West Marine’s April sales lower than expected
WATSONVILLE, Calif. – Net sales for the four weeks ended May 1 were $67.8 million, a 12.9-percent increase from net sales of $60.0 million for the four-week period a year ago. Comparable store net sales for April increased 7.6 percent compared to the same period a year ago, according to a West Marine, Inc. (Nasdaq:WMAR) release issued yesterday.
Net sales for the 17 weeks ended May 1 were $197.0 million, an increase of 15.1 percent from net sales of $171.2 million for the same period a year ago. Comparable store net sales for the latest 17 weeks increased 9.2 percent compared to the same period a year ago, the company said.
“Although sales in April were less than we had expected, particularly in the Northeast, we still anticipate a strong boating season,” John Edmondson, CEO of West Marine, said. “In the Northeast, which is a highly seasonal area that contributes nearly half of our second quarter sales, our research indicates that roughly 85 percent of the boats have yet to splash in the water. With the majority of the quarter’s sales still in front of us, we remain optimistic regarding our previous guidance of 7 to 8 percent comparable store sales for the second quarter.”
West Marine reported comparable store sales by region were as follows: West Coast 10.8 percent, Northeast 10.4 percent and Southeast 2.0 percent.
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