MarineMax reports 25 per cent increase in Q4 sales
By IBI Magazine
MarineMax today reported sales of US$207.2m for its fourth quarter ended September 30, 2009, a 25 per cent increase compared to the same period a year ago. Its net loss widened to US$33.0m compared to a net loss of US$11.1m a year ago. But the company reported an increase in same-store sales of 41 per cent, the first increase in three years. Its inventory also declined by 56 per cent to US$205.9m compared to US$468.6m a year ago. The company said its "aggressive inventory reduction strategy" drove the increase in same-store sales but also its decline in gross profit margins. It closed 11 stores during the quarter, bringing total store closures to 26 during the fiscal year. "These planned store closures were a key component in the company's efforts to better match its fixed costs with the decline in business caused by the soft economic conditions," said a statement. "Our planned strategy to reduce our inventory levels and strengthen our competitive position was very successful during the fourth quarter," said William McGill, chairman and CEO, in the statement. "We believe our September quarter same-store sales growth well outpaced our industry, yielding market share gains. While our aggressive pricing strategy helped to drive sales, we were encouraged to see how well our existing and new customers responded in this economic environment." MarineMax shares rose 11 per cent in morning trading to 7.41.
(5 November 2009)
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