West Marine, Inc. reported net sales fell 10% for the 13 weeks ended March 29, to $113.3 million from $125.8 million a year ago, primarily due to a 9.4% drop in comparable store sales.
Sales in the stores segment declined 8.9% to $97.1 million. Port supply, or wholesale sales through the distribution centers, were down 12.9% to $9.1 million. Sales in the direct sales segment tumbled 19.2% to $7.1 million.
“Sales results during the first quarter were a bit less than we had expected,” said CEO Geoff Eisenberg. “With significant softness in the boating equipment market, we had planned for a material reduction in comparable store sales, and nothing that occurred in the first quarter gave any indication that sales would rebound in the short term. Though were pleased with the execution of our internal sales strategies, were certainly anxious as we enter the prime boating season, which begins in late-April or early-May for most of our markets.”
