West Marine, Inc. same store sales decline
Specialty retailer of boating supplies and accessories West Marine, Inc. (Nasdaq: WMAR) reported Thursday that second quarter comparable store sales declined 2.9% for the thirteen weeks ended June 30, 2007.
“As was described in our earnings guidance on June 26th, sales results during the peak part of the season reflected lower than expected levels of boating activity and were disappointing,” West Marine’s CEO Peter Harris said. “Even in this challenging environment, we continue to focus on maximizing sales by serving our customers and achieving high merchandise in-stock levels.”
Harris said that softness was most apparent in Florida. He said weaker sales of higher-priced discretionary items, and in-store traffic levels, which West Marine believes reflect boat usage, were lower than anticipated.
The Watsonville, Calif.-based company said it booked net sales of $247.8 million for the period, a decrease of 6.3% from net sales of $264.5 million last year. According to West Marine, the decrease in sales can be attributed to the closing of under-performing locations during the second half of last year.
Shares of West Marine climbed .67%, or $0.09, to $13.46 at 2:15 p.m. ET.
