UPDATE 1-MarineMax forecasts weak Q4 results
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Oct 14 (Reuters) - World's largest boat retailer MarineMax Inc (HZO.N) forecast a gloomy fourth quarter as the weak economy and recent hurricanes weighed on results.
The company, whose premium brands include Sea Ray, Boston Whaler, Meridian, Cabo, and Bertram, expects a net loss of 58 cents to 68 cents a share for the fourth quarter, including about 10 cents a share in charges related to store closures.
MarineMax expects revenue of about $165 million for the quarter, down 48 percent from the year-ago period, reflecting a same-store sales decline of about 45 percent.
The company, whose core markets include Florida and California, said same-store sales were hurt by multiple hurricanes in August and September and the challenging economic conditions.
Analysts on average expected the company to post a loss of 6 cents a share, before special items, on revenue of $202.5 million, according to Reuters Estimates.
Boat and recreational vehicle retailers in the United States have struggled to weather an industry-wide slowdown as more and more consumers stop short of spending on big-ticket recreational items amid the weak economy.
Shares of MarineMax, which expects to report fourth-quarter results on Nov. 11, closed at $4.80 Monday on the New York Stock Exchange. (Reporting by Nivedita Bhattacharjee in Bangalore; Editing by Deepak Kannan)
