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West Marine sales rise 4.3 per cent for second quarter

By IBI Magazine

West Marine reported net sales for its second quarter ended July 1, 2006 of US$264.5 million, an increase of 4.3 per cent compared to the same quarter a year ago. Same-store sales also increased 2.3 per cent for the quarter. The company did not report a net income or loss in the statement it released, but said that it would revise its earnings guidance in a conference call on August 8th, when it released operational results.

"While we are encouraged by the positive comparable store sales results, they are below our expectations and internal projections," said Peter Harris, West CEO, in a statement. "Most of our stores reported positive comp sales in the second quarter. However, the majority of our northeast and mid-Atlantic locations were negatively impacted by unusually heavy rainfall during June, which is our biggest revenue month."

Harris added that the company experienced "mixed results" from new initiatives. "As a result of the sales shortfall in the second quarter, we expect to revise our full year 2006 guidance and discuss progress on our strategic initiatives when we report our second quarter operating results," he said.

Net sales for the 26 weeks ended July 1, 2006 were US$397.2 million, an increase of 4.8 per cent from net sales of US$378.9 million for the same period a year ago. Comparable store sales for the 26 weeks ended July 1, 2006 increased 3.1 per cent.

Sales in its Stores division for the first six months of 2006 were US$350.0 million, an increase of US$21.1 million, or 6.4 per cent, compared to the same period last year. Its wholesale Port Supply saw its sales drop 11.0 per cent compared to the same period last year. It said the decrease was attributable primarily to increased sales to Port Supply customers through our store locations. Net sales of our Direct Sales division for the first six months of 2006 were US$23.4 million, an increase of US$0.2 million, or 0.8 per cent, compared to the same period last year.

(7 July 2006)

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