WATSONVILLE, Calif., Sept. 08, 2016 (GLOBE NEWSWIRE) -- West Marine, Inc. (NASDAQ:WMAR) today announced updated expectations for 2016. The Company now expects GAAP pre-tax profits to be in the range of $9.0 million to $11.0 million. Full year net revenue is now expected to be flat to down slightly compared with last year with same store sales in the range of flat to up 1%.
Matt Hyde, CEO of West Marine, commented, “We continue to make solid progress executing our long-term growth strategies which include increasing the size of our eCommerce channel, expanding our non-core merchandising offerings, and optimizing our store fleet. In contrast to the growth in sales to our retail customers, volume to our professional customers has declined as we continue to strive for greater profitability. Based on current trends, we think it is prudent to adopt a slightly more conservative outlook for the remainder of the year.”
About West Marine
Each person has a unique connection to the water. At West Marine (westmarine.com, NASDAQ: WMAR), our knowledge, enthusiasm and products prepare waterlife adventurers to foster that connection and explore their passions. With more than 250 stores located in 38 states and Puerto Rico, an eCommerce website reaching domestic, international and professional customers, West Marine is recognized as a leading Waterlife Outfitter for cruisers, sailors, anglers and paddlesports enthusiasts. Since first opening our doors in 1968, West Marine associates continue to share the same love for the water as our customers and provide helpful advice on the gear and gadgets they need to be safe and have fun.
Special Note Regarding Forward-Looking Statements
This press release includes “forward-looking” information (as defined in the Private Securities Litigation Reform Act of 1995), including statements that are predictive or express expectations that depend on future events or conditions that involve risks and uncertainties. These forward-looking statements may include, among other things, expectations related to earnings and growth in profitability and expectations for the outlook for 2016, as well as facts and assumptions underlying these expectations and projections. These statements involve risks and uncertainties that could cause actual results to differ materially from those reflected in such statements. Risks, uncertainties and other factors that may cause actual results to differ materially include those described in the risk factors set forth in West Marine’s annual report on Form 10-K for the fiscal year ended January 2, 2016 and quarterly report on Form 10-Q for the fiscal quarter ended April 2, 2016, as well as the discussion of critical accounting policies in our Form 10-K for the year ended January 2, 2016. Except as required by applicable law, West Marine assumes no responsibility to update any forward-looking statements as a result of new information, future events or otherwise.
Contact: West Marine, Inc. Jeffrey Lasher, Executive Vice President and Chief Financial Officer (831) 761-4229