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Gander Mt. Lowers Expectations

MINNEAPOLIS-A few weeks ahead of its numbers for fiscal 2004, Gander Mountain expects comp-store sales to shrink.

By Dees Stribling | Updated on January 17, 2005

MINNEAPOLIS-Citing unseasonably warm weather in the months before Christmas, Gander Mountain Co. lowered its outlook for pretax income significantly for fiscal 2004, to a range of $2 million to $4 million, compared with the company’s prior guidance of $8 million to $13 million. The company also said that it anticipates comp-store sales for the current fiscal year to be down 2% to 3%, a sharp contrast with last year’s comp-store sales, which increased 11.5%.

For its fourth fiscal quarter, Gander Mountain expects total revenue to increase about 31% to $236 million to $241 million, reflecting the addition of new stores, but there will be a comp-store sales decrease of about 6%. Comp-store sales increased 12.2% in the fourth quarter of fiscal 2003.

“Although we’re disappointed in not achieving our financial targets, we accomplished much in 2004 and look forward to improved performance and profitable growth in 2005,” said Mark Baker, president and CEO. In revising its outlook, the company cited the impact of unseasonably warm weather into mid-December, which ended just before Christmas with a major cold front across much of the country.

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