West Marine reports 2Q results


West Marine reported a 5 percent decline in net revenues for the second quarter, which ended July 4, to $215.4 million from $226.7 million in the year-ago period.

The decrease was primarily driven by store closures in 2008 and the first six months of 2009. Same-store sales fell by $2 million, or 1 percent. Comparable store sales for the second quarter benefited by $8.4 million because the 53 weeks in fiscal 2008 resulted in a favorable fiscal calendar shift.

"We are pleased that sales in the second quarter exceeded our plans," CEO Geoff Eisenberg said in a statement.

While sales of new boats remain soft, Eisenberg said West Marine has benefited from an increase in boat usage in some markets, a shift towards more DIY purchases, and a positive reaction to the company's focus on core parts and accessories. He said the company also benefited from changes in the competitive landscape and its ability to fund inventory investments.

"I'm especially pleased with our associates' reinvigorated commitment to serving customers and maximizing sales opportunities," Eisenberg continued. "And finally, the performance of the two new flagship prototype stores opened earlier in the year has been very good, and this continues to validate our strategies around real estate optimization and merchandise assortments."

Net revenue in the stores segment for the second quarter fell 2.5 percent to $194.7 million. Port Supply (wholesale) segment revenue through the distribution centers declined 30.5 percent to $8.9 million. Net revenue in the direct-sales segment fell 17.2 percent to $11.8 million.

Net sales for the 26 weeks ending July 4 declined 6.9 percent to $316.3 million from net sales of $339.9 million for the same period a year ago. Same-store sales for the 26-week period decreased 2.9 percent.

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