West Marine reports 2Q results

West Marine is reporting double-digit second-quarter earnings growth — a 14.4 percent increase from $18.3 million to $20.9 million.
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West Marine is reporting double-digit second-quarter earnings growth — a 14.4 percent increase from $18.3 million to $20.9 million.

Earnings per share for the quarter that ended July 4 were 85 cents, up from 75 cents in the quarter last year, and net revenue was $253.2 million, up 7.1 percent.

Internet commerce increased 27 percent, a sign that the company’s focus on e-commerce is starting to pay off. Online sales represented 8.4 percent, moving the company toward the goal of increasing those sales to 15 percent by 2019.

Comparable-store sales increased by 7 percent and pretax income rose to $37.1 million from $32.4 million last year.

"We've strengthened our business and delivered double-digit earnings growth and solid comparable-store sales increases,” West Marine CEO Matt Hyde said in a statement. “Our investments are driving growth in retail, wholesale and online, with positive results in all of our regions and across both core and merchandise expansion categories. I thank our associates for their continued hard work, commitment and excellent results."

Net revenue for the quarter increased by $16.7 million, or 7.1 percent, to $253.2 million, compared with $236.5 million last year.

Total inventory at the end of the quarter was $258.1 million, a $14.5 million, or 6 percent increase from the balance at June 28 last year and a 6.7 percent increase on an inventory-per-square-foot basis.

Inventory turns for 2015 increased to 2.7 percent from the first six months of last year.

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