West Marine rides Q2 profit wave

Watsonville, Calif. – West Marine's renewed focus on omnichannel growth seems to be paying off as the specialty retailer reported a big spike in same-store sales in the second quarter.



The California-based retailer reported net income of $20.9 million, up 14% from $18.3 million the same period a year earlier.



Net revenues were $253.2 million in the second quarter ended July 4, an increase of 7.1% compared to last year. Same-store sales increased by 7%.



The company also gave an update on its growth efforts:



• E-commerce: Sales from e-commerce increased by 27% compared to last year and represented 8.4% towards the company's 2019 goal of 15% of total sales, compared to 7.2% for the same period last year.




• Store optimization: Sales through optimized stores increased to 41.7% of total sales, compared to 41.5% last year. This year-over-year increase supports the 2019 goal to deliver 50% of total sales through optimized stores.




• Merchandise expansion: Sales in these product lines, which include footwear, apparel, clothing accessories, fishing products and paddle sports equipment, increased by 20.2%, with core product sales up 6.3%, compared to last year.



“We've strengthened our business and delivered double-digit earnings growth and solid comparable store sales increases,” said Matt Hyde, CEO. “Our investments are driving growth in retail, wholesale, and online, with positive results in all of our regions and across both core and merchandise expansion categories.”



West Marine operates more than 270 stores located in 38 states, Puerto Rico and Canada.