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.