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ST. PAUL-Gander Mountain said Wednesday it plans to add 11 stores, including two replacement stores in Minnesota in the cities of Baxter and Woodbury. Among the new leases signs are stores in Arkansas, Kansas, North Carolina and Maryland, which will be the outdoor sporting goods retailer's first locations in those states. Mark Baker, president and chief executive officer says that the entering new markets "furthers our goal of diversifying our store base."
Most of the new stores are 60,000 sf to 65,000 sf not including outside selling space. The chain says it has signed leases in to open stores by the end of October in Greensboro, NC; Greenwood, IN; Johnstown, PA.; Joliet, IL; Salisbury, MD; Sherman and Texarkana, TX; Sherwood, AR; and Wichita, KS.
With the 11 new stores, Gander Mountain will have opened 19 new stores in 2005. The company had previously indicated it planned to open a total of 18 to 20 new stores this year.
Last month, the company reported Q1 sales increased to $135.1 million, a 37% increase in sales over the first quarter of 2004. Comparable store sales decreased 1% after an increase of 8.7% in the first quarter of 2004. The net loss for the first quarter of fiscal 2005 was $17.6 million, compared to a $13.8 million restated loss for the first quarter of fiscal 2004. There are currently 89 Gander Mountain outdoor lifestyle stores in 14 states.
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