West Marine reports increase in Q2 revenues
WATSONVILLE, Calif. — West Marine recently reported that net revenues for its second quarter increased by $18 million to $233.4 million — an 8.4 percent bump. The 13-week fiscal second quarter ended July 3.
Revenues increased $17.3 million due to a 9.4 percent increase in comparable store sales and $9.9 million from stores opened during 2009 and the first two quarters of 2010. Stores closed during these same periods generated revenues of $8.8 million during the second quarter of last year.
“We are very pleased with our second quarter sales results, which again were ahead of our internal expectations,” Geoff Eisenberg, CEO of West Marine, said in the quarterly report. “While our overall sales growth in the second quarter was very similar to that of the prior quarter, the mix of business was somewhat different. During the second quarter, we experienced proportionately greater growth from our Port Supply wholesale business. In particular, we achieved gains in sales to wholesale customers through our store locations as part of our ongoing efforts to better serve this group, as well as leverage our store facilities.”
From a competitive standpoint, West Marine said it continues to benefit from the closure of Boater’s World stores, which was not completed until the mid-part of last year.
Revenues in the company’s direct sales segment were negatively impacted following the launch of a new website.
“While the transition to the new site has temporarily affected sales, we’re confident the short-term challenges are worth the long-term benefits including faster speed, improved search capabilities and more and better content,” Eisenberg said.
Click here for more of West Marine’s second quarter results.
- Can’t get enough boating news? Subscribe to our blog’s RSS feed, follow us on Twitter or look for “Boating Industry” on Facebook and LinkedIn.
- For more of the latest news, click here.