West Marine today reported net revenues of $109.6 million for its fiscal first quarter, which ended April 3.
That's an increase of $8.6 million, or 8.5 percent, from net revenues of $101 million a year ago, primarily due to a $6.9 million, or 8.4 percent, increase in comparable store sales and $5 million in sales from stores opened in 2009 and the first quarter of 2010.
However, the impact of stores closed during 2009 and the first quarter of 2010 effectively reduced net revenues by $3.9 million. The majority of these closures occurred in connection with ongoing real estate optimization program.
"We are very pleased with our first-quarter sales results, which were ahead of our expectations. We believe these results were driven by a number of factors, both external and internal," CEO Geoff Eisenberg said in a statement.
"From a marketplace perspective, with increased sales of maintenance-type products, we are seeing signs that more people are preparing their boats for usage this year. We also are seeing recovery in demand for bigger-ticket items, such as boats, motors and electronics," he added. "Further, our expansion in the assortment of clothing and technical apparel is receiving good customer response. What is particularly encouraging is that the overall sales improvement was broad-based, across all regions of the country."
Eisenberg added West Marine is still benefiting from the closure of Boater's World's 129 stores
West Marine, the largest specialty retailer of boating supplies and accessories, has 334 company-operated stores located in 38 states, Puerto Rico and Canada, and two franchised stores in Turkey.