West Marine reports Q3 sales slightly higher than expectations
West Marine, Inc. (Nasdaq: WMAR), a specialty retailer of boating supplies and accessories, said this morning that comparable store sales edged up for the third quarter and clocked in a shade above analysts’ estimates.
For the three months ended Sept. 29, the Watsonville, Calif.-based company said comparable store sales increased 0.3%. West Marine recorded net sales of $187.5 million for the third quarter, a decrease of 4.1% from net sales of $195.6 million a year ago, after the company closed 35 stores in 2006. Six analysts polled by Thomson Financial had, on average, forecasted sales of $186.67 million.
West Marine said that while there have not been indications of broader positive momentum in the boating market, the northeastern United States season was longer and stronger than in recent years.
The firm also noted that the Florida market continued to be “very weak” and that sales of higher-priced discretionary items, such as electronics, continue to dwindle.
Shares of West Marine (WMAR) were halted in pre-market trading.
