Industry News - West Marine's revenue up, profits down
Revenue rose, but profits fell in the third quarter at West Marine and the retailer saw its operating results decline after seven quarters of improvement. Net revenue was $172.5 million for the 13-week period that ended Oct. 2, an increase of 2.6 percent from $168.2 million in the same quarter a year earlier. Comparable-store sales for the Watsonville, Calif.-based company rose $5.2 million, or 3.7 percent. A driver of this growth was gains in sales to wholesale customers through the company's stores. Net income was $7.4 million, or 32 cents a share, compared with $8.5 million, or 38 cents a share, a year earlier. For the year to date, earnings per share were $1.44, compared with $1.13 for the same period last year. Income before taxes for the quarter was $7.6 million, a decrease of $1.3 million, or 14.8 percent, from $9 million a year earlier. The release.