West Marine lowers earnings forecast

WATSONVILLE, Calif. – Second-quarter sales for boating supply retailer West Marine Inc. may not be as strong as once expected due to poor weather in some sections of the country, West Marine said in press release last night. The company has lowered its earnings outlook as a result.

West Marine said sales for the second quarter will be approximately $252 million to $256 million, and comparable store sales for the quarter are estimated to increase by approximately 4 to 5 percent.

"We now estimate that our June comparable sales will increase between 0 to 3 percent, approximately seven million dollars less than expected,” said John Edmondson, CEO of West Marine. “As also reported by several major retailers, we have been negatively impacted by unseasonably cool and wet weather in some key markets throughout the country.

"Stronger than anticipated margins will help offset the lower sales. As a result, we are revising our second quarter earnings estimate to $1.16 to $1.18 per share versus our original guidance of $1.20 to $1.23 per share," he added.

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