Dover Saddlery Inc., a Littleton, Mass.-based multichannel retailer of equestrian products, reported net income of $272,000 on net sales of $18.5 million for the third quarter of 2009 ended Sept. 30, compared to net income of $174,000 on sales of $19 million in the year-ago period.

“I am pleased to report that, during the third quarter of 2009, we successfully continued with our cost-reduction initiatives and thus were able to show a 56 percent increase in net income,” Stephen Day, president and CEO of Dovery Saddlery, said in a statement. “In addition, we have strategically reduced our inventory levels, while developing an optimal in-stock position to meet our customers’ needs. This, I believe, will give us a significant competitive advantage this holiday season.”

Retail store channel revenue for the quarter increased 12.4 percent to about $6.7 million, which was driven by new store openings, according to the company. Same-store sales decreased 2.3 percent over the same period in 2008.

For the first nine months, Dover Saddlery reported net income of $21,448 on sales of $54 million, compared to net income of $65,000 on sales of $56 million in the first nine months of 2008. Retail store channel revenue increased 12.9 percent to $18 million, which the company reported was also due to new store openings. Same-store sales decreased 4.3 percent for the nine-month period. <HOME>