West Marine, Inc. posted a mid-single-digit comparable store and overall sales increase for the quarter, but had the increase negated on the bottom line by the cost of getting 28 new stores on line and operating efficiently. The hit did not come as a shock to the company as it generally takes a full boating season before a new store will positively contribute to earnings.

Net sales for the first quarter were $132.6 million, an increase of 5.8% when compared to net sales of $125.3 million for the same period a year ago. Comp store sales increased 4.8% for the quarter.

Gross margins increased 10 basis points to 26.3% of net sales for the first quarter, while SG&A expenses increased 420 points to 36.3%. The SG&A line caused the company’s net loss to increase to $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.