Dover Saddlery rides the web to 2010 sales growth
March 29, 2011 04:07 PM
Dover Saddlery Inc., a multichannel retailer of gear and accessories for horse owners and riders, rode the web to a healthy overall sales increase in 2010.
For the fiscal year ended Dec. 31, Dover Saddlery, No. 309 in the Internet Retailer Top 500 Guide, reported:
- Web sales compare 2009 earnings were $31.6 million, a 13.3% increase from $27.9 million in the prior year.
- Direct channel sales, including catalog and online, increased 1.6% to $52.1 million from $51.3 million.
- Retail store channel revenue increased 4.8% to $26.0 million from $24.8 million.
- Total sales for the fiscal year 2010 increased 2.6% to $78.2 million from $76.2 million in 2009.
- Comparable-store sales increased 2.9%.
- Net income for fiscal 2010 increased 126% to $2.04 million from $904,000 in 2009.
Internet Retailer calculates the web accounted for 40.4% of total sales in 2010, compared with 36.6% in 2009.
The improvement in net income was attributed to increased revenue and gross profit, cost savings, and non-recurring investment income, the company says.
Dover Saddlery does not break out quarterly web sales, but for the fourth quarter the company did report:
- Direct sales increased 3.3% to $15.8 million from $15.3 million.
- Retail store revenue rose 11.2% to $7.61 million from $6.84 million.
- Comparable-store sales increased 11%.
- Total sales increased 6.1% to $23.49 million from $22.14 million in the fourth quarter of 2009.
- Net income increased about 19% to $1.05 million from net income of $882,000 in the fourth quarter of 2009.
“Our financial performance for the fourth quarter and full year 2010 was extremely strong and is a testament to our cost-controlling strategies and to the strength of our brand,” says Stephen L. Day, president and CEO.