WATSONVILLE, Calif.--(BUSINESS WIRE)--April 12, 2007--West Marine,
Inc. (Nasdaq: WMAR) today reported that net sales for the thirteen
weeks ended March 31, 2007 were $126.2 million, a decrease of 4.9%
from net sales of $132.6 million a year ago. Comparable store sales
decreased 2.0% in the first quarter of 2007.
Net sales attributable to our Stores segment for the first quarter
of 2007 were $106.9 million, a decrease of $7.2 million, or 6.3%,
compared to same period last year. The sales decrease primarily was a
result of having 35 fewer stores due to the closure of certain
under-performing locations during the second half of last year. Port
Supply (wholesale) segment sales through our distribution centers for
the first quarter of 2007 were $10.4 million, a decrease of $0.1
million, or 0.9%, compared to the same period last year. Port Supply
segment results do not include sales to wholesale customers through
our store locations, as these sales are included in our Stores
segment. Net sales of our Direct Sales (catalog and Internet) segment
for the first quarter of 2007 were $8.8 million, an increase of $0.8
million, or 9.9%, compared to the same period last year, primarily due
to increased Internet sales.
Peter Harris, Chief Executive Officer of West Marine, said, "Sales
during the first quarter were in line with our expectations. Our
comparable store sales performance was driven by the electronics
category, in which we will see a later launch this year of key new
products, which are just now hitting our stores. During the first
quarter, we continued our focus on inventory productivity by clearing
non-performing merchandise while improving in-stock rates."
ABOUT WEST MARINE
West Marine, the country's favorite retailer of boating supplies
and accessories, has approximately 380 stores located in 38 states,
Puerto Rico and Canada. Our catalog and Internet channels offer
customers approximately 50,000 products and the convenience of
exchanging catalog and Internet purchases at our store locations. Our
Port Supply division is one of the country's largest wholesale
distributors of marine equipment serving boat manufacturers, marine
services, commercial vessel operators and government agencies. For
more information on West Marine's products and store locations, or to
start shopping, visit westmarine.com or call 1-800-BOATING
(1-800-262-8464).
CONTACT: West Marine, Inc.
Tom Moran, 831-761-4229
Senior Vice-President and Chief Financial Officer
Deborah Ajeska, 831-761-4229
Assistant Vice President of Financial Planning & Analysis
SOURCE: West Marine, Inc.
