SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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): July 6, 2005
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)
Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any of the
following provisions:
[ ] Written communications pursuant to Rule 425 under the Securities Act
(17 CFR 230.425)
[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act
(17 CFR 240.14a-12)
[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the
Exchange Act (17 CFR 240.14d-2(b))
[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the
Exchange Act (17 CFR 240.13e-4(c))
Item 2.02. Results of Operations and Financial Condition.
On July 6, 2005, West Marine, Inc. announced its net sales for the 13-week
period (second quarter) ended July 2, 2005 and for the 26-week period ended
July 2, 2005. A copy of this press release is attached hereto as Exhibit 99.1.
Item 9.01. Financial Statements and Exhibits.
(a) Not Applicable.
(b) Not Applicable.
(c) Exhibits:
99.1 Press Release dated July 6, 2005 (furnished pursuant
to Item 2.02 of Form 8-K)
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: July 6, 2005 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 REPORTS SECOND QUARTER 2005 SALES
WATSONVILLE, CA, July 6, 2005 - West Marine, Inc. (Nasdaq: WMAR) today reported
that net sales for the thirteen weeks ended July 2, 2005 were $253.5 million, an
increase of 0.4% from net sales of $252.6 million a year ago. Comparable store
sales for the second quarter of 2005 decreased (3.5%), compared to a comparable
store sales increase of 4.6% reported for the second quarter a year ago. Second
quarter comparable store sales by region were as follows:
2005 2004
Northeast (6.5%) 5.0%
Southeast 2.1% 2.2%
Western (5.5%) 7.2%
Net sales for the twenty-six weeks ended July 2, 2005 were $378.9 million, a
decrease of (0.8%) from net sales of $381.8 million for the same period a year
ago. Comparable store sales for the latest twenty-six weeks decreased (4.6%),
compared to a comparable store sales increase of 6.2% reported for the same
period a year ago.
Peter Harris, CEO of West Marine, said, "As one would expect, continuing poor
weather in April and May on both coasts dampened second quarter sales,
especially when compared to the great spring weather we enjoyed last year.
Unlike last year, many boats in our Northeast region, from the mid-Atlantic up
through the northeastern seaboard and across to the Great Lakes, remained in
storage until June. Although sales picked up along with better weather in June,
we still had a disappointing second quarter."
"While a poor second quarter for us has sometimes been followed by a better
third quarter, not achieving such a rebound early on could result in a
reduction in our earnings forecast for the year 2005 in the range of
($0.15) per share. We will update our guidance for the year in our upcoming
second quarter earnings conference call on Thursday, July 28, 2005."
West Marine is the country's favorite retailer of boating supplies and
accessories, with nearly 400 West Marine stores and BoatU.S. Marine Centers
in 38 states, Puerto Rico and Canada. Our catalog and Internet channels
offer customers approximately 50,000 products - far more than any
competitor - and the convenience of exchanging catalog and Internet
purchases at our retail stores. For more information on West Marine's
products and store locations, or to start shopping, visit westmarine.com or
call 1-800-BOATING (1-800-262-8464).
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, the level of consumer spending on recreational
water sports, boating supplies and fluctuations in fuel prices. The
Company's operations could be adversely affected if unseasonably cold
weather, prolonged winter conditions, natural disasters, such as
hurricanes, or extraordinary amounts of rainfall occur during the peak
boating season in the second and third quarters, 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 April 2, 2005. West Marine assumes no
responsibility to update any forward-looking statements as a result of new
information, future events or otherwise.