West Marine Earnings: Margins Shrink on Rising Costs, Net Income Falls
West Marine, Inc. (NASDAQ:WMAR) reported its results for the second quarter. West Marine operates as a boating supply retailer in the United States.
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West Marine, Inc. Earnings Cheat Sheet
Results: Net income for West Marine, Inc. fell to $22.6 million (95 cents per share) vs. $44.7 million ($1.92 per share) a year earlier. This is a decline of 49.5% from the year-earlier quarter.
Revenue: Rose 3.2% to $243.6 million from the year-earlier quarter.
Quoting Management: Matt Hyde, West Marine’s CEO, commented: “We are pleased with this quarter’s results. Our merchandise expansion and store optimization strategies are helping to drive comparable store sales increases. We continue to learn from these successes as we build on the opportunities in West Marine’s business and work to identify areas where we can invest to drive future growth.”
Revenue has increased for four quarters in a row. Revenue increased 6.7% to $121.5 million in the first quarter. The figure rose 5.7% in the fourth quarter of the last fiscal year from the year earlier and climbed 4.5% in the third quarter of the last fiscal year from the year-ago quarter.
For the fiscal year, the average estimate has been unchanged at 62 cents a share.
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(Company fundamentals provided by Xignite Financials. Earnings estimates provided by Zacks)
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