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Dover Saddlery, a multichannel retailer of gear and accessories for horse owners and aficionados, ended 2009 with declining total sales, but web sales grew 4.5% year over year.
Dover Saddlery, a multichannel retailer of gear and accessories for horse owners and aficionados, ended 2009 with declining total sales, but a small increase in e-commerce sales.
For the year ended Dec. 31, Dover Saddlery, No. 304 in the Internet Retailer Top 500 Guide, recorded:
- An increase in web sales of 4.5% to $27.9 million from $26.7 million in 2008.
- Total sales decreased year over year 2.3% to $76.2 million from $78.0 million.
- Retail sales increased 12.7% to $24.9 million from $22.1 million in 2008.
- Direct sales, which include catalog and web, declined year over year 7.9% to $51.4 million from $55.8 million.
- Same-store sales declined 2.3%.
- Net income was $904,000 compared with a net loss of $13.8 million in 2008.
“Our focus on reducing costs and inventory levels, while maintaining outstanding customer service and optimal in-stock levels, has been rewarded with improved profitability and excellent operating cash flow,” says CEO Stephen Day. “During 2010 we will be exploring opportunities to open new retail stores, taking advantage of extremely favorable lease rates.”
Dover Saddlery, which doesn’t break out quarterly e-commerce sales, in the fourth quarter recorded:
- Total sales increased year over year 3.3% to $22.1 million from $21.4 million in Q4 2008.
- Retail sales increased 11.5% to $6.8 million from $6.1 million in the fourth quarter of 2008.
- Direct sales, which include catalog and web, increased year over year 0.7% to $15.3 million from $15.2 million.
- Net income was $882,000 compared with a net loss of $13.9 million in 2008.
- Same-store sales increased 3.1%.