WATSONVILLE, Calif., Oct. 24, 2013 (GLOBE NEWSWIRE) -- West Marine, Inc. (Nasdaq:WMAR), the largest specialty retailer of boating supplies and accessories in the United States, today reported financial results for the third quarter ended September 28, 2013.
- Net revenues were $193.4 million, an increase of 0.7% compared to last year.
- Comparable store sales increased by 0.9%.
- Direct-to-Consumer sales were up 20.3%, 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 11.0%, with core usage-related product sales down 0.8%, compared to last year.
- Pre-tax income was $13.0 million, down 23.2% compared to pre-tax income of $17.0 million last year.
- The company is reaffirming its 2013 full-year pre-tax guidance, with pre-tax income 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.
- The company remained debt-free at quarter-end and has $105.9 million available on its revolving credit line at the end of the period.