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."
Guitar Center selects 360pi for pricing and assortment
Westlake Village, Calif. – Guitar Center has selected 360pi to increase their awareness of the competitive marketplace and to utilize the actionable insights gained from the 360pi intelligence to increase market competitiveness. Guitar Center had been using another provider, but selected 360pi’s 360price and 360assortment products to deliver near real-time insights into their competitive set.
“Guitar Center is a marquee brand in the music industry and retailing in general, and we are honored they selected 360pi to increase their competitive edge”, said Alexander Rink, CEO of 360pi. “In an increasingly competitive and price transparent retail market, Guitar Center clearly recognizes the importance of carrying the right products, at the right price and the right time, to win both share and margin.”
Report: Aeropostale considers private equity, sale
New York – Aeropostale Inc. is reportedly considering trying to raise private equity capital. According to Reuters, four anonymous sources said Aeropostale is working with the investment bank Barclays plc to consider options including private equity capital as well as a sale of the company.
If Aeropostale decides to pursue private capital, the retailer may reportedly execute a private investment in public equity (PIPE) transaction worth a few hundred million dollars. PIPE transactions, frequently used by companies with small or mid-sized market capitalization, generally provide stock at a discount to private equity investors. Neither Aeropostale nor Barclays commented on the article.