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West Marine Reports First Quarter 2013 Results And Lowers Full-Year Guidance

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.

Net revenues for the 13 weeks ended March 30, 2013 were $114.2 million, a decrease of 5.9% compared to net revenues of $121.5 million for the 13 weeks ended March 31, 2012.

In line with our omni-channel focus, we also have changed the definition of comparable store sales by now including sales from our Direct-to-Consumer and Port Supply divisions. As before, store sales are included in comparable store sales in the fiscal period in which they commence their 14th full month of operations. Stores that were closed or substantially remodeled (i.e., resulting in an increase or decrease of 40% or more of selling square footage) are still excluded. Using this new definition, comparable store sales for our first quarter decreased by 6.6% over the same period last year. For the first quarter last year, we reported a 4.3% increase in comparable store sales. However, using the new definition, our first quarter 2012 comparable store sales increased by 3.4%.

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