MarineMax today reported sales of US$329.8m for its third quarter ended June 30, 2017 compared to US$345.6m for the same period a year ago. Same-store sales were down 10% for the quarter. Net income rose to US$14.2m compared to US$13.8m a year ago.
“Reports of industry softness in larger product categories, combined with delayed sales due to unseasonal Northeast weather, dampened our overall revenue and therefore earnings in the quarter,” says William McGill, MarineMax chairman, in a statement. “We believe the revenue impact from these challenges will be made up in the future as the underlying trends in the industry are healthy, as evidenced by our ability to grow units on a comparable basis and meaningfully increase gross margins in the quarter.”
MarineMax lowered its 2017 annual guidance to the range of $0.97 to $1.02 for fiscal 2017, from $1.14 to $1.24, fully taxed earnings per share.