Minneapolis, Gander Mountain Co. today reported that net income for the fourth-quarter fiscal 2004 was $17.6 million, or a 42% increase over the $12.4 million reported for the same period in 2003. Sales increased 30.3% to $237.2 million, while comp-store sales decreased 5.4% in the fourth quarter. Net income for the year ended Jan. 29, 2005, was $0.8 million, compared to $0.7 in fiscal 2003. Sales for fiscal 2004 increased 31.2% to $642.1 million, vs. $489.4 million in 2003. Comp-store sales decreased 2.5% for the fiscal year. Gander Mountain said it has adjusted its method of lease accounting and will restate its historical financial statements.
“We certainly are not satisfied with our bottom-line results in 2004. However, we remain confident in our ability to grow this business profitably in 2005 and beyond,” said president and CEO Mark Baker in a statement. “We continue to be excited about Gander Mountain’s customer-focused culture that is fostered by our more than 5,000 great associates every day.”