West Marine Q3 sales down
The company's comparable store sales increased 0.3% for the period ended on September 29, 2007. For the 39 weeks ended September 29, 2007, comparable store sales decreased 1.7%. Net sales for the 39 weeks ended September 29, 2007 were $561.4 million, a decrease of 5.3% from net sales of $592.8 million a year ago. Net sales in the stores segment for the third quarter were $166.6 million, a decrease of $7.2 million, or 4.2%, compared to the same period last year, primarily resulting from the closure of under-performing locations. Port supply (wholesale) segment sales through the distribution centers were $10.1 million, a decrease of $0.5 million, or 4.8%, compared to the same period last year. Port Supply sales to wholesale customers through store locations are included in the Stores segment. Net sales in the direct sales segment for the third quarter were $10.8 million, a decrease of $0.3 million, or 2.9%, compared to the same period last year. Peter Harris, CEO of West Marine, said: "The positive comparable store sales trends this quarter reflect the results of our focus on assortment, customer service, and in-stock levels. Although there are not yet indications of broader positive momentum in the boating market, the northeastern US season was longer and stronger than in recent years. Florida remains very weak. Soft sales of higher-priced discretionary items, such as electronics, continue. We continue to see growth in the web channel while working our way through website infrastructure transitions."