West Marine Reports First Quarter 2008 Sales
* Reuters is not responsible for the content in this press release.
WATSONVILLE, Calif.--(Business Wire)-- West Marine, Inc. (Nasdaq:WMAR) today reported net sales for the thirteen weeks ended March 29, 2008 of $113.3 million, a decrease of $12.5 million, or 10.0%, from net sales of $125.8 million a year ago, primarily due to a $9.4 million decrease in comparable store sales. Comparable store sales for the first quarter decreased 9.4%. Net sales in the Stores segment for first quarter of 2008 were $97.1 million, a decrease of $9.5 million, or 8.9%, compared to same period last year. The sales decrease primarily was due to a $9.4 million decrease in comparable store sales. Port Supply (wholesale) segment sales through the distribution centers for the first quarter of 2008 were $9.1 million, a decrease of $1.3 million, or 12.9%, compared to the same period last year. Port Supply sales to wholesale customers through store locations are included in the Stores segment. Net sales in the Direct Sales segment for the first quarter of 2008 were $7.1 million, a decrease of $1.7 million, or 19.2%, compared to same period last year. Geoff Eisenberg, Chief Executive Officer of West Marine, said, "Sales results during the first quarter were a bit less than we had expected. With significant softness in the boating equipment market, we had planned for a material reduction in comparable store sales, and nothing that occurred in the first quarter gave any indication that sales would rebound in the short term. Though we're pleased with the execution of our internal sales strategies, we're certainly anxious as we enter the prime boating season, which begins in late-April or early-May for most of our markets." ABOUT WEST MARINE West Marine, the country's largest specialty retailer of boating supplies and accessories, has 370 stores located in 38 states, Puerto Rico and Canada. Our catalog and Internet channels offer customers approximately 80,000 products and the convenience of exchanging catalog and Internet purchases at our store locations. Our Port Supply division is one of the country's largest wholesale distributors of marine equipment serving boat manufacturers, marine services, commercial vessel operators and government agencies. For more information on West Marine's products and store locations, or to start shopping, visit westmarine.com or call 1-800-BOATING (1-800-262-8464). This press release includes "forward-looking statements" within the meaning of Section 21E of the Securities Exchange Act of 1934 including forward-looking statements that are predictive or express expectations that depend on future events or conditions that involve risks and uncertainties. These forward-looking statements include, among other things, statements that relate to our expectations regarding our short term results and the prime boating season for 2008, as well as facts and assumptions underlying these expectations. Actual results may differ materially from the preliminary expectations expressed or implied in these forward-looking statements due to various risks, uncertainties or other factors, including the general economy and weather conditions, as well as the other factors set forth in West Marine's Form 10-K for the fiscal year ended December 29, 2007. Except as required by applicable law, West Marine assumes no responsibility to update any forward-looking statements as a result of new information, future events or otherwise. West Marine, Inc. Tom Moran, 831-761-4229 Senior Vice President and Chief Financial Officer Deborah Ajeska, 831-761-4229 Assistant Vice President of Financial Planning & Analysis Copyright Business Wire 2008
Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.



Follow Reuters