US retailer ends first quarter with considerable balance sheet strength and liquidity

MarineMax reported revenue growth of 2% – or just over US$5m – for the fiscal 2019 first quarter ended 31 December 2018.

Same-store sales were up approximately 1%, capping a five-year trend in which the December quarter saw a cumulative growth of 82% in same-store sales.

Pretax earnings grew modestly, according to a company release, to US$6.5m, exceeding record pre-tax earnings for the same period last year, the fifth consecutive year of quarterly pre-tax growth.

The company produced net income in the first quarter of $4.9m and earnings per diluted share grew over 10% to $0.21, compared to $0.19 in the prior year quarter. Absent the tax provision increase in the December quarter last year, the earnings per diluted share would have been $0.23.

“We ended the quarter well-positioned in terms of inventory, along with considerable balance sheet strength and liquidity,” said W Brett McGill, MarineMax CEO and president, in the statement. “This positions us well for the upcoming selling season and allows us to take advantage of opportunities as they arise.

“With positive energy and sales coming from the early boat shows, we remain confident entering this important part of the year while working to build additional long-term value for our shareholders,” McGill added.