Outdoor clothing and equipment, sporting goods and golf apparel, equipment and footwear company The Sportsman's Guide, Inc. has reported results for the quarter ended March 31, with net sales at the high end of the most recent guidance. Net sales for the company's first quarter were $71.6 million, an approximate 11% increase compared with the $64.6 million reported for the same period in 2005. The increase in net sales for the period was primarily due to increased Internet-related sales.

Net earnings for the first quarter of 2006 were $2.2 million compared with net earnings of $2.3 million for the first quarter in 2005. The decrease in net earnings was due to the adoption of SFAS 123R effective January 1 and applied on a modified prospective basis, which requires all share-based payments, including grants of stock options, to be recognised in the income statement as an operating expense based on their fair values over the requisite service period.