Club Apparel said Mountain West Bank expanded its credit line by $525,000 to $1.5 million needed to fund growth. The Ketchum, ID-based maker of cycling lifestyle apparel said it ended the third quarter with $476,000 in credit still available on the line.
The new loan comes amid double-digit sales growth, which is being fueled in part by the company’s recent expansions into Canada and the United Kingdom. Based on orders taken at the Interbike show in September, Canadia distributor Cycles Lambert is on pace to add nearly 50 new retail locations in Canada next year.
Club apparel said its pre-booking orders for the 2015 Spring-Summer collection are up 35.5 percent over their level of a year ago and that its on schedule to make its first shipments in before the end of the year.
Approximately 36 percent of all pre-booking orders were womens items, the highest percentage in Club Rides history of offering womens apparel. The Open Road line has expanded to include womens shorts and jersey, along with additional mens styles. The first high-end mens short was added to the Sun Valley line, with a retail price of $119.95.
Club Ride’s padded inner-short line for men and women is helping fuel sales growth. The company has shipped 50 in-store displays to support the line and plans to deliver 75 more with retailers beginning in the spring of 2015.
Club Ride also revamped and updated its website in July, making it mobile-friendly and easier to navigate. The improvements include an area where dealers can download logos, images, order forms and dealer information. Finally, the company hired two new account managers in the third quarter. Bert Allex is servicing accounts in New York City, Long Island and New Jersey, while Willy Breen is the new account manager in Kentucky.
We are proud of another strong quarter in terms of sales and seeing an increased demand outside our borders,” said Club Ride CEO Scott Montgomery. “We ended the quarter with almost no obsolete inventory, leaving the warehouse shelves clear and the balance sheet strong. These factors will support continued growth in the coming year. Our goal is to be the leading casual-performance cycling apparel brand in North America and around the world. We will continue building our future orders for the balance of the year in anticipation of a strong 2015.
