Dover Saddlery expects lower net income for 2013, plans new stores

Littleton, Mass. -- Dover Saddlery reported a preliminary unaudited decline of 6% in its year-over-year net income for 2013, from $1.7 million to $1.6 million. Preliminary unaudited revenues for 2013 increased $7.5 million, or 8.7%, to approximately $93.8 million from $86.3 million achieved in 2012.



Same-store sales rose 4% for the year. In addition, Dover Saddlery expects to open five to seven new stores in fiscal 2014 and also expand its e-commerce operation.



"As previously announced, the fourth quarter was very strong which helped to offset the first quarter of 2013 which was adversely affected by weather with about 70 lost sales days," said Stephen L. Day president and CEO of Dover Saddlery. "The preliminary unaudited 2013 revenues were approximately $93.8 million versus $86.3 million for 2012, an 8.7% increase. In addition, same-store sales were up 4% over prior year. So in spite of the weather challenges, in all, it was a very good year."