West Marine, Inc. reported net income for the second quarter ended June 28, 2003 of $19.8 million, or $0.98 per share, compared to net income of $15.8 million, or $0.79 per share, a year ago. Net sales for the quarter were $233.0 million, up 22.6% from $190.0 million in 2002. Comparable store net sales decreased 4.4% from 2002.

Net income for the twenty-six weeks ended June 28, 2003 was $13.7 million, or $0.68 per share, compared to $13.4 million, or $0.68 per share, for the same period last year. Net sales for the twenty-six weeks ended June 28, 2003 were $344.1 million, an increase of 19.8% from sales of $287.2 million for the same period a year ago. Comparable store net sales for the twenty-six weeks ended June 28, 2003 decreased by 6.2% compared to the same period a year ago. Sales from 62 BoatU.S. stores acquired in January, 2003 are included in total sales, but are not reflected in comparable store sales statistics.

John Edmondson, West Marine’s chief executive officer, stated, “Unseasonable weather clearly hurt sales in the second quarter. Despite soft sales we were still able to report a 25% earnings improvement over last year. With improved weather during July, we are running low single-digit comparable sales month-to-date.”

West Marine, Inc. is the nation’s largest specialty retailer of boating supplies and apparel, with 334 stores in 38 states, Puerto Rico and Canada, and more than $500 million in annual sales. The Company’s successful Catalog and Internet channels offer customers approximately 50,000 products — far more than any competitor — and the convenience of being able to exchange Internet purchases at West Marine retail stores. The Company’s Port Supply division is the country’s largest wholesale distributor of marine equipment serving boat manufacturers, marine services, commercial vessel operators and government agencies. Because the overwhelming majority of West Marine’s revenues come from aftermarket sales, the Company has traditionally been less affected by economic downturns than manufacturers and sellers of new boats.

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.

Comparable store sales are defined as sales from stores where selling square footage did not change by more than 40% in the previous thirteen months and that have been open at least thirteen months.

                           West Marine, Inc.
              Condensed Consolidated Statements of Income
     For the Thirteen Weeks Ended June 28, 2003 and June 29, 2002
          (Unaudited, in thousands except per share amounts)

                                      13 Weeks           13 Weeks
                                   June 28, 2003      June 29, 2002
                                  ---------------    --------------- 

Net sales                         $232,964  100.0%   $190,042  100.0%
Cost of goods sold, including
 buying and occupancy              151,639   65.1%    124,660   65.6%
                                  --------  -----    --------  ----- 
 Gross profit                       81,325   34.9%     65,382   34.4%
Selling, general and
 administrative expenses            46,848   20.1%     38,154   20.1%
                                  --------  -----    --------  ----- 
 Income from operations             34,477   14.8%     27,228   14.3%
Interest expense                     2,096    0.9%      1,084    0.6%
                                  --------  -----    --------  ----- 
 Income before income taxes         32,381   13.9%     26,144   13.8%
Income taxes                        12,629    5.4%     10,327    5.4%
                                  --------  -----    --------  ----- 
  Net income                       $19,752    8.5%    $15,817    8.3%