West Marine Inc. posted net income for the second quarter of $19.8 million, compared to $15.8 million for the same quarter in 2002.
Net sales for the quarter were $233.0 million, up 22.6% from $190 million in 2002. Comparable store net sales decreased 4.4%.
Net income for the 26 weeks ended June 28 was $13.7 million, compared to $13.4 million for the same period last year. Net sales for the 26-week period were $344.1 million, an increase of 19.8% from sales of $287.2 million for the same period a year ago. Comparable store net sales decreased by 6.2%. (Sales from 62 BoatU.S. stores acquired in January were included in total sales, but are not reflected in comparable store sales statistics.)
“Unseasonable weather clearly hurt sales in the second quarter,” said John Edmondson, CEO, in a statement. “With improved weather during July, we are running low single-digit comparable sales month-to-date.”
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