Gander Mountain Co., which sells boating, hunting, fishing and outdoor lifestyle products and services, reported a net loss for the first quarter ending May 3 of $24.4 million, or $1.02 per share.
The company reported sales of $207.7 million for the quarter ending May 3, an increase of 18.2 percent over the prior year period. Comparable store sales decreased 6.7 percent in the first quarter.
The 2008 period includes $19.7 million in direct marketing revenue because of the acquisition of Overton's in December 2007.
"As anticipated, first-quarter results in our seasonally-smallest quarter reflect continuing economic pressure, both in the broad economy and particularly with the purchase of discretionary items. Overall, conditions eased in the first quarter of 2008 from late 2007 and our results were in line with our expectations," said Mark Baker, president and CEO, in a statement.
Gander Mountain has completed its 2008 new-store-opening program by opening stores in Palm Beach Gardens and Ocala, Fla. and Roanoke, Va. The company also opened stores in Eau Claire and Madison, Wis., replacing smaller older stores and incurred related store-closing costs of $776,000 for the quarter.