OneWater Marine posts big revenue increase

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OneWater Marine Inc. reports that for the fiscal third quarter-to-date ended May 31, 2020, revenue increased in excess of 30% and same-store-sales topped 25% compared to the prior year.

Despite several stores being impacted by government shelter-in-place orders, both sales and same-store-sales continue to exceed the expectations.

The company also said they remain optimistic that these positive sales trends will continue based on the current volume of inbound leads.

“As many summer activities that have historically competed for time on the water have been canceled, our customers are turning to boating as a safe, outdoor leisure activity that allows families to come together and maintain social distancing," said Austin Singleton, CEO of OneWater. "In addition, our stores and employees have proven their adaptability as we are able to engage in new, and often virtual, ways to meet the increased demand we are experiencing. As a result, the momentum we saw in April has continued as we moved through the quarter. In addition, our finance and insurance income further accelerated in May topping a very strong April.“

Singleton continued, "There are still many unknowns as states begin to re-open, and the strength of the consumer demand remains uncertain. We are, however, optimistic that the desire to get out on the water in this unique time of our lives will continue to support demand during the summer selling season.”

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