WATSONVILLE, Calif. – West Marine, Inc. reported a 10.9 percent decrease in net revenues for the thirteen weeks ended April 4, 2009 – to $101.0 million from $113.3 million during the same period one year ago – according a press release issued by the company Thursday.
West Marine said the drop was primarily due to a $6.1 million decrease in comparable store sales and a $3.7 million decrease due to store closures in 2008 and the first quarter of 2009. Comparable store sales for the first quarter decreased 6.8 percent.
“Our first quarter sales were right about where we expected,” said Geoff Eisenberg, Chief Executive Officer of West Marine. “The boating equipment market continued to be challenged and all of the well-documented macro-economic impacts on our industry negatively affected customer purchasing activities.
“We believe that West Marine’s market share has continued to rise. Although, of course, we don’t like to see smaller year-over-year sales, we’re very pleased with our organization’s performance in this tough market.”
Net revenues in the Stores segment for first quarter of 2009 were $88.3 million, a decrease of $8.8 million, or 9.1 percent, compared to same period last year. The revenue decrease primarily was due to a $6.1 million decrease in comparable store sales and a $3.7 million decrease due to store closures in 2008 and the first quarter of 2009, the company reported.
Port Supply (wholesale) segment revenues through the distribution centers for the first quarter of 2009 were $6.8 million, a decrease of $2.3 million, or 24.9 percent, compared to the same period last year. Port Supply sales to wholesale customers through store locations are included in the Stores segment. Net revenues in the Direct Sales segment for the first quarter of 2009 were $5.8 million, a decrease of $1.3 million, or 17.6 percent, compared to same period last year, West Marine said.
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