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West Marine reports 3Q results

West Marine reported net revenues of $168.2 million for the third quarter, which ended Oct. 3. That is a drop of $12.1 million, or 6.7 percent, from the same period in 2008.

Comparable store sales decreased by $6.3 million, or 4.3 percent, from last year.

Adjusted for the impact of a fiscal calendar shift due to a 53-week 2008 fiscal year, 2009 fiscal third quarter net revenues would have increased by $300,000, or 0.2 percent, and comparable store sales would have increased by $5.1 million, or 3.7 percent, from last year.

"We had planned for considerably lower revenues, so we're quite pleased with our third-quarter sales results," said West Marine CEO Geoff Eisenberg, who noted increased boat usage, more do-it-yourself projects and positive results from product expansions and larger store formats as favorable trends.

Click here for the full release.

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