Updated:
Original:

West Marine reports 3Q results

West Marine reported net third-quarter revenue of $191.9 million, a decrease of 1.3 percent from the same quarter last year.

West Marine reported net third-quarter revenue of $191.9 million, a decrease of 1.3 percent from the same quarter last year.

Net income for the quarter that ended Oct. 1 was $3.9 million, or 15 cents a share, compared with $4.9 million, or 20 cents a share, last year.

Comparable-store sales increased 0.2 percent year over year and pretax income declined nearly 14 percent to $7.4 million compared with $8.6 million in the year-earlier quarter.

Gross margin was steady at 28.9 percent of revenue.

The company said selling, general and administrative expense increased by $300,000, or 0.6 percent, as higher variable selling and store depreciation expenses were partially offset by lower variable compensation.

The company said sales from e-commerce increased by 23.7 percent from the third quarter last year and represented 10.2 percent of total sales, compared with 8.2 percent for the period last year, showing continued progress toward a goal of 15 percent of total sales.

“We are pleased that our growth strategies are resulting in a 24 percent increase in eCommerce sales and solid top-line gains in our waterlife stores,” West Marine CEO Matt Hyde said in a statement.

“At the same time, we continue to make changes to our professional services business to improve its long-term profitability. Despite the challenging retail environment, we’ve increased comparable-store sales and product margins and remain on track to achieve a double-digit increase in pretax income for 2016.”

Sales through waterlife stores were 48 percent of total sales, compared with 44 percent last year, furthering the company toward its goal of 50 percent of total sales.

Sales in merchandise expansion product lines — which include footwear, apparel, clothing accessories, fishing products and paddlesports equipment — increased 2.9 percent and core product sales were down 2.2 percent from the same period last year.

Related

Just Put Me in a Reef Ball

Eternal Reefs puts a new twist on burial at sea while creating habitat for marine life that will appeal to anglers and divers.

Ways of Engagement

DEALERS: How will you maintain customer interest during the off-season? Take this month’s Pulse Report survey here.

Soundings Trade Only Names Most Innovative Marine Companies

Brunswick Corp. and Mercury Marine share top honors in our annual awards program.

IBEX Opens Tomorrow

The three-day trade show celebrates its 30th anniversary and return to the Tampa Convention Center in Florida after last year’s virtual event.

Ritchie Navigation Sees Year of Record Growth

The 161-year-old Pembroke, Mass.-based compass manufacturer added a sixth workday to keep up with demand.

‘A Phenomenal Success’

The Southampton International Boat Show had more than 88,000 visitors during its 10-day run, after last year’s cancellation.

TopSide Marinas Makes First Two Acquisitions

Founded in January 2020, the firm has thus far acquired Beavers Bend Marina in Oklahoma and Galveston Yacht Basin in Texas.