Sales Sink at MarineMax

Clearwater, Fla. Boat retailer MarineMax, which has 88 stores in 22 states, reported that same-store sales dipped approximately 28% in the company’s second quarter, decreasing to $233 million from $325 million for the same period last year. MarineMax attributed the poor performance to the overall economic climate, as well as the company’s concentration of stores in markets such as Florida that have been hit hardest by the slow down in the housing industry.

In the company’s prepared release, William H. McGill, Jr., chairman, president and CEO, stated, "We have continued to adjust our cost structure to reduce the impact of the declining sales on our operating performance. Despite the softer retail environment, we achieved a higher overall gross margin for the quarter over the prior-year quarter."