Big Dog Holdings, Inc. management is looking very smart these days as they continue to benefit from the acquisition of The Walking Company as its own Big Dogs retail continues to spiral downward. Total comp store sales rose 4.4% for the first quarter ended March 31, with a 14.8% same-store sales jump at The Walking Company more than offsetting the 5.6% decline at the Big Dogs stores.
The company posted a 43.3% increase in net sales for the period, but would have declined 5.5% if not for $10.6 million in revenues contributed by the TWC stores. Total sales were $31.3 million, compared to $21.9 million in Q1 last year. Gross margin was up 50 basis points to 51.8% of sales.
The Walking Company is also benefiting from the acquisition with broader assortments and better inventories this year versus the lack of product on the shelves last year while it was in bankruptcy. The company will start to anniversary post-acquisition sales in March.
The consolidated net loss for the period narrowed to $2.4 million, or 26 cents per diluted share, compared with a consolidated net loss of $3.0 million, or 36 cents per share, in the year-ago quarter.
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