West Marine reported that net sales for the five weeks ended June 28, 2003 were $98.4 million, a 25.0% increase from net sales of $78.7 million for the same period a year ago. Comparable store net sales for the five weeks ended June 28, 2003 decreased 2.0% from the same period a year ago.
Net sales for the thirteen weeks ended June 28, 2003 were $233.0 million, an increase of 22.6% from net sales of $190.0 million for the same period a year ago. Comparable store net sales for the latest thirteen weeks decreased 4.4% compared to the same period a year ago.
Net sales for the twenty-six weeks ended June 28, 2003 were $344.1 million, an increase of 19.8% from net sales of $287.2 million for the same period a year ago. Comparable store net sales for the latest twenty-six weeks decreased 6.2% compared to the same period a year ago.
John Edmondson, President and CEO of West Marine said, “As we previously stated, June experienced unseasonable weather patterns well into the month. We had low single digit comparable store sales the last week of the month. Comparable store sales by region were Southeast -1.8%, Northeast -2.0% and West Coast -2.4%.”
West Marine’s new initiatives for 2003 include opening more new stores in Canada and opening more West Marine Express stores, which are smaller format stores located next to marinas. In January 2003, the Company acquired all 62 BoatU.S. retail stores, as well as its catalog and wholesale operations.
