West Marine 1st-quarter loss widens on softening spending

WATSONVILLE, Calif.—Boating gear retailer West Marine Inc. said Wednesday its first-quarter loss widened on softer consumer spending.

The company reported a loss of $17.7 million, or 81 cents per share, compared with a loss of $11.4 million, or 53 cents per share, in the same quarter a year before.

Analysts polled by Thomson Financial predicted a loss of 58 cents per share.

For the period ended March 29, revenue declined 10 percent to $113.3 million from $125.8 million.

Same-store sales fell 9.4 percent during the quarter. Same-store sales, or sales at stores open at least a year, is a key indicator of retailer performance since it measures growth at existing stores rather than newly opened ones.

The boating sector, along with many other industries, has been squeezed as consumers cut back spending due to the continued housing slump, diminishing credit, escalating food and fuel costs and recession fears.

Shares of West marine added 4 cents to $5.21 shortly after the opening bell.

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