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TheStreet Open House

West Marine Reports Second Quarter 2013 Results And Updates 2013 Earnings Guidance

Stocks in this article: WMAR

WATSONVILLE, Calif., July 25, 2013 (GLOBE NEWSWIRE) -- West Marine, Inc. (Nasdaq:WMAR), the largest specialty retailer of boating supplies and accessories, today reported financial results for the second quarter ended June 29, 2013.

  • Net revenues were $236.8 million, a decrease of 2.8% compared to last year.
  • Comparable store sales decreased by 2.7%.
  • Direct-to-Consumer sales were up 12.0%, driven by our strategic investments in eCommerce.
  • Sales in our merchandise expansion categories (which include footwear, apparel, clothing accessories, fishing products and paddle sports equipment) were up 4.3%, with core usage-related product sales down 3.5%, compared to last year.
  • Pre-tax income was $37.7 million, down 1.1% compared to pre-tax income of $38.1 million last year.
  • The company is lowering 2013 full-year guidance, with pre-tax income now expected to be in the range of $15.5 million to $17.5 million, compared to pre-tax income of $24.3 million for 2012.
  • Net income per diluted share was $0.91 for the second quarter, compared to net income per share of $0.95 last year.
  • Second quarter liquidity continued to improve, with cash increasing from $37.1 million last year to $45.8 million.
  • Total inventory at the end of the second quarter was $243.1 million, a 2.3% decline versus last year.
  • The company remained debt-free at quarter-end with $115.8 million available on its revolving credit line at the end of the period.

Net revenues for the 13 weeks ended June 29, 2013 were $236.8 million, a decrease of 2.8% compared to net revenues of $243.6 million for the 13 weeks ended June 30, 2012.

In line with our omni-channel focus, beginning in the first quarter, we changed the definition of comparable store sales to now include sales from our Direct-to-Consumer and wholesale channels. 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 excluded. Using this new definition, comparable store sales for our second quarter decreased by 2.7% over the same period last year. For the second quarter last year, we reported a 2.1% increase in comparable store sales. However, using the new definition, our second quarter 2012 comparable store sales would have increased by 1.8%.

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