KETCHUM, Idaho (BRAIN) — Club Ride Apparel says its sales were up 43 percent in the third quarter of 2014, to $428,000.
The privately held clothing brand, which releases quarterly financials voluntarily, also said it has secured a new $1.5 million credit line through Mountain West Bank to meet cash flow requirements.
Year to date sales are also up, by 42 percent over the prior year, to $2 million. However, the company's gross margin fell a bit, from 35.75 percent to 35.04 percent, a drop the company attributes to more export sales to Canada, the United Kingdom and Mexico.
The company noted that Cycles Lambert has begun sales and marketing efforts in Canada and is on target to expand the brand's Canadian retailer locations from 26 to 75 for 2015. Club Ride also said pre-booking for its 2015 Spring-Summer collection is up 36 percent over last year's pre-bookings.
Scott Montgomery, Club Ride's CEO, said, "We are proud of another strong quarter in terms of sales and seeing an increased demand outside our borders. We ended the quarter with almost no obsolete inventory, leaving the warehouse shelves clear and the balance sheet strong. These factors will support continued growth in the coming year. Our goal is to be the leading casual-performance cycling apparel brand in North America and around the world. We will continue building our future orders for the balance of the year in anticipation of a strong 2015."
