Skip to main content

West Marine reports 1Q results

West Marine today reported an increase in net revenues and comparable store sales for the first quarter of 2012.

Net revenues for the quarter were $121.5 million, up 6.7 percent from $113.8 million for the same period in 2011. Revenues in the stores segment were $108.1 million, up $7.9 million, or 7.9 percent, compared with the same period last year. Comparable-store sales grew by 4.3 percent, versus the same period last year.

“[This year] is off to a strong start for West Marine and we are encouraged by these results. The success of our growth strategies, combined with a relatively warm and dry spring, puts us in a great position as we enter our key boating season,” CEO Geoff Eisenberg said in a statement. “Our outstanding teams of associates continued to manage the business effectively and deliver improved bottom-line results.”

West Marine said it had higher sales in all core categories during the first quarter, especially maintenance-related products, which it believes was related to the dry, warm weather and early spring experienced across most areas of the country.

Revenues from stores opened or expanded in 2011 and the first three months of 2012 contributed $13.8 million to the stores segment. The impact of stores closed during those periods effectively reduced revenues by $9.2 million. The majority of the closings were a result of the company’s ongoing real estate optimization strategy to evolve into having fewer, larger stores.

West Marine’s Port Supply segment revenues, representing sales to wholesale customers through its distribution centers, for the first quarter of 2012 were $6.3 million, a decrease of $200,000, or 3.6 percent, compared with the same period last year. Net revenues in its direct-to-customer segment for the quarter were $7.1 million, a decrease of $100,000, or 0.7 percent, compared with the same period last year.

Gross profit for the first quarter was $29.5 million, an increase of $4.8 million, compared with 2011.

The pretax loss for the 13-week period that ended March 31 was $10.6 million, a $1.7 million, or 13.5 percent, improvement from a pretax loss of $12.3 million last year. The company reported a net loss of $6.25 million, or 27 cents a share, compared with a loss of $12.35 million, or 55 cents a share, for the quarter a year earlier.

West Marine’s stock opened Thursday at $11.85 a share. Its 52-week high and low are $13.49 and $6.97.

Related

7_IMG_0254

Propeller Precision

Yamaha’s new $20 million foundry produces about 100,000 propellers a year

1_.MARTIN_FLORY

PR Firm Celebrates 60th Anniversary

Martin Flory Group has served the RV and marine industry segments since 1962.

Screen Shot 2022-09-26 at 9.29.49 AM

Mack Boring Turns 100

The New Jersey-based engine and components supplier, started in 1922 by Edward “Mack” McGovern, today is still a family-run business.

2_IBEX

IBEX Canceled

Tropical Storm Ian is expected to strengthen into a hurricane and impact Florida’s west coast sometime Wednesday.

3_Manitou-MY23-VW06-Rotax-Engine-Cutaway-Feature

Clearing the Deck

Bombardier Recreational Products unveiled the Rotax outboard with Stealth Technology in August

AdobeStock_306648964

Shoring Up Your Defenses

Marine businesses are just as open to cyberattacks as all kinds of other businesses in nearly every industry

1_Silent_Jet_Render_Main0214

Hinckley Unveils SilentJet

Hinckley Yachts teamed up with Wisconsin-based transmission-maker Twin Disc to create a hybrid electric system called SilentJet that can switch automatically from diesel to electric power, depending on how much throttle you use.