West Marine, Inc. reported that net sales for the four weeks ended May 24, 2003 were $74.5 million, a 27.0% increase from net sales of $58.7 million for the same period a year ago. Comparable store net sales for the four weeks ended May 24, 2003 decreased 1.5% from the same period a year ago.
Net sales for the twenty-one weeks ended May 24, 2003 were $245.7 million, an increase of 17.8% from net sales of $208.5 million for the same period a year ago. Comparable store net sales for the latest twenty-one weeks decreased 8.0% compared to the same period a year ago.
John Edmondson, President and CEO of West Marine said, “May comparable store sales at -1.5% were slightly better than our estimate of -3.0% for the month. Our gross margin trend continues to be favorable. We remain comfortable with June at flat comp sales and as a result we are comfortable with the consensus estimate of $1.03 for second quarter 2003 earnings per share. Comparable store sales by region for May were West Coast -8.2%, Northeast 3.2%, and Southeast -0.7%.”
