West Marine’s sales drop 10 percent
WATSONVILLE, Calif. – Boating supplies retailer West Marine, Inc.’s (Nasdaq:WMAR) net sales for the thirteen weeks ended March 29, 2008 were $113.3 million, a decrease of $12.5 million, or 10.0 percent, from net sales of $125.8 million a year ago, it reported in a statement earlier this week.
“Sales results during the first quarter were a bit less than we had expected,” said Geoff Eisenberg, West Marine CEO. “With significant softness in the boating equipment market, we had planned for a material reduction in comparable store sales, and nothing that occurred in the first quarter gave any indication that sales would rebound in the short term. Though we’re pleased with the execution of our internal sales strategies, we’re certainly anxious as we enter the prime boating season, which begins in late-April or early-May for most of our markets.”
The decrease was primarily due to a $9.4 million decrease in comparable store sales, according to the company. Comparable store sales for the first quarter decreased 9.4 percent.
Net sales in the Stores segment for first quarter of 2008 were $97.1 million, a decrease of $9.5 million, or 8.9 percent, compared to same period last year, according to West Marine. Port Supply (wholesale) segment sales through the distribution centers for the first quarter of 2008 were $9.1 million, a decrease of $1.3 million, or 12.9 percent, compared to the same period last year. Port Supply sales to wholesale customers through store locations are included in the Stores segment. Net sales in the Direct Sales segment for the first quarter of 2008 were $7.1 million, a decrease of $1.7 million, or 19.2 percent, compared to same period last year, the company reported.
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