Blaming poor retail sales on lackluster scooter sales and the post-9/11 trauma has faded, but one retailer has found a brand new culprit for their sluggish December-El Nino.
West Marine president and CEO John Edmondson was quoted in the companys press release, blaming the weather phenomenon for a 9.6% decrease in December same-store sales. Total net sales for the five weeks ended Dec. 28, 2002 were off 4.1% to $36.8 million.
“We were disappointed with our December sales results, which were adversely affected by El Nino weather patterns,” Edmondson said.
The company did report continued strong gross margins for the month, enabling WMAR to hit the consensus estimate eight cents per share loss in the fourth quarter. The company lost 11 cents in Q4 2001.
Fourth quarter net sales increased 2.0% to $92.6 million, with comps off 3.2%. Total 2002 year sales increased 3.4% to $530.6 million. Comparable store net sales for the fifty-two week period increased 0.9% compared to the same period a year ago.
Edmondson is projecting a 45 to 6% decrease in comparative store sales for the first quarter of 2003. Total sales for the first quarter are expected to rise 2.9% to approximately $100.0 million.
>>> No word as yet about this anomalys effect on the broader market, but I doubt very much that snow sports vendors and retailers will blame their improved Q1 sales on the same phenomenon.
