Gander Mountain Company reported consolidated sales were up 2.5% to $276.6 million for the third quarter ended Oct. 31 compared to revenues of $269.9 million for the third quarter of fiscal 2008. Comparable store sales during the third quarter of fiscal 2009 were up 1.0%.
Consolidated net income was $3.2 million, or 13 cents per share, for the third quarter, compared to a consolidated net income of $0.8 million, or 3 cents per share, in the third quarter last year.
The company said firearms, ammunition, fishing, apparel, marine and camping categories all experienced above average comparable store sales gains during the quarter. During the second quarter of fiscal year 2009, Gander Mountain substantially completed its withdrawal from the boat, ATV and power sport services categories. Excluding the negative 2.7% impact of these categories, comparable store sales were a positive 3.7% during the third quarter.
In October of this year, Gander Mountain’s board of directors announced the company’s intent to go private. GMTN’s board made the decision after concluding that the disadvantages of remaining an SEC-reporting company — including the costs associated with ongoing regulatory requirements — outweighed the benefits of public company status to the company and its shareholders. The company anticipates the transaction will be completed in early 2010.