West Marine, Inc. today reported that net sales for the four weeks ended November 27, 2004 were $34.6 million, a 0.4% increase compared to net sales of $34.5 million for November last year. Comparable store net sales for November 2004 decreased 2.9% compared to the same period a year ago.
Net sales for the forty-seven weeks ended November 27, 2004 were $636.7 million, an increase of 4.9% over net sales of $607.3 million for the same period a year ago. Comparable store net sales for the latest forty-seven weeks increased 0.7% compared to the same period a year ago.
John Edmondson, CEO of West Marine, said, "November sales came in as expected. Comparable store sales were challenged because last year the Thanksgiving Day closure was in fiscal December, while this year the holiday fell into fiscal November. After adjusting for the calendar shift, comparable store sales would have been relatively flat. We are on track to meet our previously announced expectations for fourth quarter. November comparable store sales by region were as follows: Northeast -8.5%, Southeast 2.1%, and Western -6.6%."
West Marine, Inc. is the nation's largest specialty retailer of boating supplies, with 368 stores in 38 states, Canada and Puerto Rico, and more than $660 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 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 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 quarterly report on Form 10-Q for the period ended October 2, 2004. West Marine assumes no responsibility to update any forward-looking statements as a result of new information, future events or otherwise.