West Marine reports 3Q revenues

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West Marine today reported net revenues of $172.6 million for the third quarter, which ended Oct. 2. That’s an increase of 2.6 percent from year-earlier revenues of $168.2 million.

Comparable-store sales increased 3.7 percent, or $5.2 million, in the quarter. Revenues from stores that opened during 2009 and the first three quarters of 2010 were $9.2 million. However, the impact of stores that closed during those periods effectively reduced revenues by $8.3 million.

“We were quite pleased with our comp-store and total revenue increases, especially in light of two challenges we faced during the third quarter; we believe there was a general softening in the boating equipment market after the Fourth of July and we were past the year-over-year positive sales impact of the Boater’s World closure,” CEO Geoff Eisenberg said in a statement.

Net revenues in the stores segment for the fiscal third quarter of 2010 were $157.5 million, an increase of $6 million, or 4 percent, compared with the same period last year.

West Marine’s Port Supply (wholesale) segment revenues through the distribution centers for the fiscal third quarter of 2010 were $6.7 million, a decrease of $800,000, or 11.1 percent, compared with the same period last year.

Net revenues in the direct-sales segment for the fiscal third quarter of 2010 were $8.4 million, a decrease of $800,000, or 8.3 percent, compared with the same period last year.

Net revenues for the 39-week period were $515.5 million, an increase of $31 million, or 6.4 percent, from net revenues of $484.5 million for the same period a year earlier.

West Marine will hold a conference call at 1 p.m. (EDT) Oct. 28 to discuss its third-quarter results.

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