Dover Saddlery Q3 net income down

Dover Saddlery, Inc., a multichannel retailer of equestrian products, has reported a net income of $170,000 or $0.03 per share, for the third quarter ended September 30, 2012, compared to $332,000, or $0.06 per share, for the same quarter ended September 30, 2011.

Net revenues for the third quarter ended September 30, 2012 were $20.37 million, compared to $19.50 million, for the same quarter ended September 30, 2011.

Net income for the nine months ended September 30, 2012 was $695,000, or $0.12 per diluted share, compared to $1.08 million, or $0.20 per diluted share, for the same period ended September 30, 2011.

Net revenues for the nine months ended September 30, 2012 were $59.63 million, compared to $57.04 million, for the same period ended September 30, 2011.

"Retail sales continued to grow during the third quarter, reaching 48% of total revenues," commented Stephen Day, president and CEO of Dover Saddlery.

"In September, we opened our first Dover Saddlery store in Minnesota, bringing the number of Dover Saddlery retail stores to sixteen. Direct sales, however, continued to show some softness which we are addressing with better promotional offers, digital catalogs, and new features on our website to enhance the online shopping experience."