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Dover Saddlery Q1 total revenues increased 16%

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Staff writer ▼ | May 18, 2015
Dover Saddlery reported financial results for the first quarter ended March 31, 2015. Total revenues increased 16% to $22.8 million, from $19.7 million achieved in Q1 2014.
Dover Saddlery
Dover Saddlery   Jump from from $19.7 million
Revenues in the retail channel increased 27.4% to $11.2 million from $8.8 million, due primarily to the opening of new stores in 2014; while same-store sales for the first quarter of 2015 increased 3%.

The net loss for the first quarter of 2015 was $(776,000), or $(0.14) per diluted share, compared to $(543,000) or $(0.10) per diluted share in the first quarter of the prior year.

"I am pleased to report that the Dover Saddlery stores opened in 2014 performed very well in the first quarter of this year," commented Stephen L. Day, president and CEO of Dover Saddlery.

"Our store in Wellington, Florida has had a very strong first winter season and is now well-established as our flagship store in the South. During the first quarter, we opened two additional Dover Saddlery retail stores - the first in Latham, NY and the second in Pittsburgh, PA.

"Both locations had very strong Grand Opening weekends with customers travelling long distances to experience and shop a Dover Saddlery store. During the quarter there was an increase in selling, general and administrative expenses, due primarily to increased marketing costs and increased labor and lease expenses associated with the two new stores that we opened during this period."

Adjusted EBITDA for the first quarter of 2015 was $(652,000), compared to $(479,000) in the first quarter of 2014.