Net sales for the retailer came in at $214.4 million, a 20% increase. The average ticket transaction rose from $56 to $59, but sales per sf fell from $208 to $182, due to low traffic in newer stores and weak sales of high-margin items like apparel and footwear.

Gander Mountain opened nine new stores during the quarter, bringing its total unit count to 98. The chain also entered three new states: Kansas, Maryland and North Carolina. Next year it will open six to eight new stores, executives say.

Prompted by an analyst on the company's quarterly conference call, executives also revealed their exposure to nearby competitors. Of its 98 units, 25 are in Cabela's markets, 23 are by a Bass Pro Shop and 14 are in the vicinity of a Sportsman's Warehouse.