Southwick Associates - 2012 - American Fly Fishing Trade Association

Transcription

Survey of U.S. Fly Fishing Retailers
for the
American Fly Fishing Trade Association
Prepared by:
Southwick Associates, Inc.
PO Box 6435
Fernandina Beach, FL 32035
Rob@SouthwickAssociates.com
August 20, 2012
(THIS PAGE INTENTIONALLY LEFT BLANK)
2
Southwick Associates - 2012
Table of Contents
Introduction
Methodology
Results
A. Size of the Industry
Annual Sales
Sales by Calendar Quarter
Sales by Region
Average Sales Per Retailer
Retailer Sales by Channel
Sales by Product Category
Number of Fly Anglers
5
5
6
7
7
8
8
9
10
12
B. Retailer Characteristics and Distribution
Years in Business
Type of Retailers
Geographic Distribution of Fly Fishing Retailers
Type of Retailer by Region
Customer Demographics
13
14
15
16
17
18
C. Sales and Trends
Gross Fly Fishing Merchandise Sales:
Per Average Fly Fishing Retailer, in $$
By Size of Retailer, in $$
By Category and Region, by %
By Category and Size, by %
Details for Select Categories:
Types of Flies Sold
Types of Leaders and Tippets Sold
Travel Sales
By Region, in $$
By Region and Size , by %
By Quarter, by %
By Type of Fishery
By Retailer Size
By Region
Internet Sales: Percent of Sales
By Size of Retailer
By Region
Trend from 2010 to 2011
Mail Order and Catalog Sales
Percent of Sales
Sales by Price Point by Category
Top Brands by Category
19
20
20
22
23
24
24
25
27
27
28
29
30
31
32
33
35
36
37
38
39
42
3
Sales Trends, 2007 to 2011, National
By Region
By Size of Retailer
52
52
52
Sales Trends: 2010 vs 2011 ,
Average Change By Product Category
Percent of Retailers Reporting Increases
or Decreases
By Region
By Size of Retailer
53
53
54
55
60
D. Business Metrics
Gross Margin
Gross Profit
Inventory and Turnover
Employees and Employment Metrics
Retail Space & Square Footage Metrics
Cost of Goods Sold
63
64
69
72
75
82
86
E. Retailer Marketing Insights
88
Appendix A: Response Summary
Appendix B: List of States per AFFTA Region
90
91
CAUTION –Many results in this report are based on small sample
sizes. Southwick Associates urges caution in using results
based on fewer than 40 responses. The number of responses,
or sample size, is presented with most results.
4
Introduction
This report presents the results of the 2011 AFFTA Fly Fishing Retailer Survey
(Survey), conducted in 2012. This survey was developed to help explain trends
within the fly fishing Industry and retail characteristics. The information for this
report was collected through a combined online and telephone survey of retailers
conducted by Southwick Associates. The results are intended to help individual
members of the fly fishing industry, and the industry collectively, better
understand their operating environment and improve profitability and
performance.
Methodology
The survey questions were developed collaboratively by Southwick Associates,
AFFTA staff and the AFFTA executive committee. Surveys were pretested to
ensure all questions were understood and information correctly captured. The
survey was conducted first by an online survey, with phone calls placed to nonresponding retailers. AFFTA contact lists were used as the universe of fly fishing
retailers.
For the email survey, 2,378 retailers were initially contacted. The first round of
invitations was sent on February 18, 2012 with reminder emails sent on February
26 and again on March 6th. Surveys were later administered by phone to 2,371
retailers who did not respond to the email invitations or had a bounced email
address. The online survey yielded 96 completed surveys and 174 partially
completed but usable surveys. The length and complexity of the survey was a
possible reason for the high rate of incomplete surveys, with many retailers
reporting being unable to answer some detailed questions. The online survey
was open February 18, 2012 to May 7, 2012. The phone survey resulted in 113
completed surveys and 14 partially completed surveys. Due to the survey’s length, a shorter version was utilized for the phone survey. The phone surveys
were conducted between March 21 and May 7, 2012. Together, the two
approaches resulted in 397 usable surveys distributed proportionally across the
U.S.
Both survey data sets were merged for analysis. The results were analyzed using
a combination of SPSS, EXCEL and SAS. Estimates on total annual sales and
the number of fly anglers were augmented with data from AnglerSurvey™ and the U.S. Fish and Wildlife Service’s five year survey to help ensure accuracy and to develop levels of detail otherwise not possible.
CAUTION –Many results in this report are based on small sample
sizes. Southwick Associates urges caution in using results
based on fewer than 40 responses. The number of responses,
or sample size, is presented with most results.
5
RESULTS:
SIZE OF THE INDUSTRY
CAUTION –Many results in this report are based on small sample sizes. Southwick
Associates urges caution in using results based on fewer than 40 responses. The
number of responses, or sample size, is presented with most results.
6
Annual Sales
These results report industry sales for independent fly fishing retailers and small to medium
sized chain retailers. Large national chain retailers such as Cabela’s and Bass Pro are excluded.
Based on the estimated number of fly fishing retailers (2,378 individual retail businesses, some
of whom have more than one location), and the average sales reported per retailer, the size
and sales composition of the U.S. fly fishing industry for this segment is:
$748.6 million
Sales by Calendar Quarter (in $ Millions)
Survey Question: What percentage of your fly fishing sales occurred in each fiscal quarter in 2011?
Oct-Dec
$140.2
18.7%
July-September
$272.1
36.3%
Jan-March
$113.9
15.2%
April-June
$222.4
29.7%
Number of Respondents = 333
Sales by Quarter in 2011
Percent
Sales
(Millions)
Jan-March
15.2%
$113.9
April-June
29.7%
$222.4
July-September
36.3%
$272.1
18.7%
$140.2
100.0%
$748.6
October-December
Total
7
Sales by Region
Sales by Region in 2011 (in $ Millions)
US Northeast
$81.6
10.9%
US West
$192.8
25.8%
US South
$177.7
23.7%
US Rockies
$235.8
31.5%
US North Central
$60.7
8.1%
Average Sales Per Retailer
West
Average Gross Sales
Number of Retailers
Total Sales (Millions)
Rockies
North
Central
South
Northeast
Total
$421,726
$332,287
$251,190
$332,140
$187,703
$314,789
457
710
242
535
435
2378
$192.8
$235.8
$60.7
$177.7
$81.6
$748.6
8
Retailer Merchandise Sales by Channel
Mean Sales
per Retailer
Internet
Percent Sales
per Retailer
$33,141
Mail Order Catalog
Traditional
Total
13.1%
$9,045
3.6%
$209,967
83.3%
$252,154*
100.0%
* This figure relates to sales of products commonly sold in-store, via the internet and catalogs. Excluded are items like
travel & guide services.
Retailer Merchandise Sales by Channel in 2011 (in $ millions)
Internet
13.1%
Mail Order
Catalog
3.6%
Traditional
83.3%
9
Sales by Product Category
“Sales by product category” were estimated based on the responses to the question below,
multiplied by the average fly fishing sales per retailer and the total number of retailers.
Survey Question: What percentage of your gross fly fishing dollar sales came from each of the
following product categories in 2011?
Sales by Product Category in 2011
Percent of
Total Sales
Sales
(Millions)
Fly rod & reel combos:
5.3%
$39.5
Fly rods:
8.3%
$62.0
Fly reels:
6.4%
$48.0
Fly lines:
4.9%
$36.6
Leaders and tippets:
5.6%
$42.0
11.0%
$82.4
Accessories (clippers, etc):
3.9%
$29.2
Waders (chest & knee, wading boots,
open toed boots, etc ):
4.5%
$33.9
7.8%
$58.3
Flies:
Fly tying (materials, vises, hooks,
threads, tools, etc ):
Softgoods: Standard apparel &
sportswear
5.8%
$43.7
Softgoods: Outerwear
3.7%
$28.0
Softgoods: Vests/packs/bags:
2.4%
$17.7
Gifts:What percentage of your
1.8%
$13.2
Books & DVDs:
1.7%
$12.7
Fly fishing / casting lessons:
3.3%
$24.8
Float tubes / pontoon boats:
0.8%
$6.1
Local guide services (gross sales, not
just retailer margin):
12.8%
$95.5
Destination travel (gross sales, not just
retailer margin):
3.8%
$28.7
Other supplies:
6.2%
$46.3
100.0%
$748.6
Total
10
Sales by Product Category in 2011 (in $ Millions)
Fly rod/reel combo
$39.5
Destination travel
$28.7
Float tubes /
pontoon boats:
$6.1
Other
supplies
$46.3
Fly rods
$62.0
Fly reels
$48.0
Local guide services
$95.5
Fly lines
$36.6
Fly fishing/casting
lessons
$24.8
Books/DVDs
$12.7
Gifts
Leaders/Tippets
$42.0
$13.2
Softgoods
(vests/packs/bags)
$17.7
Softgoods (outerwear )
$28.0
Softgoods (apparel)
$43.7
Flies
$82.4
Fly tying
$58.3
Waders
$33.9
Accessories
$29.2
11
Number of Fly Anglers
Several sources of fly fishing participation estimates are available. The most dependable, based on
the methodology used to generate the estimates, in the opinion of this report’s authors, is provided by the U.S. Fish and Wildlife Service (FWS). These estimates were produced for the FWS by the U.S.
Census Bureau at the request of state fish and wildlife agencies. The latest estimates at the time of
this report’s release were for 2006 and estimated 3.012 million Americans over the age of 16 fly fished at least once that year. After examining data from the same source regarding youth fishing
participation, it is expected that 3.75 million Americans, regardless of age, actually fly fished in 2006.
Considering the number of individuals who purchased fishing licenses in the U.S. increased 2.34%
from 2006 to 2011, it is expected that 3.838 million people fly fished at least once in 2011.
Number of U.S. Fly Anglers, 2011 = 3.838 million
It is important to note this figure estimates the number of people who fly fished at least once in 2011.
It does not estimate the number of people who purchased fly fishing equipment, nor the number of
people who consider themselves anglers. Previous research shows that not all anglers actually fish
every year. Over a five year period, the pool of people who fished at least once during that period is
likely two times larger than the number of people who actually fish in any single given year.
By late 2012, updated fly fishing participation estimates are expected to be released from the
USFWS. These estimates will report 2011 fly fishing participation numbers, and will have a greater
level of accuracy than the adjusted estimates presented here.
12
RESULTS:
Retailer Characteristics & Distribution
13
Years in Business
Survey Question: How many years has your retail business been open?
Number of Years Open for Business
More than 100
50 to 100
20 to 50
10 to 20
5 to 10
1 to 5
Less than 1
0.0%
5.0%
10.0%
15.0%
20.0%
25.0%
30.0%
35.0%
Total %
Number of Years Open
Less than 1
Total %
2.2%
1 to 5
11.7%
5 to 10
17.9%
10 to 20
28.3%
20 to 50
32.0%
50 to 100
7.4%
More than 100
0.5%
Number of Respondents:
403
14
Types of Retailers
Survey Question: Please check the category that best describes your retail business.
Retail Categories
General fishing tackle shop that offers
flyfishing products
Other
Internet and/or mail order-only
National sporting goods chain
Sporting goods chain (more than just
flyfishing, two or more)
Independent sporting goods store (carries
more than just fishing equipment)
Flyfishing specialty store, multiple
locations
Flyfishing specialty store, single location
0.0% 10.0% 20.0% 30.0% 40.0% 50.0% 60.0%
Total %
Retailer Category
Fly fishing specialty store, single location
Fly fishing specialty store, multiple locations
Independent sporting goods store (carries more than just
fishing equipment)
Total %
51.9%
3.6%
18.0%
Sporting goods chain (more than just fly fishing, two or more)
2.6%
1.0%
4.1%
Other
9.4%
General fishing tackle shop that offers fly fishing products
9.4%
416
15
Geographic Distribution of Fly Fishing Retailers
See Appendix B for states included in each region.
Location of Retailers by Region
Northeast
South
North Central
Rockies
West
Unknown
0.0%
5.0%
10.0%
15.0%
20.0%
25.0%
30.0%
35.0%
Online Survey %
Region
Total %
West
18.1%
Rockies
30.0%
North Central
12.8%
South
16.9%
Northeast
18.4%
Unknown
3.8%
397
16
Type of Retailer by Region
Survey Question: Please check the category that best describes your retail business
Retailer Category
Fly fishing specialty store, single
location
Fly fishing specialty store, multiple
locations
Independent sporting goods store
(carries more than just fishing
equipment)
Sporting goods chain (more than just
fly fishing, two or more)
West
Rockies
North
Central
South
Northeast
Total
54.5%
56.6%
53.8%
42.9%
44.7%
51.9%
2.6%
4.9%
1.9%
5.7%
2.6%
3.6%
10.4%
13.1%
25.0%
24.3%
23.7%
18.0%
2.6%
2.5%
1.9%
2.9%
2.6%
2.6%
0.0%
2.5%
0.0%
1.4%
0.0%
1.0%
6.5%
4.9%
1.9%
4.3%
2.6%
4.1%
16.9%
9.8%
5.8%
8.6%
6.6%
9.4%
6.5%
5.7%
9.6%
10.0%
17.1%
9.4%
77
122
52
70
76
397
Other Please briefly describe:
General fishing tackle shop that offers
fly fishing products
17
Customer Demographics
Average
Number of
Respondents
What percentage of your 2011 customers were
youth (16 years old or under)?
7.1%
196
What percentage of your 2011 customers were
female?
15.3%
198
What percentage, of your 2011 sales (in dollars),
were to women?
15.0%
180
18
RESULTS:
SALES AND TRENDS
19
Gross Fly Fishing Merchandise Sales Per Fly Fishing Retailer
Gross Fly Fishing Sales Per Retailer, National Average: $252,154*
Survey Question: What was your gross sales for fly fishing-related merchandise (tackle, gifts,
accessories, etc)?
Gross Merchandise Sales by Size of Retailer
$1,000,000
$938,173
$900,000
$800,000
$700,000
$600,000
$500,000
$366,327
$400,000
$300,000
$200,000
$100,000
$79,973
$0
Less than $250,000
$250,00 to $500,000
Greater than $500,000
* Please note this figure only relates to sales of fly-fishing related products. Other sources of revenue, primarily guided
trips and travel, are not included in this figure. Including the excluded items, the average sales of all fly fishing product
and services is $314,000.
Less than
$250,000
159
$250,00 to
$500,000
Greater than
$500,000
34
35
Total
228
20
Gross Fly Fishing Merchandise Sales Per Fly Fishing Retailer (cont’d)
Survey Question: (2011) What was your gross sales for fly fishing-related merchandise (tackle, gifts,
accessories, etc)?
Gross Merchandise Sales
30%
25%
20%
15%
10%
5%
0%
Gross Merchandise Sales
Total %
Less than $1,000
6.6%
$1,000 to $10,000
8.3%
$10,000 to $50,000
17.1%
$50,000 to $100,000
14.9%
$100,000 to $250,000
22.8%
$250,000 to $1,000,000
25.9%
$1,000,000 to $3,400,000
4.4%
228
21
Gross Sales by Category and Region
Survey Question: What percentage of your gross fly fishing dollar sales came from each of the following product categories in 2011?
West
Fly rod & reel combos
Rockies
North
Central
South
Northeast
Total
Number of
Respondents
4.3%
5.4%
3.8%
6.9%
6.3%
5.3%
268
Fly rods
10.8%
7.5%
9.2%
9.4%
9.2%
8.3%
303
Fly reels
7.7%
6.5%
7.9%
7.0%
6.3%
6.4%
305
Fly lines
4.6%
5.2%
5.7%
5.6%
5.9%
4.9%
303
Leaders and tippets
5.2%
6.5%
5.9%
5.8%
6.8%
5.6%
301
Flies
9.6%
15.1%
10.7%
8.7%
12.9%
11.0%
316
Accessories (clippers, etc)
Waders (chest & knee, wading boots, open
toed boats, etc )
Fly tying materials (vises, hooks, thread,
tools, etc )
Softgoods: Standard apparel & sportswear
(T-shirts, fishing shirts, pants, hats)
Softgoods: Outerwear (rain gear, vests,
jackets, boots/shoes, soft shells,
gloves, etc )
3.1%
4.4%
4.1%
4.0%
5.2%
3.9%
241
5.5%
3.9%
5.8%
3.9%
6.5%
4.5%
249
7.0%
5.6%
9.2%
6.6%
15.6%
7.8%
258
3.5%
7.3%
5.4%
10.0%
4.6%
5.8%
221
3.2%
3.4%
4.6%
6.6%
3.1%
3.7%
205
Softgoods: Vests/packs/bags
1.6%
2.5%
3.1%
2.7%
3.2%
2.4%
206
Gifts
1.3%
1.7%
1.9%
2.2%
2.7%
1.8%
146
Books & DVDs
1.6%
1.5%
2.3%
2.0%
2.2%
1.7%
169
Fly fishing / casting lessons
6.3%
2.4%
3.2%
4.4%
1.7%
3.3%
152
Float tubes / pontoon boats
Local guide services (gross sales, not just
retailer margin)
Destination travel (gross sales, not just
retailer margin)
1.4%
1.2%
0.2%
0.7%
0.2%
0.8%
127
14.9%
16.8%
10.6%
12.2%
7.3%
12.8%
174
8.5%
3.2%
6.4%
1.5%
0.2%
3.8%
123
22
Gross Sales by Category and Size of Retailer
Survey Question: What percentage of your gross fly fishing dollar sales came from each of the following product categories in 2011?
Less than
$250,000
$250,00 to
$500,000
Greater
than
$500,000
Number of
Respondents
5.3%
4.8%
3.1%
174
Fly rods
8.8%
7.9%
10.7%
200
Fly reels
6.4%
5.6%
7.9%
203
Fly lines
4.9%
5.3%
5.1%
199
Leaders and tippets
5.5%
5.9%
6.0%
198
12.3%
11.1%
10.0%
207
Accessories (clippers, etc)
4.4%
6.0%
3.6%
174
Waders (chest & knee, wading boots, open toed boats, etc )
4.1%
6.4%
6.1%
173
10.1%
6.4%
7.4%
177
5.9%
7.8%
7.2%
158
Flies
Fly tying materials (vises, hooks, thread, tools, etc )
Softgoods: Standard apparel & sportswear (T-shirts, fishing shirts, pants,
hats)
Softgoods: Outerwear (rain gear, vests, jackets, boots/shoes, soft shells,
gloves, etc )
4.2%
4.7%
5.0%
151
Softgoods: Vests/packs/bags
2.3%
2.9%
2.4%
156
Gifts
1.8%
1.5%
1.1%
111
Books & DVDs
1.8%
2.7%
1.3%
128
Fly fishing / casting lessons
3.2%
5.1%
1.1%
111
Float tubes / pontoon boats
0.5%
1.6%
0.7%
94
14.8%
12.3%
14.0%
128
3.8%
1.9%
7.2%
90
Local guide services (gross sales, not just retailer margin)
Destination travel (gross sales, not just retailer margin)
23
Types of Flies Sold
Survey Question: What percentage of your sales of flies in 2011 came from the following categories?
(% of the flies you carry)
Types of Flies
Average Percent of All
Sales of Flies, for the
Average Fly Fishing
Retailer
Dry flies
Bead head nymphs
Tungsten nymphs
All other nymphs
Salmon/Steelhead
Saltwater
Streamers
Bass
Terrestrials
Other
Number of
Respondents
25.2%
19.4%
9.3%
14.1%
13.2%
10.4%
12.9%
7.4%
8.3%
12.0%
168
164
127
131
114
106
147
113
129
78
Types of Leaders and Tippets Sold
Survey Question: What percentage of your leader and tippet sales in 2011 were of the following
categories?
Average Percent of All
Sales of Leaders and
Tippets, for the Average
Fly Fishing Retailer
Number of
Respondents
Nylon
67.2%
182
Fluorocarbon
32.2%
177
Types of Leaders and Tippets
24
Travel Sales
Survey Question: Please estimate as best as possible the percentage of the destination trips you
sold in 2011 for each type of fishing1:
Average National Travel Sales By Destination
International
31.9%
Domestic
68.1%
Travel Sales By Destination
Domestic Trips
(Number of
Respondents)
International Trips
(Number of
Respondents)
0 to 25 %
7
18
26 to 50 %
3
3
51 to 75 %
1
1
76 to 100 %
18
7
29
29
Percent of Travel Sales
Total Number of Respondents:
1
This question was only presented in the online survey to reduce problems associated with long phone surveys.
25
Average National Travel Sales By Water Type
Saltwater
35.9%
Freshwater
64.1%
Travel Sales By Water Type
Freshwater Trips
(Number of
Respondents)
Saltwater Trips
(Number of
Respondents)
0 to 25 %
7
17
26 to 50 %
4
2
51 to 75 %
2
2
76 to 100 %
15
7
28
28
Percent of Travel Sales
Total Number of Respondents:
26
Gross Fly Fishing Merchandise Sales by Region, in $$
Survey Question: (2011) What was your gross sales for fly fishing-related merchandise (tackle, gifts, accessories, etc)?
$400,000
$350,000
Gross Merchandise Sales by Region
$345,478
$272,209
$300,000
$272,088
$250,000
$205,775
$200,000
$153,766
$150,000
$100,000
$50,000
$0
West
Rockies
North Central
South
Northeast
Retailer Size By Region
Retailer Size (Gross
Merchandise Sales)
West
Rockies
North Central
South
Northeast
Total
Less than $250,000
61.5%
64.3%
69.7%
66.7%
88.4%
69.7%
$250,00 to $500,000
17.9%
17.1%
18.2%
19.4%
2.3%
14.9%
20.5%
18.6%
12.1%
13.9%
9.3%
15.4%
39
70
33
36
43
221
27
Sales By Quarter
Survey Question: What percentage of your fly fishing sales occurred in each fiscal quarter in 2011?
Sales by Quarter, 2011
JanOctober- March,
December, 15.8%
19.4%
JulySeptember,
37.7%
Sales by
Quarter in 2011
Average
April-June,
30.9%
Number of
Respondents
Jan-March
15.8%
305
April-June
30.9%
333
July-September
37.7%
331
October-December
19.4%
318
28
Gross Sales by Type of Fishery
Survey Question: Please check the types of fishing that drove at least 25% of your gross sales in
2011
Retailers with Types of Fishing
that Drove at Least 25% of Sales
72.1%
75.0%
60.0%
45.0%
30.0%
17.2%
15.0%
0.0%
Warmwater (bass, panfish, carp, etc):
Coldwater (trout, salmon, pike, etc ):
Retailers with Types of Fishing
that Drove at Least 25% of Sales
60.0%
50.0%
50.2%
40.0%
30.0%
15.8%
20.0%
10.0%
0.0%
Freshwater
Saltwater
Sales by Fishing Type in 2011
# Checked
% Checked
Warmwater (bass, panfish, carp, etc):
37
17.2%
Coldwater (trout, salmon, pike, etc ):
155
72.1%
Freshwater
108
50.2%
34
15.8%
215
100.0%
Saltwater
29
Gross Sales by Type of Fishery (cont’d)
Survey Question: Please check the types of fishing that drove at least 25% of your gross sales in
2011
Results Presented by Retailers with Annual Gross Sales of:
Less than
$250,000
$250,00 to
$500,000
Greater than
$500,000
Warmwater (bass, panfish, carp, etc)
17.4%
20.0%
10.0%
17.2%
Coldwater (trout, salmon, pike, etc )
70.7%
90.0%
85.0%
72.1%
Freshwater
51.1%
20.0%
65.0%
50.2%
Saltwater
16.3%
25.0%
30.0%
15.8%
92
20
20
132
Total
30
Gross Sales by Type of Fishery (cont’d)
Survey Question: Please check the types of fishing that drove at least 25% of your gross sales in 2011
Retailer Size by Gross Sales
West
North
Central
Rockies
South
Northeast
Total
Warmwater (bass, panfish, carp, etc)
7.7%
9.1%
33.3%
47.1%
5.3%
17.2%
Coldwater (trout, salmon, pike, etc )
61.5%
87.0%
66.7%
58.8%
71.1%
72.1%
Freshwater
69.2%
44.2%
42.9%
38.2%
55.3%
50.2%
Saltwater
17.9%
6.5%
14.3%
35.3%
15.8%
15.8%
39
77
21
34
38
209
31
Internet Sales
Please note that the internet sales reported here refer to sales from all fly fishing retailers who replied
to the survey. The results are not exclusive to just sales associated with businesses that operate
online exclusively.
Survey Question: Does your store have internet sales?
Does your store have internet
sales?
60%
50%
40%
Yes
30%
No
20%
10%
0%
Sales from Internet
Total %
Yes
51.2%
No
48.8%
217
32
Internet Sales (continued)
The following question pertains to those respondents that responded “Yes” to the previous question: Does your store have internet sales?
Survey Question: What percentage of your fly fishing sales came from the internet?
Internet Sales, National Average: 24.5%2
Percent Internet Sales by Retailer Size
35%
31.8%
30%
25%
20.7%
20%
16.0%
15%
10%
5%
0%
Less than $250,000
$250,00 to $500,000
Less than
$250,000
2
42
$250,00 to
$500,000
13
Greater than
$500,000
16
Total
71
This applies only to retailers that sold merchandise online.
33
Survey Question: What percentage of your fly fishing sales come from the internet?
Percent of Sales from the Internet
70% to 100%
40% to 70%
20% to 40%
Number of
Responses
10% to 20%
1% to 10%
0%
0
10
20
Percent of Sales from the Internet
0%
30
40
50
Number of
Responses
5
1% to 10%
53
10% to 20%
9
20% to 40%
11
40% to 70%
6
70% to 100%
13
Total
60
97
34
Survey Question: What percentage of your fly fishing sales come from the internet?
Percent of Sales from the Internet by Region
40.0%
35.0%
33.4%
32.1%
30.0%
24.4%
25.0%
20.0%
20.0%
12.2%
15.0%
10.0%
5.0%
0.0%
West
Number of
Respondents:
Rockies
North Central
South
Northeast
West
Rockies
North Central
South
Northeast
Total
16
34
9
18
19
96
35
Survey Question: Comparing 2011 internet sales to 2010, how much were your internet up or down?
Change in Retailers’ Internet Sales, 2010 to 2011 = +17.2%
Internet SalesTrend by Region
(2010 to 2011)
US Northeast
20.4%
US South
14.7%
US North Central
22.4%
US Rockies
14.1%
US West
21.6%
0%
5%
10%
West
Rockies
14
32
15%
North
Central
20%
South
8
17
25%
Northeast
16
Other
Total
1
88
36
Mail Order and Catalog Sales
Survey Question: Does your store have mail order or catalog sales?
Does store have mail-order or
catalog sales?
90.0%
80.0%
70.0%
60.0%
50.0%
Yes
40.0%
No
30.0%
20.0%
10.0%
0.0%
Total %
Total %
Yes
17.3%
No
82.7%
214
37
Mail Order and Catalog Sales (continued)
The following question pertains to those respondents that responded “Yes” to the previous question: Does your store have mail order or catalog sales?
Survey Question: What percentage of your fly fishing sales come from mail order or catalog?
Average Percent Mail Order and Catalog Sales, Nationally: 22.4%3
Percentage of Fly Fishing Sales Coming from Mail-order or
Catalog
70% to 100%
40% to 70%
20% to 40%
5% to 20%
Number of
Responses
1% to 5%
0%
0
3
6
Percent of Sales from Mail Order and Catalog
9
12
Number of
Responses
0%
1% to 5%
12
5% to 20%
10
20% to 40%
4
40% to 70%
4
70% to 100%
Total
3
2
2
34
This applies to those retailers that sold merchandise by mail order or catalog.
38
Sales by Price Points for Specific Product Categories
Survey Question: What percentage of your sales by product category in 2011 fit within each of the
price categories below?
Rod and Reel Combo Price Points
70%
60%
50%
40%
30%
20%
10%
0%
62.2%
40.6%
10.5%
Under $200
$200 to $500
Over $500
Number of responses = 27
Fly Rod Price Points
50%
43.4%
40%
33.8%
35.0%
$200 to $500
Over $500
30%
20%
10%
0%
Under $200
39
Fly Reel Price Points
55.4%
60%
50%
38.9%
40%
30%
20%
11.2%
10%
0%
Under $50
$50 to $200
Over $200
Wader Price Points
55.0%
60%
50%
42.0%
40%
30%
20%
5.6%
10%
0%
Under $200
$200 to $500
Over $500
40
Vest/Pack/Bag Price Points
100%
83.3%
80%
60%
40%
20%
18.5%
17.6%
0%
Under $50
$50 to $150
Over $150
Fly Price Points
72.6%
80%
60%
40%
20%
24.7%
9.3%
0%
Under $1
$1 to $2.50
Over $2.50
Apparel Points
60%
49.2%
50%
42.7%
40%
30%
20%
19.8%
10%
0%
Under $20
$20 to $50
Over $50
41
Top Brands by Category
This section ranks the brands sold most frequently in 2011, as reported by fly fishing retailers.
Note that due to the low response rates for these survey questions the results do not likely reflect the
industry as a whole.
Survey Question: Please check which best describes the percentage of your 2011 (Product
Category) sales represented by each brand.
Rod and Reel Combos
0.0%
5.0%
10.0%
15.0%
Redington
20.0%
25.0%
30.0%
24.3%
Other
11.1%
Temple Fork Outfitters
10.9%
Cortland
8.0%
Store brand
7.2%
Echo
5.6%
St Croix
5.2%
Hardy Uniqua
4.8%
Ross
4.6%
G Loomis
4.4%
Scientific Angler
4.4%
Sage
4.4%
Orvis
3.7%
Eagle Claw
3.0%
Okuma
2.0%
R L Winston
2.0%
Pfleuger
0.6%
Shakespeare
0.6%
Mountain Cork
0.2%
Fenwick
0.0%
Gold Medal
0.0%
Hobbs Creek
0.0%
LL Bean
0.0%
Loop
0.0%
Martin
0.0%
Winston
0.0%
W W Grigg
0.0%
42
Fly Rods
0.0%
5.0%
10.0%
15.0%
20.0%
Sage
25.0%
21.4%
Temple Fork Outfitters
15.8%
Other
8.0%
Winston
8.0%
G Loomis
8.0%
Redington
7.7%
Hardy
7.6%
St Croix
7.2%
Echo
6.8%
Scott
6.3%
Store brand
5.6%
Orvis
3.7%
Ross
3.1%
Cortland
2.1%
Scientific Angler
1.1%
Fenwick
0.9%
Pfleuger
0.6%
Thomas & Thomas
0.4%
Shakespeare
0.4%
Wright-McGill
0.4%
Diamondback/Redbone
0.0%
LL Bean
0.0%
Loop
0.0%
43
Fly Reels
0.0%
5.0%
10.0%
15.0%
Waterworks Lamson
20.0%
18.6%
Ross
17.3%
Other
11.1%
Redington
8.1%
Store brand
6.4%
Galvan
6.3%
Hardy
6.2%
Abel
5.4%
Nautilus
4.8%
Tibor
4.8%
Sage
4.6%
Hatch
4.4%
Orvis
4.2%
Okuma
4.0%
Cortland
3.7%
Pfleuger
2.6%
G Loomis
1.9%
Billy Pate
1.3%
Scientific Angler
1.3%
Bauer
1.3%
St Croix
0.4%
Van Staal
0.2%
Wright-McGill
0.2%
Islander
0.2%
Shakespeare
0.2%
Albright
0.0%
J Ryall
0.0%
LL Bean
0.0%
Loop
0.0%
Mako
0.0%
Shilton
0.0%
44
Waders
0.0%
10.0%
20.0%
Simms
15.8%
Other
15.2%
Redington
Orvis
Hodgman
50.0%
60.0%
10.6%
Patagonia
Store brand
40.0%
49.2%
Dan Bailey
Frogg Toggs
30.0%
6.1%
4.6%
2.9%
1.9%
1.1%
45
Flies
0.0%
5.0%
10.0%
15.0%
20.0%
Umpqua
25.0%
23.8%
Locally tied
18.5%
Store brand
14.8%
Idylewilde
12.8%
Solitude
12.6%
Other
10.5%
Montana Fly Company
10.0%
Spirit River
2.9%
Rainy's
2.7%
Cortland
1.2%
Enrico Puglisi
1.0%
Targus
0.2%
Betts
0.0%
Blue Ribbon
0.0%
Hareline Dubbin
0.0%
Orvis
0.0%
Scientific Angler
0.0%
46
Vest/Pack/Bags
0.0%
5.0%
10.0% 15.0% 20.0% 25.0% 30.0% 35.0% 40.0%
Fishpond
36.9%
Simms
26.3%
Other
16.7%
Patagonia
9.4%
William Joseph
9.2%
Sage
4.0%
Redington
3.8%
Orvis
Clear Creek
2.6%
1.6%
Frogg Toggs
0.4%
Store brand
0.3%
Bucks Bags
0.2%
Glacier Glove
0.2%
Allen Company
0.2%
47
Standard Apparel and Sportswear (T-Shirts, Fishing Shirts, Pants, Hats)
0.0%
5.0%
10.0% 15.0% 20.0% 25.0% 30.0% 35.0%
Simms
33.1%
Other
15.8%
Store brand
15.6%
Patagonia
12.3%
Redington
9.8%
Columbia
7.6%
Sage
3.5%
ExOfficio
Orvis
2.8%
1.0%
Filson
0.2%
Guy Harvey/AFTCO
0.0%
Magellan
0.0%
Redhead
0.0%
Under Armour
0.0%
48
Outerwear (Rain Gear, Vests, Jackets, Soft Shells, Boots and Shoes, Gloves, etc)
0.0%
10.0%
20.0%
Simms
30.0%
40.0%
50.0%
39.2%
Patagonia
17.6%
Other
15.5%
Redington
7.2%
Buff
7.0%
Glacier
3.5%
Columbia
3.3%
Store brand
2.5%
Orvis
2.3%
Fish Pond
2.0%
Sage
0.8%
Dr Shade
0.7%
Carhartt
0.0%
Filson
0.0%
Guy Harvey/AFTCO
0.0%
Magellan
0.0%
Under Armour
0.0%
49
Fly Lines
0.0%
5.0%
10.0% 15.0% 20.0% 25.0% 30.0% 35.0% 40.0%
RIO
36.2%
Scientific Angler (3M) / Mastery
33.8%
Air Flo
10.8%
Cortland
10.0%
Other
8.3%
Royal Wulff
6.5%
Jim Teeny
1.7%
Sage
1.5%
Flow Tek
0.2%
Shakespeare
0.0%
Store brand
0.0%
50
Leaders and Tippets
0.0%
10.0%
20.0%
RIO
50.0%
13.0%
Umpqua
10.9%
Climax
7.4%
Store brand
5.3%
Orvis
5.2%
Maxima
4.6%
Air Flo
4.4%
Other
4.3%
Seaguar
3.9%
Cortland
3.5%
TroutHunter
40.0%
42.0%
Scientific Angler
Frog Hair
30.0%
2.7%
1.3%
Shakespeare
0.0%
Targus
0.0%
51
Sale Trends 2007-2011
Survey Question: To the best of your recollection, please estimate how much (%) your 2011 net
sales revenues (gross sales minus returns) were up or down compared to 2007 (the year before
the economic downturn began in earnest)
Change in Net Sales, 2007 to 2011, Nationally: +5.5%4
Change in Net Sales, 2010 to 2011, Nationally: +3.9%
Changes in Net Sales, by Region (2007 to 2011)
US Northeast
11.2%
US South
6.5%
US North Central
0.4%
US Rockies
7.4%
US West
-1.8%
-4.0%
-2.0%
0.0%
West
Number of
Respondents:
2.0%
4.0%
North
Central
Rockies
39
71
6.0%
8.0%
South
25
10.0%
Northeast
36
12.0%
Other
33
Total
6
210
Changes in Net Sales, by Size of Retailer (2007 to 2011)
15.8%
$250,00 to $500,000
11.8%
Less than $250,000
0.0%
1.6%
2.0%
4.0%
6.0%
8.0% 10.0% 12.0% 14.0% 16.0% 18.0%
Less than
$250,000
101
$250,00 to
$500,000
Greater than
$500,000
25
22
Total
148
4
Please note these results only reflect sales for fly fishing retailers who were in business in 2007 and in 2011. These results do not
account for decreased sales represented by retailers who went out of business between these years. For this reason, these figures are
considered a maximum estimate of sales increases since 2007. The actual change is probably lower to an unknown degree.
52
Sales Trends: (continued)
Survey Question: By what percentage were your 2011 (Product Category) sales (in $$) up or down
compared to 2010?
Average Change by Product Category
Average
Change
Respondents
Fly rod and reel combos
3.5%
173
Fly rods
1.9%
180
Fly reels
3.9%
181
Waders
0.4%
167
Flies
5.2%
176
Vest/Pack/Bag
-0.5%
175
Outerwear
-0.7%
164
Standard apparel & sportswear
2.8%
167
Fly lines
2.7%
189
Leaders and tippets
4.3%
182
Fly tying materials
10.8%
170
Destination travel
4.3%
120
Sales Trend by Product Category
(2010 to 2011)
3.5%
Fly rods
1.9%
Fly reels
3.9%
Waders
0.4%
Flies
5.2%
Vest/Pack/Bag -0.5%
Outerwear -0.7%
2.8%
Fly lines
2.7%
Leaders and tippets
4.3%
Fly tying materials
10.8%
Destination travel
-2.0%
4.3%
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
12.0%
53
Sales Trends: (continued)
Survey Question: Were your 2011 (Product Category) sales (in $$) up or down compared to 2010?
Percent of Retailers Reporting Increases or Decreases
Fly rods
Fly reels
Waders
Flies
Vest/Pack/Bag
Outerwear
Fly lines
Leaders and tippets
Fly tying materials
Destination travel
Stayed
Number of
Increased Decreased the Same Respondents
192
38.5%
22.4%
39.1%
198
37.9%
28.3%
33.8%
195
38.5%
24.6%
36.9%
185
29.7%
24.9%
45.4%
191
45.5%
21.5%
33.0%
188
27.1%
25.5%
47.3%
177
28.8%
24.9%
46.3%
180
37.2%
16.1%
46.7%
202
35.6%
21.3%
43.1%
195
43.6%
15.9%
40.5%
185
50.3%
11.4%
38.4%
125
19.2%
10.4%
70.4%
54
Sales Trends by Product Category, 2010-2011, by Region
compared to 2010?
West
Average Sales
Change
Number of
Respondents
5.3%
34
Fly rods
-0.4%
36
Fly reels
3.8%
36
Waders
3.7%
34
Flies
9.0%
34
Vest/Pack/Bag
-5.5%
32
Outerwear
-1.9%
31
0.8%
32
Fly lines
2.3%
38
Leaders and tippets
5.8%
35
Fly tying materials
17.2%
29
Destination travel
6.2%
18
in West (2010 to 2011)
5.3%
Fly rods
-0.4%
Fly reels
3.8%
Waders
3.7%
Flies
Vest/Pack/Bag
9.0%
-5.5%
Outerwear
-1.9%
0.8%
Fly lines
2.3%
Leaders and tippets
5.8%
Fly tying materials
17.2%
Destination travel
-10.0%
6.2%
-5.0%
0.0%
5.0%
10.0%
15.0%
20.0%
55
Sales Trends by Product Category, 2010- 2011, by Region (continued)
Rockies
Average Sales
Change
Number of
Respondents
2.2%
70
Fly rods
0.9%
71
Fly reels
4.7%
70
Waders
-2.5%
68
Flies
1.2%
67
Vest/Pack/Bag
0.7%
70
Outerwear
0.8%
68
3.2%
68
Fly lines
0.5%
69
Leaders and tippets
1.5%
70
Fly tying materials
5.6%
65
Destination travel
5.3%
48
in Rockies (2010 to 2011)
2.2%
Fly rods
0.9%
Fly reels
Waders
4.7%
-2.5%
Flies
1.2%
Vest/Pack/Bag
0.7%
Outerwear
0.8%
3.2%
Fly lines
0.5%
Leaders and tippets
1.5%
Fly tying materials
5.6%
Destination travel
-4.0%
5.3%
-2.0%
0.0%
2.0%
4.0%
6.0%
56
Sales Trends by Product Category, 2010-2011, by Region (continued)
North Central
Average Sales
Change
Number of
Respondents
4.2%
15
Fly rods
8.8%
15
Fly reels
6.3%
16
Waders
5.8%
15
10.4%
15
8.2%
17
Outerwear
-5.7%
15
-2.5%
15
Fly lines
6.6%
19
Leaders and tippets
2.4%
14
Fly tying materials
4.8%
16
Destination travel
-1.3%
13
Flies
Vest/Pack/Bag
in North Central (2010 to 2011)
4.2%
Fly rods
8.8%
Fly reels
6.3%
Waders
5.8%
Flies
10.4%
Vest/Pack/Bag
8.2%
Outerwear -5.7%
-2.5%
Fly lines
6.6%
Leaders and tippets
2.4%
Fly tying materials
Destination travel
-8.0%
4.8%
-1.3%
-4.0%
0.0%
4.0%
8.0%
12.0%
57
South
Average Sales
Change
Number of
Respondents
7.4%
28
Fly rods
5.9%
29
Fly reels
5.7%
29
Waders
5.7%
27
Flies
10.3%
29
Vest/Pack/Bag
2.3%
30
Outerwear
5.3%
27
7.3%
28
Fly lines
7.9%
32
Leaders and tippets
10.6%
32
Fly tying materials
14.9%
29
Destination travel
5.3%
24
in South (2010 to 2011)
7.4%
Fly rods
5.9%
Fly reels
5.7%
Waders
5.7%
Flies
Vest/Pack/Bag
10.3%
2.3%
Outerwear
5.3%
7.3%
Fly lines
7.9%
Leaders and tippets
10.6%
Fly tying materials
14.9%
Destination travel
0.0%
5.3%
4.0%
8.0%
12.0%
16.0%
58
Northeast
Average Sales
Change
Number of
Respondents
-1.7%
23
Fly rods
-2.2%
25
Fly reels
0.1%
26
Waders
-4.5%
19
Flies
3.6%
26
Vest/Pack/Bag
-5.2%
22
Outerwear
-4.3%
19
5.6%
20
-0.7%
27
2.8%
26
Fly tying materials
18.3%
26
Destination travel
2.5%
14
Fly lines
Leaders and tippets
in Northeast (2010 to 2011)
-1.7%
Fly rods
-2.2%
Fly reels
Waders
0.1%
-4.5%
Flies
Vest/Pack/Bag
3.6%
-5.2%
Outerwear
-4.3%
Fly lines
5.6%
-0.7%
Leaders and tippets
2.8%
Fly tying materials
18.3%
Destination travel
-10.0%
2.5%
-5.0%
0.0%
5.0%
10.0%
15.0%
20.0%
59
Sales Trends by Product Category by Size of Retailer
compared to 2010?
Small Retailers: Less than $250,000 in Gross Merchandise Sales
Average Sales
Change
Number of
Respondents
-0.1%
73
Fly rods
-1.3%
75
Fly reels
0.7%
78
Waders
-2.0%
72
5.2%
74
Vest/Pack/Bag
-1.1%
74
Outerwear
-3.7%
67
3.0%
69
Fly lines
1.4%
79
Leaders and tippets
3.9%
76
Fly tying materials
13.0%
71
Destination travel
5.9%
52
Flies
for Small Retailers (2010 to 2011)
-0.1%
Fly rods
-1.3%
Fly reels
Waders
0.7%
-2.0%
Flies
Vest/Pack/Bag
5.2%
-1.1%
Outerwear-3.7%
3.0%
Fly lines
1.4%
Leaders and tippets
3.9%
Fly tying materials
13.0%
Destination travel
-5.0%
5.9%
0.0%
5.0%
10.0%
15.0%
60
Sales Trends by Product Category by Size of Retailer (continued)
Medium Size Retailers: $250,00 to $500,000 in Gross Merchandise Sales
Average Sales
Change
Number of
Respondents
3.6%
20
Fly rods
2.2%
20
Fly reels
3.9%
20
Waders
1.1%
20
Flies
1.3%
19
Vest/Pack/Bag
-2.7%
19
Outerwear
-1.6%
19
-3.9%
19
Fly lines
4.2%
18
Leaders and tippets
5.6%
18
Fly tying materials
2.8%
19
Destination travel
0.7%
14
for Medium Size Retailers (2010 to 2011)
3.6%
Fly rods
2.2%
Fly reels
3.9%
Waders
1.1%
Flies
1.3%
Vest/Pack/Bag
-2.7%
Outerwear
-1.6%
-3.9%
Fly lines
4.2%
Leaders and tippets
5.6%
Fly tying materials
2.8%
Destination travel
-6.0%
0.7%
-4.0%
-2.0%
0.0%
2.0%
4.0%
6.0%
8.0%
61
Sales Trends by Product Category by Size of Retailer (continued)
Large Retailers: Greater than $500,000 in Gross Merchandise Sales
Average Sales
Change
Number of
Respondents
6.1%
16
Fly rods
6.6%
19
Fly reels
11.7%
19
Waders
6.1%
19
Flies
3.6%
20
Vest/Pack/Bag
9.6%
19
Outerwear
10.6%
18
13.6%
18
Fly lines
4.4%
20
Leaders and tippets
6.1%
20
Fly tying materials
21.4%
19
Destination travel
4.9%
15
for Large Retailers (2010 to 2011)
6.1%
Fly rods
6.6%
Fly reels
11.7%
Waders
Flies
6.1%
3.6%
Vest/Pack/Bag
9.6%
Outerwear
10.6%
Fly lines
13.6%
4.4%
Leaders and tippets
6.1%
Fly tying materials
Destination travel
0.0%
21.4%
4.9%
5.0%
10.0%
15.0%
20.0%
25.0%
62
RESULTS:
BUSINESS METRICS
63
Gross Margins
Survey Question: What was your gross margin on sales for each of the following categories
(2011)5?
Gross Margins in 2011, National Average: 41.0%
Gross Margin, 2011
70% to 100%
50% to 70%
40% to 50%
30% to 40%
Number of
Responses
20% to 30%
10% to 20%
0% to 10%
0
15
30
45
60
Gross Margin by Retailer Size
Gross Margin by Retailer Size
45%
41.2%
40%
39.9%
38.8%
35%
30%
25%
20%
15%
10%
5%
0%
Less than $250,000
$250,00 to $500,000 Greater than $500,000
Less than
$250,000
74
$250,00 to
$500,000
21
Greater than
$500,000
15
Total
110
5
Gross margins for detailed product categories were only presented in the online survey to minimize low response rates associated
with long phone surveys.
64
Gross Margin by Region
Gross Margin by Region
50.0%
43.9%
41.7%
40.0%
41.5%
40.9%
South
Northeast
35.8%
30.0%
20.0%
10.0%
0.0%
West
Rockies
West
Number of
Respondents:
Rockies
23
North Central
North Central
42
17
South
Northeast
20
18
Total
120
Gross Margin On Sales by Product Category
Margins by Product Category
Average
Margin
Number of
Respondents
34.9%
105
Fly rods
38.5%
109
Fly reels
37.4%
109
Waders
34.4%
98
Flies
59.5%
111
Standard Apparel
39.6%
91
Outerwear
36.3%
90
Fly Line
44.5%
109
Fly tying
45.9%
99
Leaders and Tippets
47.7%
105
Books & DVDs
37.6%
88
Gifts
37.5%
74
Local Guide Services
30.9%
77
8.8%
63
Destination Travel Offerings
65
Gross Margins (Continued)
Gross Margin By Retailer Size
Less than
$250,000
$250,00 to
$500,000
Greater than
$500,000
Total
Number of
Respondents
34.5%
34.3%
35.6%
34.9%
92
Fly rods
36.8%
42.7%
38.8%
38.5%
98
Fly reels
35.8%
40.8%
37.9%
37.4%
99
Waders
31.6%
37.3%
36.5%
34.4%
87
Flies
63.2%
54.5%
52.1%
59.5%
101
37.6%
43.1%
39.5%
39.6%
85
Outerwear
32.8%
42.1%
36.7%
36.3%
83
Fly line
Fly tying materials, (vises, hooks, thread, tools,
etc.)
42.5%
48.6%
47.4%
44.5%
98
44.3%
47.4%
48.1%
45.9%
90
Leaders and tippets
45.8%
50.7%
54.8%
47.7%
94
Books and DVDs
35.1%
38.3%
43.6%
37.6%
82
Gifts
39.9%
31.5%
35.4%
37.5%
70
35.3%
23.2%
21.1%
30.9%
73
9.4%
8.2%
9.3%
8.8%
60
Destination travel offerings
66
Gross Margins (Continued)
Gross Margin By Region
West
Rockies
North
Central
South
Northeast
Total
Number of
Respondents
41.4%
33.6%
32.4%
35.7%
33.0%
34.9%
101
Fly rods
41.0%
36.2%
35.7%
42.9%
40.6%
38.5%
105
Fly reels
41.0%
36.3%
33.8%
40.2%
37.8%
37.4%
105
Waders
41.4%
33.0%
33.0%
34.3%
30.6%
34.4%
94
Flies
60.1%
51.6%
49.1%
57.9%
92.8%
59.5%
107
45.4%
39.7%
36.1%
42.2%
32.2%
39.6%
88
Outerwear
40.6%
37.1%
33.3%
40.3%
24.3%
36.3%
88
Fly line
Fly tying materials (vises, hooks,
thread, tools, etc.)
48.4%
42.7%
40.7%
46.4%
46.2%
44.5%
105
56.6%
40.4%
42.6%
45.1%
49.1%
45.9%
95
Leaders and tippets
48.4%
46.7%
40.4%
49.8%
56.1%
47.7%
101
Books and DVDs
40.9%
38.8%
32.0%
39.2%
33.8%
37.6%
85
Gifts
41.0%
38.8%
22.1%
36.5%
44.2%
37.5%
72
36.5%
30.0%
26.5%
26.7%
28.1%
30.9%
74
Destination travel offerings
11.9%
7.1%
11.3%
4.8%
8.1%
8.8%
61
67
Gross Margin (Continued)
Change in Gross Margins, 2010 to 2011, Nationally: +4.2%
Percent Change in Gross Margins, by Region (2010 to 2011)
US Northeast
7.6%
US South
19.4%
US North Central
US Rockies
7.6%
-1.8%
US West
-0.1%
-5.0%
0.0%
5.0%
10.0%
15.0%
20.0%
25.0%
Change in gross margins (2010 to 2011)
West
Rockies
19
North
Central
39
South
13
Northeast
16
Other
16
Total
4
107
Percent Change in Gross Margins, by Size of Retailer
(2010 to 2011)
0.3%
$250,00 to $500,000-0.5%
Less than $250,000
-1.0%
6.3%
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
7.0%
Change in gross margins (2010 to 2011)
Less than
$250,000
$250,00 to
$500,000
64
Greater than
$500,000
19
15
Total
98
68
Gross Profit
Survey Question: (2011) What was your gross profit (gross revenue minus your cost of goods sold)?
Gross Profit in 2011, National Average: $113,350
Gross Profits by Retailer Size
$450,000
$385,092
$400,000
$350,000
$300,000
$250,000
$200,000
$150,000
$111,612
$100,000
$50,000
$41,263
$0
Less than $250,000
$250,00 to $500,000
Less than
$250,000
66
$250,00 to
$500,000
16
Greater than
$500,000
17
Total
99
69
Gross Profit (Continued)
Survey Question: (2011) What was your gross profit (gross revenue minus your cost of goods sold)
Gross Profits by Region
$180,000
$160,000
$153,158
$140,000
$129,275
$118,740
$120,000
$100,000
$77,339
$80,000
$49,168
$60,000
$40,000
$20,000
$0
West
Rockies
West
Number of
Respondents:
23
North Central
Rockies
42
North
Central
South
South
17
Northeast
Northeast
20
18
Total
120
70
Gross Profit (continued)
Survey Question: (2011) What was your gross profit (gross revenue minus your cost of goods sold)?
Gross Profit by Retailer, 2011
$300,000 to $1,500,000
$100,000 to $300,000
$30,000 to $100,000
$10,000 to $30,000
$1 to $10,000
$0
Less than $0
0.0%
5.0%
10.0%
15.0%
20.0%
25.0%
Total %
Gross Profit
Less than $0
$0
Total %
2.9%
9.6%
$1 to $10,000
17.3%
$10,000 to $30,000
19.2%
$30,000 to $100,000
20.2%
$100,000 to $300,000
17.3%
$300,000 to $1,500,000
13.5%
104
71
Inventory: Value and Turnover Rates
Survey Question: (2011) What was the average value (replacement value, not retail value) of your
fly fishing inventory on a typical day last year (tackle, gifts, accessories, etc)?
Replacement Value in 2011, National Average: $146,470
The table below reports the percentage of fly fishing retailers, listed along the horizontal axis, that had
an average inventory worth the amounts listed along the vertical axis.
Average Replacement Value of
Fly Fishing Inventory (daily, 2011)
$200,000 to $3,000,000
$100,000 to $200,000
$50,000 to $100,000
$10,000 to $50,000
$1,000 to $10,000
$1 to $1,000
$0
0.0%
5.0%
10.0%
15.0%
20.0%
25.0%
Total %
Inventory Value:
$0
Percent of
Fly Fishing
Retailers:
0.6%
$1 to $1,000
10.6%
$1,000 to $10,000
11.2%
$10,000 to $50,000
22.4%
$50,000 to $100,000
19.3%
$100,000 to $200,000
19.3%
$200,000 to $3,000,000
16.8%
161
72
Inventory and Turnover (continued)
2011 Inventory Turnover Rate, National Average: 1.33
Distribution of Retailers Across Inventory Turnover Rates:
Inventory Turnover Rate:
Total %
0
0.9%
0 to 0.3
12.1%
0.3 to 0.60
16.4%
0.6 to 1
21.6%
1 to 2
29.3%
2 to 5
19.0%
5 to 10
0.9%
1.8
1.6
1.4
1.2
1.0
0.8
0.6
0.4
0.2
0.0
116
Inventory Turnover in 2011 by Region
1.58
1.28
1.40
1.26
0.87
US West
US Rockies
West
Number of
Respondents:
22
US North Central
Rockies
41
North
Central
US South
South
7
US Northeast
Northeast
21
23
Total
114
73
Inventory and Turnover (continued)
Inventory Turnover Trend, 2010 to 2011, Nationally: +1.04%
This section reports changes in inventory turnover rates from 2010 to 2011.
Inventory Turnover Trend by Region
(2010 to 2011)
US Northeast
2.9%
US South
0.6%
US North Central
3.4%
US Rockies
US West
4.7%
-8.4%
-10%
-8%
-6%
West
-4%
-2%
North
Central
Rockies
18
0%
37
2%
South
6
4%
6%
Northeast
15
Other
23
Total
2
101
Inventory Turnover Trend by Size (2010 to 2011)
$250,00 to $500,000
9.5%
-9.0%
Less than $250,000
-12%
1.2%
-7%
-2%
Less than
$250,000
3%
$250,00 to
$500,000
62
8%
Greater than
$500,000
14
17
Total
93
74
Employees and Employment Metrics
Survey Question: During the most recently completed fiscal year, how many employees in total did
you have?
Total Number of Employees
4.0
3.5
3.0
2.5
Full time
2.0
Part time
1.5
Seasonal
1.0
0.5
0.0
Total
Employee Type
Average
Respondents
Full Time
3.0
256
Part Time
2.5
205
Seasonal
3.6
180
75
Employees and Employment Metrics (continued)
Full time equivalent (FTE) employees were based on a formula where each actual full time employee
counted as one employee, each part time employee counted as half a position, and each seasonal
employee counted as a quarter employee. The chart below shows the percentage of retailers (listed
on the vertical axis) who have the number of FTE employees listed along the horizontal axis.
Employee Full Time Equivalents in 2011, National Average: 4.2
Employees - Full Time Equivalents, 2011
40.0%
35.0%
30.0%
25.0%
20.0%
Total %
15.0%
10.0%
5.0%
0.0%
0
1 to 2
Number of FTE Employees
0
2 to 4
10 to 20
20 to 66
Total %
7.5%
1 to 2
34.8%
2 to 4
27.2%
4 to 10
22.2%
10 to 20
5.7%
20 to 66
2.5%
4 to 10
279
76
Average Change from 2010 to 2011
Average
Change
Employee Characteristics
Full-time Equivalent Employees
Number of
Respondents
4.4%
212
Sales per full-time equivalent employee
14.3%
144
Payroll per full-time equivalent employee
1.6%
119
23.1%
72
Gross Profit per full-time equivalent employee
Percent Change (2010 to 2011):
Employee Characteristics
4.4%
14.3%
1.6%
0.0%
23.1%
5.0%
10.0%
15.0%
20.0%
25.0%
Percentage of Retailers Who Experienced Increases or Decreases
Increased
Decreased
Stayed the
Same
Number of
Respondents
16.0%
9.9%
74.1%
212
56.3%
29.2%
14.6%
144
30.3%
31.1%
38.7%
119
48.6%
26.4%
25.0%
72
77
Survey Question: What was your total payroll for all employees in each year?
Employee Payroll in 2011, National Average: $63,699
Total Payroll for All Employees
$300,000 to $735,000
$100,000 to $300,000
$60,000 to $100,000
$30,000 to $60,000
Total %
$10,000 to $30,000
$1 to $10,000
$0
0.0%
5.0%
Total Payroll for All Employees
10.0%
20.0%
25.0%
Total %
$0
21.6%
$1 to $10,000
18.7%
$10,000 to $30,000
9.9%
$30,000 to $60,000
17.0%
$60,000 to $100,000
15.8%
$100,000 to $300,000
14.6%
$300,000 to $735,000
2.3%
15.0%
171
78
Sales per employee is based on dividing each retailer’s total sales by their number of FTE employees.
Sales Per Employee in 2011, National Average: $84,568
Sales per Employee, 2011
$250,000 to $540,000
$50,000 to $250,000
$5,000 to $50,000
$1 to $5,000
$0
0.0%
10.0%
20.0%
30.0%
40.0%
50.0%
60.0%
Total %
Sales per Employee
$0
Total %
2.5%
$1 to $5,000
13.8%
$5,000 to $50,000
28.8%
$50,000 to $250,000
50.0%
$250,000 to $540,000
5.0%
160
79
Payroll per employee is based on dividing each retailer’s total payroll by their number of FTE
employees.
Payroll Per Employee in 2011, National Average: $16,066
Payroll per Employee 2011
$40,000 to $80,000
$30,000 to $40,000
$20,000 to $30,000
Total %
$10,000 to $20,000
$1 to $10,000
$0
0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 30.0% 35.0%
Amount per Employee
Total %
$0
13.5%
$1 to $10,000
29.0%
$10,000 to $20,000
23.2%
$20,000 to $30,000
18.1%
$30,000 to $40,000
10.3%
$40,000 to $80,000
5.8%
155
80
Profit per employee is based on dividing each retailer’s total gross profit by their number of FTE
employees.
Gross Profit per Employee in 2011, National Average: $32,496
Average Profit per Employee 2011
$100,000 to $156,000
$60,000 to $100,000
$30,000 to $60,000
$5,000 to $30,000
$1 to $5,000
$0
Less than $0
0.0%
5.0%
10.0%
15.0%
20.0%
25.0%
30.0%
Total %
Number of Employees
Total %
Less than $0
3.3%
$0
7.6%
$1 to $5,000
22.8%
$5,000 to $30,000
26.1%
$30,000 to $60,000
17.4%
$60,000 to $100,000
16.3%
$100,000 to $156,000
6.5%
92
81
Retail Space & Square Footage Metrics
Survey Question: (2011) How many square feet of retail space in your store(s) is dedicated to fly
fishing related products and services?
Retail Space in 2011, National Average: 1,277 sq. ft.
The average square feet per store dedicated to fly fishing tackle is listed along the vertical axis, while
the percentage of retailers within each size category is listed along the horizontal axis.
Square Feet of Retail Space Used for Flyfishing
3,000 to 10,000
1,000 to 3,000
300 to 1,000
Total %
100 to 300
>0 to 100
0
0.0%
5.0% 10.0% 15.0% 20.0% 25.0% 30.0% 35.0% 40.0%
Square feet for fly fishing
0
Total %
1.3%
>0 to 100
11.5%
100 to 300
10.9%
300 to 1,000
31.0%
1,000 to 3,000
37.7%
3,000 to 10,000
7.7%
Total
100.0%
313
82
Retail Space & Square Footage Metrics (continued)
Sales Per Square Foot in 2011, National Average: $294 per sq. ft.
The table below was calculated by dividing each retailer’s total fly fishing sales by the square footage dedicated to fly fishing sales.
Average Sales per Square Foot
$2,000 to $11,000
$800 to $2,000
$400 to $800
$200 to $400
Total %
$100 to $200
>$0 to $100
$0
0.0%
10.0%
Sales per square foot
$0
20.0%
30.0%
Total %
2.3%
>$0 to $100
33.6%
$100 to $200
25.3%
$200 to $400
24.4%
$400 to $800
9.2%
$800 to $2,000
4.1%
$2,000 to $11,000
0.9%
40.0%
217
83
Gross Profit Per Square Foot in 2011, National Average: $87 per sq. ft.*
Average Gross Profit per Square Foot, 2011
$300 to $500
$200 to $300
$100 to $200
$50 to $100
Total %
$1 to $50
$0
-$170 to -$1
0.0%
10.0%
Gross profit per square foot
-$170 to -$1
20.0%
30.0%
40.0%
Total %
3.1%
$0
10.2%
$1 to $50
39.8%
$50 to $100
18.4%
$100 to $200
15.3%
$200 to $300
6.1%
$300 to $500
7.1%
50.0%
98
* Not all retailers who answered the earlier question about gross margins were able to respond to this
question. The overall gross margin of 41% reported earlier, when matched to the $294/sq foot in
annual sales, indicates gross profit could be $120/sq foot. Therefore, we assume the actual gross
profit per square foot to be between $87 and $120.
84
Average Percent Change from 2010 to 2011 for Respondents
Fly Fishing Retail Square Footage
Characteristics
Average
Change
Retail Area in Square Feet
Number of
Respondents
4.8%
262
12.4%
195
Profit per square foot
30.8%
75
Percent Change (2010 to 2011):
Flyfishing Retail Area Characteristics
4.8%
12.4%
0.0%
30.8%
5.0%
10.0%
15.0%
20.0%
25.0%
30.0%
35.0%
Percentage of Retailers Who Experienced Increases or Decreases
Fly Fishing Retail Square Footage
Characteristics
Increased
Decreased
Stayed the
Same
Number of
Respondents
9.5%
3.4%
87.0%
262
55.4%
29.7%
14.9%
195
56.0%
18.7%
25.3%
75
85
Cost of Goods Sold
Survey Question: (2011) What was your total cost of goods sold for fly fishing-related merchandise
(tackle, gifts, etc)
Cost of Goods Sold in 2011, National Average: $169,000
The percent of fly fishing retailers who fit within each COGS category are listed along the horizontal
axis.
Total Cost of Goods of Fly Fishing Merchandise
$500,000 to $1,600,000
$200,000 to $500,000
$100,000 to $200,000
$50,000 to $100,000
$10,000 to $50,000
$1,000 to $10,000
$1 to $1,000
$0
0.0%
5.0%
10.0%
15.0%
20.0%
25.0%
Total %
Gross Sales
$0
$1 to $1,000
Total %
1.6%
5.6%
$1,000 to $10,000
11.1%
$10,000 to $50,000
23.0%
$50,000 to $100,000
17.5%
$100,000 to $200,000
16.7%
$200,000 to $500,000
16.7%
$500,000 to $1,600,000
7.9%
126
86
Cost of Goods Sold (continued)
Survey Question: Please estimate the percentage of your costs of goods sold for each of the major
categories listed for 20116.
Percentage of Costs of Goods Sold for Each Category 2011
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
12.0%
14.0%
16.0%
18.0%
Flies:
Fly tying:
Fly rods:
Standard Apparel:
Fly reels:
Fly Line:
Fly rod & reel combos:
Leaders and Tippets:
Outerwear:
Waders:
Books & DVDs:
Gifts:
Product Category
6
Average
Percent
Number of
Respondents
Flies
15.6%
47
Fly tying
11.5%
39
Fly rods
9.8%
45
Standard Apparel
9.3%
36
Fly reels
7.7%
47
Fly Line
7.3%
44
7.0%
40
Leaders and Tippets
6.8%
43
Outerwear
6.8%
36
Waders
6.5%
40
Books & DVDs
6.3%
35
Gifts
5.3%
33
This question was only presented in the online survey to reduce problems associated with long phone surveys.
87
RESULTS:
RETAILER MARKETING INSIGHTS
88
Retailer Marketing Insights
Survey Question: In the table below, please check which of the following activities you engaged in
2011 to reach new customers
Marketing Tactics Used by Fly Fishing Retailers:
Percent of Retailers
% of Retailers
This Activity Was a Top
Using Each
Five Tactic for x% of
Tactic:
Retailers
Radio ads
15.0%
7.0%
Newspaper ads
28.0%
10.0%
Website
78.0%
71.0%
Word of mouth
80.0%
77.0%
Online ads
28.0%
12.0%
Regional magazine ads
27.0%
10.0%
National magazine ads
9.0%
7.0%
48.0%
30.0%
8.0%
6.0%
Schools/classes/clinics/seminars
Television ads
Radio shows
6.0%
1.0%
Direct email
36.0%
19.0%
Mailed promotions
14.0%
9.0%
Consumer shows
28.0%
15.0%
Operate a guide service
45.0%
33.0%
Local fishing or social clubs
54.0%
15.0%
Social media promotions (Facebook, Twitter, etc)
48.0%
20.0%
Sponsor local events
29.0%
6.0%
Newsletter: private, store-owned
42.0%
21.0%
Newsletter: third party (Midcurrent, Angling Trade, others)
2.0%
1.0%
Tournament/derbies
9.0%
3.0%
Catalog
5.0%
4.0%
Nothing
Other
Number of Respondents
4.0%
2.0%
12.0%
9.0%
100
100
Survey Question: In 2011, how many beginners received some form of fly fishing training through
your store, whether on-site or off-site?
Average
Less than 25
30.0%
25-50
24.6%
51-100
20.7%
Over 100
Number of Respondents
24.6%
203
89
Appendix A - Response Summary
Processing Survey Dataset
Online Survey
Original Survey Dataset
Phone Survey
Total
554
175
729
44
7
51
Survey Records Removed
Test Surveys
Duplicates
Empty Surveys
25
2
27
213
39
252
2
0
2
270
127
397
Other
Total Number of Respondents
Survey Respondents
Online Survey
Complete
Phone Survey
Total
96
113
209
Partial
174
14
188
Total Number of Respondents
270
127
397
90
Appendix B - List of States by US Region
North Central
Illinois
Indiana
Iowa
Kansas
Minnesota
Missouri
Nebraska
North Dakota
South Dakota
Ohio
Wisconsin
Rockies
Arizona
Colorado
Idaho
Montana
New Mexico
Utah
Wyoming
South
Alabama
Arkansas
Delaware
Florida
Georgia
Kentucky
Louisiana
Virginia
Maryland
Mississippi
North Carolina
Oklahoma
South Carolina
Tennessee
Texas
West Virginia
Northeast
Connecticut
Maine
Massachusetts
New Hampshire
New Jersey
New York
Pennsylvania
Rhode Island
Vermont
West
Alaska
California
Hawaii
Nevada
Oregon
Washington
91

Southwick Associates - 2012 - American Fly Fishing Trade Association

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