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Gander Mountain reports 4Q results

Gander Mountain Co. reported record consolidated sales of $334.1 million for the fourth quarter of 2008, which ended Jan. 31, 2009.

That's compared to consolidated sales of $317.6 million for the fourth quarter of fiscal 2007, a 5.2 percent increase.

Gander Mountain is a retail network of stores for marine, hunting, fishing and camping products and services, as well as outdoor lifestyle apparel and footwear. There are 116 Gander Mountain outdoor lifestyle stores in 23 states and three outlet stores.

Retail segment sales for the fourth quarter were $322 million, an increase of $10 million, or 3.2 percent, compared to the fiscal 2007 fourth quarter. Direct segment sales were $12.1 million for the quarter, compared to $5.5 million for the same quarter last year.

The increase in direct-segment sales resulted primarily from the startup of the new Gander direct Internet and catalog operations in the third quarter of fiscal 2008 and the inclusion of Overton's, acquired in December 2007, for the full quarter in fiscal 2008.

For the fiscal year 2008, the company reported record sales of $1.1 billion, an increase of 9.8 percent over the prior year. The company reported a net loss for the year of $15.5 million, or a loss of 64 cents per share, compared with a net loss of $31.8 million, or a loss of $1.52 per share for the 2007 fiscal year.

Retail segment results for the year were a net loss of $9.4 million compared with a net loss of $30.6 million in fiscal 2007. Same-store sales declined 5.6 percent. Direct segment results were a net loss of $6.1 million compared with a net loss of $1.2 million in fiscal 2007 reflecting additional investment in the launch of Gander Direct in fiscal 2008.

"Gander Mountain improved its performance through the year in total revenues, operating performance and cash generation as we applied a more disciplined approach to our operations, capital and expense decisions," said David C. Pratt, chairman and interim CEO, in a statement. "Thus far into 2009, in a difficult retail environment, we continue to see progress in operating performance."

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