation prices at a one-time competitor were to blame for Littleton-based Dover Saddlery Inc.'s 2.4 percent second quarter retail sales skid, the company said.
Dover, an equestrian product retailer, reported $20 million in revenue for the quarter, a 12.5 percent increase over the same quarter last year. Retail store revenue increased by 70 percent over the second quarter of 2006 to $4.9 million, the company said.
But same store sales decreased by 2.4 percent compared to the second quarter a year ago, and the company's net income fell from $448,000 last year to $376,000 during the second quarter this year.
The company said "unseasonably cool periods in the very important northeast and mid-Atlantic regions" put a damper on many equestrian activities, thus reducing the need for equestrian products sold by Dover.
Also, Petsmart, on its way out of the equestrian products business, was liquidating inventory at its Stateline Tack departments, and equestrians felt compelled to buy there despite the weather.
Dover, an equestrian product retailer, reported $20 million in revenue for the quarter, a 12.5 percent increase over the same quarter last year. Retail store revenue increased by 70 percent over the second quarter of 2006 to $4.9 million, the company said.
But same store sales decreased by 2.4 percent compared to the second quarter a year ago, and the company's net income fell from $448,000 last year to $376,000 during the second quarter this year.
The company said "unseasonably cool periods in the very important northeast and mid-Atlantic regions" put a damper on many equestrian activities, thus reducing the need for equestrian products sold by Dover.
Also, Petsmart, on its way out of the equestrian products business, was liquidating inventory at its Stateline Tack departments, and equestrians felt compelled to buy there despite the weather.
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