West Marine slightly shrinks loss in Q1

Watsonville, Calif. – West Marine Inc. slightly shrunk its net loss to $10.3 million in the first quarter of fiscal 2015 from $11.4 million in the same period a year earlier. Cost of goods sold and selling, general and administrative (SG&A) expenses combined to total more than net revenues.



Net revenues equaled $127.07 million, up 12% from $113.34 million. Same-store sales rose 13.3%. Sales from West Marine’s e-commerce websites were up by 27.1% as compared to the previous year, and represented 9.3% of total sales, compared to 8.2% for the same period last year.



"The 2015 boating season is off to a strong start and we are very pleased with our same-store sales results in the first quarter,” said Matt Hyde, CEO. “Our three key strategies performed well as a result of excellent execution by the entire West Marine team. Also, we introduced our first Super Sale in March, which drove top line sales and brought new customers into our stores. We believe we are well positioned for the peak boating in the months ahead."



West Marine expects same-store sales to rise 1%-4% in fiscal 2015.