West Marine releases 1Q results

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West Marine today reported a 10.9 percent drop in revenue for the first quarter, which ended April 4.

“Our first quarter sales were right about where we expected,” CEO Geoff Eisenberg said in a statement. “The boating equipment market continued to be challenged, and all of the well-documented macroeconomic impacts on our industry negatively affected customer purchasing activities.”

Net revenue was $101 million, compared to $113.3 million in the first quarter of 2008. The decrease was primarily because of a $6.1 million drop in same-store sales and a $3.7 million decrease from store closures.

Net revenues in the stores segment for first quarter of 2009 fell 9.1 percent to $88.3 million. Port supply (wholesale) segment revenues dropped 24.9 percent to $6.8 million in the first quarter of 2009. Net revenues in the direct-sales segment declined 17.6 percent to $5.8 million.

Despite the drop in sales, Eisenberg said West Marine’s market share has continued to rise.

“Although, of course, we don’t like to see smaller year-over-year sales, we’re very pleased with our organization’s performance in this tough market,” he said.

Click here for the full release.

Comments

One comment on “West Marine releases 1Q results

  1. Independent Boating store owner

    Almost a 10 percent drop in same store sales. So lets open up super centers alomg the east coast!!! We borrow more  money,float more stock typical large conglomerate. I dont get it.

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