West Marine (WMAR) Reports Same Store Sales Down 9.4%

West Marine, Inc. (Nasdaq: WMAR) reported net sales for the thirteen weeks ended March 29, 2008 of $113.3 million, a decrease of $12.5 million, or 10.0%, from net sales of $125.8 million a year ago, primarily due to a $9.4 million decrease in comparable store sales. Comparable store sales for the first quarter decreased 9.4%.

Geoff Eisenberg, Chief Executive Officer of West Marine, said, "Sales results during the first quarter were a bit less than we had expected. With significant softness in the boating equipment market, we had planned for a material reduction in comparable store sales, and nothing that occurred in the first quarter gave any indication that sales would rebound in the short term. Though we're pleased with the execution of our internal sales strategies, we're certainly anxious as we enter the prime boating season, which begins in late-April or early-May for most of our markets."

West Marine, the country's largest specialty retailer of boating supplies and accessories, has 370 stores located in 38 states, Puerto Rico and Canada. [JT]
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