MarineMax today said sales jumped 44% to US$158.1m for its first fiscal quarter ended December 31, 2014. Net income was US$214,000 compared to a net loss of US$3.4m a year ago.
The company said in a statement that same-store sales were up 45% for the quarter, on top of a 9% increase for the same quarter last year.
“The December quarter results are historically our smallest of the year,” said William McGill, chairman, CEO and president, in the statement. “The strength in new, and specifically larger albeit lower margin boats during the quarter, drove very strong same-store-sales growth, yielding a significant increase in revenue and a profitable quarter. Absent the mix impact, margins remain healthy as the industry takes another step forward in the recovery.”
McGill said the company has increased its inventories but that they are at “appropriate” levels. “Having started the early portion of the boat show season, we are seeing solid increases in traffic and remain confident that the long-term nature of the recovery continues to emerge,” he said.