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Gander Mountain Revises

ST. PAUL, MN-But the outdoor retailer is still facing sluggish comps and stiff competition.

By Dees Stribling | Updated on April 10, 2005

ST. PAUL, MN-Gander Mountain Co., a retailer specializing in outdoor equipment, has revised its fiscal 2004 financial results, which it had reported on March 11, as well as its fiscal 2003 results, also reported on that date. Net income for fiscal 2004 increased to $1.6 million from the $800,000 million previously reported, and net income for fiscal 2003 increased to $1.5 million from $0.7 million.

The revision was precipitated, like other such revisions recently in the retail world, by a new interpretation of lease accounting promulgated recent by the Securities and Exchange Commission. Since the company’s March 11 announcement, the SEC has provided further guidance regarding the accounting for construction period and pre-opening lease expenses. As a result of that guidance, Gander Mountain adopted an accounting policy to capitalize rent expense during the construction period into the cost of leasehold improvements.

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