MarineMax today reported an 11 percent revenue increase in its first quarter to $109.6 million from $99.1 million in the quarter last year with same-store sales growing more than 9 percent after an 8 percent increase a year earlier.
The company said it had a net loss of $3.4 million, or 14 cents a share, compared with a loss of $4.2 million, or 18 cents a share, in the quarter a year earlier.
MarineMax said that seasonally the December quarter is traditionally the least significant quarter of the year.
“We are proud that we produced our ninth consecutive quarter of positive same-stores sales growth and did it while expanding our gross margins, in the midst of reported sluggish retail sales in our core product categories and decreased discretionary spending,” president and CEO William McGill said in a statement. “Our team continues to execute on the strategies we have implemented and is focused on ensuring the best customer experience possible.”
The company is happy with its quarterly progress and enthusiastic about new product offerings from new manufacturing partners and “the opportunity they provide to capture additional growth in the future,” McGill said.
Last fall, MarineMax announced the addition of Rec Boat Holdings’ Scarab jetboat line to its product lineup.
“We believe our inventories are at the appropriate level for this early stage of the recovery and that our team is well positioned for success as we enter the busy boat show season,” McGill said. “From a longer-term perspective, as consumer confidence continues to improve, the opportunity to drive positive cash flow and earnings with our streamlined operating structure is compelling. With our solid balance sheet and high-performing team we have a strong foundation that provides a competitive advantage for us to excel as the industry recovers.”