West Marine Earnings: Blamed the Weather
West Marine, Inc. (NASDAQ:WMAR) reported its results for the first quarter. West Marine, Inc. operates as a boating supply retailer in the United States. It operates through three segments: Stores, Port Supply and Direct Sales.
West Marine Earnings Cheat Sheet for the First Quarter
Results: Loss widened to $12.3 million (55 cents/diluted share) from a loss of $9.5 million or 43 cents per share.
Revenue: Rose 3.9% to $113.8 million YoY.
Actual vs. Wall St. Expectations: WMAR fell short of the mean analyst estimate of a loss of 50 cents/share.
Quoting Management: Geoff Eisenberg, Chief Executive Officer of West Marine, commented, “Our sales results in the first quarter were better than we had planned. Last year we had historically great weather in the northern parts of the country; however, this year returned to a more typical weather pattern, with harsh wintery conditions during the first quarter. Since northern boaters did not launch and use their boats nearly as early as they did last year, sales of maintenance and other related products were not as strong in the first quarter this year as they were last year.”
From the fourth quarter of the last fiscal year, the company’s current liabilities rose to $93.6 million from $72.3 million.
Over the last five quarters, revenue has increased 5.3% on average year over year. The biggest increase came in the first quarter of the last fiscal year, when revenue rose 8.5% from the year earlier quarter.
Competitors to Watch: MarineMax, Inc. (NYSE:HZO), Cabela’s Incorporated (NYSE:CAB), Holiday RV Superstores, Inc. (RVEE), Golfsmith Intl. Hldgs., Inc. (NASDAQ:GOLF), Winmark Corporation (NASDAQ:WINA), Dick’s Sporting Goods, Inc. (NYSE:DKS), Dover Saddlery, Inc. (NASDAQ:DOVR), Sport Chalet, Inc. (NASDAQ:SPCHA), and Sinwa Limited (5CN).
Today’s Performance: Shares of WMAR closed unchanged from the previous closing price of $10.83.