MarineMax officials blamed bad weather for a drop in second-quarter revenue and profits and a same-store sales decline, but the boat retailer predicted that sales have only been delayed until later in 2014, rather than lost.
Revenue was $136.6 million, compared with $160 million in the comparable quarter last year. Same-store sales declined about 16 percent, primarily because of poor weather, after two consecutive March quarters of double-digit percentage same-store sales growth on a year-over-year basis.
“We believe that many of the potential sales that did not close in the second quarter have likely been deferred to later quarters,” MarineMax CEO Bill McGill said in a statement. “We expect to benefit from our broad selection of brand offerings and recent brand additions and believe that our strong balance sheet, strategically placed inventory and improving market conditions position us well for the future.”
The Clearwater, Fla.-based company reported a net loss of slightly less than $2 million, or 8 cents a share, for the quarter that ended March 31, compared with net income of $344,000, or 1 cent a share, in the quarter last year.
Revenue decreased 5 percent to $246.2 million for the six months that ended March 31, compared with $259.1 million in the comparable period last year. Same-store sales decreased about 6 percent, compared with a 10 percent increase in the comparable period last year.
The company reported a net loss for the first six months of $5.3 million, or 22 cents a share, compared with a net loss of $3.8 million, or 17 cents a share, in the comparable period last year.
“We are confident in the long-term industry recovery cycle and the significant upside that exists for MarineMax,” McGill said. “As we head into the prime boating season, we believe our team is poised to increase market share, grow margins and deliver the best possible experience to our passionate customers. We also believe we have a strong foundation in place and are well-positioned to drive positive cash flow growth as consumer confidence returns.”