West Marine, Inc.'s net revenues rose by 2.6% to $172.6 million in its fiscal third quarter ended Oct. 2 compared to net revenues of $168.2 million in the year-ago period.
Comparable store sales increased 3.7%. Revenues from stores opened during 2009 and the first three quarters of 2010 were $9.2 million. However, the company said the impact of stores closed during these same periods effectively reduced revenues by $8.3 million. The majority of the closures occurred in connection with the company's on-going “real estate optimization” program to evolve into having fewer, larger stores.
Net revenues for the nine-month year-to-period were $515.5 million, an increase of 6.4%, from net revenues of $484.5 million for the comp period a year ago, primarily due to a comparable store sales increase of 7.2%. There was also $24.1 million in sales from stores opened during 2009 and the first three quarters of 2010. However, stores closed during 2009 and the first three quarters of 2010 effectively reduced net revenues by $21.0 million.
