West Marine had a difficult third quarter as sales declines through all three of its channels of distribution led to an overall net sales decline of 4.3%. Overall net sales totaled $180.3 million for the third quarter. Net income for the quarter dropped 44.5% to $3.4 million from $6.2 million for the year-ago third quarter.
Net revenues attributable to West Marine's stores division declined 4.5% to $159.8 million in the third quarter, primarily due to a $7.5 million decrease in comparable store sales. Comparable store sales decreased 4.7%, compared to a comparable store sales increase of 0.3% in the third quarter last year. The company stated it believes the decreased comparable store sales were driven primarily by the weak economy and higher fuel prices.
Wholesale (Port Supply) net sales through the company's distribution centers decreased $0.2 million, or 1.6%, to $10.0 million in the third quarter of 2008 compared to 2007, primarily due to lower sales to boat dealers. Net sales at the direct sales division decreased $0.4 million, or 4.0%, to $10.5 million in the third quarter of 2008 compared to 2007.
By quarters end, 361 stores were open, compared to 372 stores last year.
