West Marine reports 1Q results

West Marine today reported a 12.1 percent increase in first-quarter revenue to $127.1 million.
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West Marine today reported a 12.1 percent increase in first-quarter revenue to $127.1 million.

West Marine today reported a 12.1 percent increase in first-quarter revenue, to $127.1 million, from the same quarter last year and a 13.3 percent hike in comparable-store sales.

About 6 percent of the comparable-store sales increase was attributable to the calendar shift from a 53-week fiscal year in 2014 to a 52-week fiscal year in 2015, which the retailer said has had a meaningful effect on the seasonal business.

The company reported a net loss of $10.3 million, or 42 cents a share, for the quarter that ended April 4, compared with a loss of $11 million, or 46 cents a share, a year earlier.

Pretax losses were $18.1 million, compared with $19.2 million last year.

"The 2015 boating season is off to a strong start, and we are very pleased with our comparable-store sales results in the first quarter,” West Marine CEO Matt Hyde said in a statement. “Our three key strategies performed well as a result of excellent execution by the entire West Marine team. Also, we introduced our first Super Sale in March, which drove top-line sales and brought new customers into our stores. We believe we are well positioned for the peak boating in the months ahead.”

E-commerce sales were up 27.1 percent from last year and represented 9.3 percent of total sales, compared with 8.2 percent last year.

Sales driven by the company’s store optimization strategy increased to 43.1 percent of total sales, compared with 38.2 percent last year. During the quarter, the company opened two new flagship stores and revitalized nine existing stores.

Sales in product lines such as footwear, apparel, clothing accessories, fishing products and paddle sports equipment were up 21.2 percent and core product sales were up 11.1 percent, compared with last year.


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