- Net revenues were $121.5 million, an increase of 6.7% versus last year.
- Comparable store sales increased by 4.3%.
- Pre-tax loss was $10.6 million, a 13.5%, or $1.7 million improvement versus last year. (Due to seasonality, West Marine has historically reported a loss for the first quarter.)
- Net loss per share was $(0.27) compared to $(0.55) in 2011. (2012 net loss reflected the significant favorable impact of a change in effective tax rate to a benefit of 41.2% this year versus a provision of 0.5% last year.)
- At quarter end, the company was debt-free. At the end of the comparable period last year, West Marine had $21.1 million outstanding under its credit facility.
- Inventory per square foot decreased by 4.3% compared to the first quarter last year.
West Marine Reports Improved First Quarter 2012 Operating Results
Check Out Our Best Services for Investors
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Model portfolio
- Stocks trading below $10
- Intraday trade alerts
More than 30 investing pros with skin in the game give you actionable insight and investment ideas.