The Sportsman's Guide Inc., South St. Paul, MN, reported yesterday that sales during the first quarter totaled $43.7 million, up 5 percent over the same period last year.
Net earnings were $957,000, a 22 percent increase from $784,000 last year.
Gregory R. Binkley, president/CEO, attributed much of the increase to higher online sales.
“Our strong first-quarter 2003 results were due in large part to higher levels of Internet-related sales, which were approximately 34 percent of total sales for the quarter, compared to 27 percent in the first quarter of 2002,” he said. “In addition, catalog sales increased slightly over the same period one year ago despite a planned reduction in catalog circulation.”
Catalog circulation in the first quarter was 11.3 million compared with 11.8 million in first-quarter 2002. The company mailed nine catalog editions consisting of three main catalogs, three Buyer's Club Advantage catalogs and three specialty catalogs during the quarter ended March 31, 2003, compared with 11 catalog editions for the same quarter in 2002.