Gander Mountain Q2 loss narrows
Gander Mountain (Nasdaq: GMTN) said its second-quarter loss narrowed as the company cut advertising expenses in half and lowered store operating costs.
Gander reported a loss of $7.6 million, or $0.53 per share, compared with $10.4 million, or $0.73 per share a year ago -- a 27 percent improvement. Including a tax benefit, the company posted a loss of $0.32 per share in the latest period -- $0.03 better than analyst estimates of $0.35.
Sales rose 5 percent to $182.5 million from $173.8 million, while same-store sales fell 6.7 percent. The company blamed the "softness" on a decrease in advertising.
Gander said it expects to "show increased profitability" in the fall, boosted by sales gains as hunting seasons start and plans to boost advertising spending in the second half of the year.
Crocs prices offering of 8.3 million shares
Crocs (Nasdaq: CROX) has priced an underwritten secondary public offering of about 8.3 million shares of common stock by certain stockholders at $27.66 per share. The underwriters were given a 30-day option to buy up to an additional 1.2 million shares from certain shareholders to cover any over allotments. Crocs will not receive any proceeds from the offering. Piper Jaffray and Thomas Weisel Partners are joint book runners with Cowen and Co., BB&T Capital Markets, D.A. Davidson & Co. and Wedbush Morgan Securities serving as co-managers for the offering.
Dick's Q2 profit up on higher same-store sales
Dick's Sporting Goods (NYSE: DKS) reported that its second-quarter profit rose, as stores it acquired from Galyan's Trading Co. in 2004 lifted sales.
Net income rose to $25.7 million, or $0.47 per share, from $22.1 million, or $0.41 per share, a year ago. Revenue increased by 18 percent: $734 million from $622 million. Analyst estimates had forecast a profit of $0.44 per share on projected sales of $704.8 million.
Sales in stores open at least one year rose 6.5 percent, lifted by the former Galyan's stores, the company said.
For the current third quarter, Dick's forecast earnings between $0.03 to $0.04 per share, and a same-store sales increase of 3 percent to 4 percent. For fiscal 2006, the retailer forecast profit between $1.84 to $1.88 per share, up from a prior target of $1.81 to $1.85 per share. Same-store sales for the year are expected to grow 4 percent.
In the second quarter, the company opened five stores, and now operates 268 stores.
Eddie Bauer reports Q2 loss
Eddie Bauer Holdings (EBHC.PK) reported a second-quarter loss as sales at stores open at least a year fell 5.9 percent. For the second quarter ended July 1, the company posted a net loss of $42 million, or $1.40 per share, compared to net income of $69.5 million a year earlier, when the company recorded a gain of $107.6 million related to its emergence from bankruptcy.
Wellman cuts quarterly dividend
Wellman (NYSE: WLM) reported that it is cutting its quarterly dividend by 60 percent to 2 cents per share, and weighing strategic options for its non-core businesses.
The company will pay the quarterly dividend on Sept. 15 to shareholders of record on Sept. 1. It previously paid a 5-cent dividend in June. Wellman said the new dividend amount is appropriate, given its operating performance in the past year, renewed focus on debt reduction and other factors. In July, the company reported a narrower loss after paying preferred dividends of $15.3 million, compared with $25.4 million previously.
Wellman also said it is evaluating its non-core businesses, in hopes to improve its operating performance. The company gave no timetable for when a decision could be made.
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