West Marine comparable store sales down
WATSONVILLE, Calif. – Net sales for boating supplies and accessories retailer West Marine, Inc. (Nasdaq:WMAR) during the 13 weeks ended July 2 were $253.5 million, an increase of 0.4 percent from net sales of $252.6 million a year ago, the company reported in a statement Wednesday.
Comparable store sales for the second quarter of 2005 decreased 3.5 percent, compared to a comparable store sales increase of 4.6 percent reported for the second quarter a year ago. Second quarter comparable store sales by region were as follows: Northeast – down 6.5 percent; Southeast – up 2.1 percent; Western – down 5.5 percent.
Net sales for the 26 weeks ended July 2, 2005 were $378.9 million, a decrease of 0.8 percent from net sales of $381.8 million for the same period a year ago. Comparable store sales for the latest 26 weeks decreased 4.6 percent, compared to a comparable store sales increase of 6.2 percent reported for the same period a year ago.
“As one would expect, continuing poor weather in April and May on both coasts dampened second quarter sales, especially when compared to the great spring weather we enjoyed last year,” said Peter Harris, CEO of West Marine. “Unlike last year, many boats in our Northeast region, from the mid-Atlantic up through the northeastern seaboard and across to the Great Lakes, remained in storage until June. Although sales picked up along with better weather in June, we still had a disappointing second quarter.
“While a poor second quarter for us has sometimes been followed by a better third quarter, not achieving such a rebound early on could result in a reduction in our earnings forecast for the year 2005 in the range of ($0.15) per share. We will update our guidance for the year in our upcoming second quarter earnings conference call on Thursday, July 28, 2005.”
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