Skip to main content

MarineMax Posts Drop in Same-Store Sales, Ups Guidance


MarineMax reported a decline in same-store sales in its fiscal third quarter, but the company achieved higher revenue and profit, and increased its earnings guidance for the year.

Same-store sales dropped 5 percent in the quarter ended June 30, the company said in an earnings statement this morning. Revenue rose to a record $688.5 million, from $666.3 million in the same quarter last year. Net income improved to $70.2 million from $59.6 million.

“We are building on our previously communicated strategic vision that we began deploying in 2019, to transform MarineMax into a more diversified business model that would create greater resilience across ever-changing economic cycles,” CEO and president W. Brett McGill said in the statement. “This strategy produced another quarter of record gross margins and profits, driving sustained profitability by focusing on higher-margin businesses.”

New-unit sales were up in the recent quarter. The company said the retreat in same-store sales was caused by an inventory shortage of larger boats.

MarineMax raised its fiscal year 2022 guidance to a new range of $8.05 to $8.45 per share, from its previous forecast of $7.90 to $8.30 per diluted share. The company earned $6.78 per share in fiscal 2021.

“Business accelerated as we moved through the quarter, supported by unit growth year-over-year as we effectively worked to overcome ongoing supply-chain challenges and the weather-related delay to the start of the Midwest boating season,” McGill said. “We continue to gain market share, as the industry did not experience that same level of growth.”



MBIA Names Board Members

The Michigan Boating Industries Association elected four new directors and named the officers who will serve next year. Also, the 2023 schedule for “Ladies Let’s Go Fishing!” is taking shape.


CL Yachts Expands Dealer Network

The Hong Kong-based builder added retail locations in Australia, Dubai, Singapore and Macau.


Legend Boats Partners With Boat Fix

The Canadian builder will offer the telematics system, which provides tracking, monitoring and 24-7 service, on new models starting next year.


MarineMax Establishes Technology Division

The company’s Boatyard and Boatzon units will operate under the new entity, New Wave Innovations.


Suntex Purchases New Jersey Facility

Green Cove Marina in Brick is the company’s latest acquisition on the Jersey Shore, joining Channel Club Marina and Key Harbor Marina.


Mass. Opens Office of Outdoor Recreation

The new office will coordinate outdoor recreation policy, identify funding opportunities and more.


OneWater Marine Completes Acquisition

Harbor View Marine has a marina facility in Pensacola, Fla., and a dealership in Orange Beach, Ala.


Florida Panhandle Marina Reopens

Destroyed by Hurricane Michael in 2018, Point South Marina in Port St. Joe has new drystack storage and is adding slips.