West Marine misses Q4 and FY sales estimates
Shares of West Marine, Inc. (Nasdaq: WMAR) are treading lower in pre-market trading after the boating supplies retailer reported a disappointing fourth quarter and fiscal sales below analysts’ estimates.
The Watsonville, Calif.-based company attributed its quarterly sales results to a $4.2 million decrease in sales attributable to closed stores and a $2.9 million decrease in comparable store sales. Yearly results were primarily due to a $28.6 million sales decrease due to closed stores as well as a $11.4 million decrease in comparable store sales.
Net sales for the three months ended Dec. 29, 2007 were $117.8 million, below the $120.67 million five analysts polled by Thomson Financial were on average projecting. The current quarter’s sales represented a decline of 4.9% from net sales of $123.8 million for the same quarter last year.
Comparable store sales for the fourth quarter decreased 3%.
Net sales for fiscal 2007 were $679.1 million, short of the $681.45 million six analysts were on average projecting. Sales for the year decreased $37.5 million, or 5.2%, from sales of $716.6 million booked in 2006
Shares of West Marine (WMAR) slipped 6.77%, or $0.49, to $6.75 in pre-market. Shares of West Marine have been trading in the range of $6.95 to $18.38 for the past 52 weeks.
