West Marine, Inc. reported that net sales for the five weeks ended July 3, 2004 were $102.7 million, a 4.3% increase over net sales of $98.4 million for the same five-week period a year ago. Comparable store net sales for June, 2004 increased 1.8% compared to the same period a year ago.
Net sales for the thirteen weeks ended July 3, 2004 were $252.6 million, an increase of 8.4% from net sales of $233.0 million for the same period a year ago. Comparable store net sales for the latest thirteen weeks increased 4.6% compared to the same period a year ago.
Net sales for the twenty-six weeks ended July 3, 2004 were $381.8 million, an increase of 11.0% from net sales of $344.1 million for the same period a year ago. Comparable store net sales for the latest twenty-six weeks increased 6.2% compared to the same period a year ago.
John Edmondson, CEO of West Marine, said, “We have been impacted by several factors during the month of June. Firstly, we experienced unseasonably cool and wet weather in key markets throughout the country. Secondly, we received late product shipments from a few key vendors. Lastly, we were somewhat disappointed with the sales in the last week of June (which includes the Fourth of July weekend). We think this may indicate some slowing in consumer spending. As previously stated, we are estimating our second quarter earnings to be in the $1.16 to $1.18 per share range. Comparable store sales by region for June were as follows: Northeast 2.1%; Southeast 1.7%; and West Coast 1.5%.”
