Nation's largest specialty retailer of boating supplies and accessories West Marine reported net income for the second quarter ended July 2, 2005 of $22.8 million, or $1.07 per share, compared to net income of $25.2 million, or $1.17 per share, for the second quarter of 2004. Net sales for the second quarter of 2005 were $253.5 million, compared to net sales of $252.6 million a year ago.
Comparable store sales for the second quarter of 2005 decreased (3.5 percent), versus an increase in comparable store sales of 4.6 percent reported for the same period a year ago. Comparable store sales are defined as sales from stores that have been open at least thirteen months and where selling square footage did not change by more than 40 percent in the previous thirteen months.
Net income for the twenty-six weeks ended July 2, 2005 was $17.3 million, or $0.81 per share, compared to net income of $22.1 million, or $1.04 per share, for the same period a year ago.
Net sales for the first six months of 2005 were $378.9 million, compared to net sales of $381.8 million for the same period last year. Comparable store sales for the first six months of 2005 decreased (4.6 percent), versus an increase in comparable store sales of 6.2 percent reported for the same period a year ago.
2005 Guidance
Peter Harris, West Marine's chief executive officer, stated, "As they reported in their sales release a few weeks ago, poor weather in April and May on both coasts dampened second quarter results, especially when compared to the great spring weather they enjoyed last year.
marketing@alchempro.com
