West Marine, Inc. reported that net sales for the four weeks ended August 23, 2003 were $59.2 million, a 26.5% increase from net sales of $46.8 million for the same period a year ago. Comparable store net sales for the four weeks ended August 23, 2003 increased 1.1% from the same period a year ago.
Net sales for the thirty-four weeks ended August 23, 2003 were $479.5 million, an increase of 21.9% from net sales of $393.2 million for the same period a year ago. Comparable store net sales for the latest thirty-four weeks decreased 4.2% compared to the same period a year ago. Sales from 62 BoatU.S. stores acquired from Boat America in January 2003 are included in total sales, but are not reflected in comparable store sales statistics.
John Edmondson, President and CEO of West Marine said, “August sales were somewhat disappointing to us as we had anticipated stronger comparative store sales, especially in the Northeast and mid-Atlantic. Comparable store sales by region were: Northeast 2.0%, Southeast (including mid-Atlantic) 0.7% and West Coast 0.8%. We now know that a large number of boats were never put in the water because early and extended poor weather patterns significantly delayed the start of boating season. This situation also impacted our BoatU.S. stores since many are located in seasonal boating markets. Sales trends strengthened during the last week of August and we will be watching sales closely over the important Labor Day weekend.”
