West Marine, Inc. posted a net loss of $9.4 million, or 44 cents per share for the first quarter, compared to a net loss of $5.5 million, or 26 cents per share, for the same period a year ago.

The increase in net loss for the first quarter of 2006, when compared to the same period last year, is largely due to additional operating costs for the 28 new stores that we opened during the latter half of 2005 and first three months of this year. Our new stores typically do not generate a positive earnings contribution before their first full boating season. In addition, our first quarter 2006 results reflect investments in store selling initiatives and the final portion of costs related to previously-announced discontinued software development projects.

Net sales for the thirteen weeks ended April 1, 2006 were $132.6 million, compared to net sales of $125.3 million for the same period a year ago. Comparable store sales increased 4.8% for the thirteen weeks ended April 1, 2006.

Peter Harris, West Marine's chief executive officer, stated, “First quarter results are both in line with our expectations and consistent with our focus on investing in long-term initiatives aimed at achieving significant and sustainable growth in shareholder value.”

West Marine, Inc.
Condensed Consolidated Statements of Operations
(Unaudited and in thousands, except per share amounts)

                                       13 Weeks Ended  13 Weeks Ended
                                        April 1, 2006   April 2, 2005
                                       --------------- ---------------
Net sales                              $132,641 100.0% $125,338 100.0%
Cost of goods sold, including buying
 and occupancy                           97,714  73.7%   92,510  73.8%
                                       --------------- ---------------
            Gross profit                 34,927  26.3%   32,828  26.2%
Selling, general and administrative
 expenses                                48,130  36.3%   40,217  32.1%
                                       --------------- ---------------
            Loss from operations        (13,203)-10.0%   (7,389) -5.9%
Interest expense, net                     1,859   1.4%    1,635   1.3%
                                       --------------- ---------------
            Loss before income taxes    (15,062)-11.4%   (9,024) -7.2%
Benefit from income taxes                 5,681   4.3%    3,519   2.8%
                                       --------------- ---------------
            Net loss                    $(9,381) -7.1%  $(5,505) -4.4%
                                       =============== ===============

Net loss per common and common
 equivalent share - basic and diluted    $(0.44)         $(0.26)

Weighted average common and common
 equivalent shares outstanding - basic
 and diluted                             21,330          20,939