West Marine Reported a 2.6% Gain in Q3 of 2010 vs Q3 of 2009
10/22/2010

West Marine reported net sales of US$172.6m for its third quarter ended October 2, 2010, a 2.6 per cent gain over the same period a year ago. Same-store sales rose 3.7 per cent or US$5.2m for the quarter.

Online PR News – 22-October-2010 – – West Marine reported net sales of US$172.6m for its third quarter ended October 2, 2010, a 2.6 per cent gain over the same period a year ago. Same-store sales rose 3.7 per cent or US$5.2m for the quarter.

"We were quite pleased with our comp store and total revenue increases, especially in light of two challenges we faced during the third quarter," said Geoff Eisenberg, CEO, in a statement. "We believe there was a general softening in the boating equipment market after the 4th of July, and we were past the year-over-year positive sales impact of the Boater's World closure."

The statement noted sales for its Stores segment rose 4.0 per cent to US$157.5m for the quarter, in part because of gains in wholesale business reported in that division. But sales in its Port Supply wholesale business through its regional distribution centres fell 11.1 per cent to US$6.7m. Its Direct Sales segment had revenues of US$8.4m, a drop of 8.3 per cent compared to the same quarter a year ago.

The US accessories retailer said it would report full earnings for the quarter on October 28, 2010.