WATSONVILLE, Calif., April 25, 2013 (GLOBE NEWSWIRE) -- West Marine, Inc. (Nasdaq:WMAR), the largest specialty retailer of boating supplies and accessories, today reported financial results for the first quarter ended March 30, 2013.
- Net revenues were $114.2 million, a decrease of 5.9% compared to last year.
- Comparable store sales decreased by 6.6% compared to last year.
- Direct-to-Consumer channel sales were up 15.8%, driven by our strategic investments in eCommerce.
- Sales of product in our Merchandise Expansion categories were up 0.5%, with Core product sales down 7.3% compared to last year.
- Pre-tax loss was $15.0 million, compared to a pre-tax loss of $10.6 million last year.
- The company is lowering 2013 full-year guidance, with pre-tax income now expected to be in the range of $24.0 million to $27.0 million, compared to pre-tax income of $24.3 million for 2012.
- Net loss per share was ($0.38), as compared to net loss per share of ($0.27) last year.
- First quarter liquidity improved substantially versus last year, with cash increasing from $2.2 million last year to $22.5 million.
- The company remained debt-free with $114.5 million available on its revolving credit line at the end of the period.