NEW YORK (Thomson Financial) - West Marine Inc. Thursday said third-quarter
net income was $5.3 million, or 24 cents a share, above the mean estimate of
analysts polled by Thomson Financial of 19 cents a share.
Sales for the Watsonville, Calif.-based retailer of boating supplies fell
4.1% to $187.5 million, versus the $187.3 million analyst estimate. Same-store
sales rose 0.3%. The company said sales fell because of lower boat usage and
market softness.
In the year-ago period, the company posted net income of $2.9 million, or 14
cents a share, a figure that includes a 4-cent-a-share charge for store closure
costs.
West Marine lowered its full-year outlook to 14 to 18 cents a share from a
previous estimate of 24 to 34 cents a share, blaming reduced gross margins and
higher expenses.
Analysts are currently looking for 2007 earnings of 32 cents a share.
Shares of West Marine closed Wednesday at $11.70.
Ryan Vlastelica
rv/pc
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