Real Estate
As of Mar 31, 2015, Dover Saddlery operated 26 Dover-branded stores and 1 Smith Brothers store in 17 states.
The company opened three stores during 2014 (Cincinnati, OH, Houston, TX and Wellington, FL). In the first quarter of fiscal 2015, the company opened two stores (Latham, NY and Pittsburgh, PA). For the full fiscal year, the company expects to open 5 to 7 new stores. Long-term, the company sees an opportunity to grow to approximately 50 locations.
At year-end, all stores were leased and averaged approximately 8,300 square feet. There are 3 primary prototype store models for nationwide rollout: 9,000 to 12,000 square foot 'A Store' model (9 stores), 4,000 to 6,000 square foot 'B Store' model (2 stores) and 3,000 to 4,000 square foot 'C Store' model (13 stores).
| TTM | 2014 | 2013 | 2012 | 2011 | 2010 | |
|---|---|---|---|---|---|---|
| Stores | 27 | 25 | 22 | 17 | 15 | 13 |
| Store growth | 22.7% | 13.6% | 29.4% | 13.3% | 15.4% | 0.0% |
| Total gross square feet (M) | 230 | 207 | 172 | 149 | 132 | 97 |
| Total gross square feet growth | 33.9% | 20.3% | 15.4% | 12.9% | 36.1% | 0.0% |
| Avg store gross sq ft | 8,500 | 8,300 | 7,800 | 8,800 | 8,800 | 7,500 |
| Avg store gross sq ft growth | 9.1% | 5.9% | -10.8% | -0.4% | 17.9% | 0.0% |