West Marine Reports First Quarter 2005 Sales.WATSONVILLE, Calif. -- West Marine, Inc. (Nasdaq:WMAR) today reported that net sales Net Sales The amount a seller receives from the buyer after costs associated with the sale are deducted. Notes: This amount is calculated by subtracting the following items from gross sales: merchandise returned for credit, allowances for damaged or missing goods, freight for the thirteen weeks ended April 2, 2005 were $125.6 million, a decrease of 2.8% from net sales of $129.2 million a year ago. Comparable store sales for the first quarter of 2005 decreased (6.6%), compared to strong comparable store sales of 10.2% reported for the first quarter a year ago. First quarter comparable store sales by region were as follows:
2005 2004
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Northeast (21.9%) 20.6%
Southeast 1.4% 5.8%
Western (4.7%) 7.5%
Eric Nelson Eric Nelson may refer to:
"We now anticipate our first quarter loss to range from ($0.26) to ($0.27) per share, including one-time charges of approximately ($0.02) per share for CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. hiring costs, compared to a loss of ($0.15) per share for the first quarter last year. Our expected first quarter results are slightly lower than previous guidance, mainly due to reduced volume in our high-margin maintenance category, which was impacted by delayed seasonal boat preparation activity. We will update our 2005 earnings guidance during our conference call on Thursday, April 28." West Marine, Inc. is the nation's largest specialty retailer of boating supplies and apparel, with 383 stores in 38 states, Canada and Puerto Rico Puerto Rico (pwār`tō rē`kō), island (2005 est. pop. 3,917,000), 3,508 sq mi (9,086 sq km), West Indies, c.1,000 mi (1,610 km) SE of Miami, Fla. , and more than $680 million in annual sales. The Company's successful catalog and Internet channels offer customers approximately 50,000 products - far more than any competitor - and the convenience of being able to exchange catalog and Internet purchases at its retail stores. The Company's Port Supply division is the country's largest wholesale distributor of marine equipment serving boat manufacturers, marine services, commercial vessel A commercial vessel is defined by the United States Coast Guard as any vessel (i.e. boat or ship) engaged in commercial trade or that carries passengers for hire. This would exclude pleasure craft that do not carry passengers for hire or warships. operators and government agencies. Special Note Regarding Forward-Looking Statements This press release includes "forward-looking statements" within the meaning of Section 21E of the Securities Exchange Act of 1934. These forward-looking statements include, among other things, statements that relate to West Marine's future plans, expectations, objectives, performance, and similar projections, as well as facts and assumptions underlying these statements or projections. Actual results may differ materially from the results expressed or implied in these forward-looking statements due to various risks, uncertainties or other factors. Risks and uncertainties include the Company's ability to increase sales at its existing stores and expand through the opening of new stores, competitive pricing pressures, inventory management and shrink issues, the market share erosion faced by the Company's Direct Sales division as West Marine and its competitors open new stores, weather-related issues, the level of consumer spending on recreational water sports water sports Urophilia, see there and boating supplies, fluctuations in fuel prices and other risk factors described from time to time in West Marine's filings with the Securities and Exchange Commission, including West Marine's annual report on Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. for the period ended January 1, 2005. West Marine assumes no responsibility to update any forward-looking statements as a result of new information, future events or otherwise. |
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