SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM 8-K
Current Report Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): October 1, 2003
West Marine, Inc.
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(Exact name of registrant as specified in its charter)
Delaware 0-22512 77-0355502
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(State or other (Commission File (I.R.S. Employer
jurisdiction of Number) Identification No.)
incorporation)
500 Westridge Drive 95076
Watsonville, California
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(Address of principal executive offices) (Zip Code)
(831) 728-2700
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(Registrant's telephone number, including area code)
Item 7. Financial Statements and Exhibits.
(a) Not Applicable.
(b) Not Applicable.
(c) Exhibits:
99.1 West Marine, Inc. Net Sales Press Release dated
October 1, 2003 (furnished pursuant to Item 12 of
Form 8-K)
Item 12. Results of Operations and Financial Condition.
On October 1, 2003, West Marine, Inc. announced its net sales for the five
weeks ended September 27, 2003, for the 13-week period ended September 27,
2003 and for the 39-week period ended September 27, 2003. A copy of this
press release is attached hereto as Exhibit 99.1.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
WEST MARINE, INC.
Date: October 2, 2003 By: /s/ Eric Nelson
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Eric Nelson
Senior Vice President and
Chief Financial Officer
Exhibit 99.1
Contacts: West Marine, Inc.
Eric Nelson, Senior Vice President and Chief Financial Officer
(831) 761-4489
Russell Solt, Director of Investor Relations
(831) 761-4229
WEST MARINE ANNOUNCES SEPTEMBER 2003
SALES RESULTS
WATSONVILLE, CA, October 1, 2003 - West Marine, Inc. (Nasdaq: WMAR)
today reported that net sales for the five weeks ended September 27,
2003 were $56.6 million, a 26.6% increase from net sales of $44.7
million for the same period a year ago. Comparable store net sales for
the five weeks ended September 27, 2003 increased 1.7% from the same
period a year ago. Sales from 62 BoatU.S. stores acquired in January
2003 from Boat America are included in total sales, but are not
reflected in comparable store sales statistics.
Net sales for the thirteen weeks ended September 27, 2003 were $191.9
million, an increase of 27.3% from net sales of $150.7 million for the
same period a year ago. Comparable store net sales for the latest
thirteen weeks increased 1.2% compared to the same period a year ago.
Net sales for the thirty-nine weeks ended September 27, 2003 were
$536.0 million, an increase of 22.4% from net sales of $437.9 million
for the same period a year ago. Comparable store net sales for the
latest thirty-nine weeks decreased 3.6% compared to the same period a
year ago.
John Edmondson, CEO of West Marine, said, "September sales improved
toward the end of the month. Comparable store sales by region were
Southeast 4.5%, Northeast 2.0% and West Coast -2.1%. We believe part
of the improvement was due to Hurricane Isabel, which affected a large
portion of the eastern seaboard. However, Isabel also contributed to
boats coming out of the water earlier than usual for the season.
Therefore, we expect our winterizing sales to be moved forward from
last year, which may produce better than expected sales in the first
couple of weeks of October and weaker sales later in October and
November.
"Our guidance for the fourth quarter remains the same. We expect sales
of $125 million to $130 million and our estimate for a fourth quarter
loss ranges from ($0.11) to ($0.09) per share versus last year's loss
of ($0.07) per share."
West Marine, Inc. is the nation's largest specialty retailer of
boating supplies and apparel, with 339 stores in 38 states, Canada
and Puerto Rico, and more than $500 million in annual sales. The
Company's highly successful Catalog and Internet channels offer
customers approximately 50,000 products - far more than any competitor
- and the convenience of being able to exchange 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. Because the overwhelming majority of West
Marine's revenues come from aftermarket sales, the Company has
traditionally been less affected by economic downturns than
manufacturers and sellers of new boats.
West Marine's initiatives for 2003 include opening more new stores in
Canada and opening more West Marine Express stores, which are smaller
format stores located next to marinas. In January 2003, the Company
acquired all 62 BoatU.S. retail stores from Boat America Corporation,
as well as its catalog and wholesale operations.
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 Catalog
division as the Company and its competitors open new stores, the
impact of the Internet on the supply chain, weather-related issues,
the level of consumer spending on recreational water sports and
boating supplies, and other risk factors described from time to time
in West Marine's filings with the Securities and Exchange Commission,
including West Marine's Annual Report on Form 10-K for the year ended
December 28, 2002 and Quarterly Report on Form 10-Q for the period
ended June 28, 2003. West Marine assumes no responsibility to update
any forward-looking statements as a result of new information, future
events or otherwise.