MarineMax revenue up 11 percent year over year
January 30, 2014
Filed under News
CLEARWATER, Fla. — MarineMax, Inc., the nation’s largest recreational boat retailer, today announced results for its first quarter ended December 31, 2013.
Revenue increased approximately 11% to $109.6 million for the quarter ended December 31, 2013 from $99.1 million for the comparable quarter last year. Same-store sales grew over 9% following an 8% increase in the same period last year. Seasonally, the December quarter is traditionally the least significant quarter of the year. The Company improved its net loss for the first quarter ended December 31, 2013 by over 19% to $3.4 million, or$0.14 per share from $4.2 million, or $0.18 per share, for the comparable quarter last year.
William H. McGill, Jr., Chairman, President, and Chief Executive Officer, stated, “We are proud that we produced our ninth consecutive quarter of positive same stores sales growth, and did it while expanding our gross margins, in the midst of reported sluggish retail sales in our core product categories and decreased discretionary spending. Our team continues to execute on the strategies we have implemented and is focused on ensuring the best customer experience possible.”
Mr. McGill continued, “Not only are we pleased with the progress we continue to make each quarter, we are also enthusiastic about the new product offerings from our manufacturing partners and the opportunity they provide to capture additional growth in the future. We believe our inventories are at the appropriate level for this early stage of the recovery and that our team is well positioned for success as we enter the busy boat show season. From a longer term perspective, as consumer confidence continues to improve, the opportunity to drive positive cash flow and earnings with our streamlined operating structure is compelling. With our solid balance sheet and high-performing team we have a strong foundation that provides a competitive advantage for us to excel as the industry recovers.”