West Marine Q1 same-store sales dip
West Marine's (Nasdaq: WMAR) first-quarter same-store sales declined 2 percent. Total sales for the period ended March 31 slipped 4.9 percent to $126.2 million from $132.6 million in the previous year.
Net sales attributable to its stores segment for the first quarter were $106.9 million, a decrease of $7.2 million, or 6.3%, compared to same period last year. The sales decrease primarily was a result of having 35 fewer stores due to the closure of certain under-performing locations during the second half of last year.
Port Supply (wholesale) segment sales through its distribution centers for the quarter were $10.4 million, a decrease of $0.1 million, or 0.9%, compared to the same period in 2006. Port Supply segment results do not include sales to wholesale customers through its store locations -- these sales are included in the stores segment.
Net sales of the direct sales (catalog and Internet) segment for the first quarter were $8.8 million, an increase of $0.8 million, or 9.9%, compared to the same period last year, primarily due to increased Internet sales.
Phoenix Footwear appoints new sales VP
Phoenix Footwear Group (Amex: PXG), parent of Royal Robbins, has appointed Michael Crosno as vice president of sales of the company's Trotters and SoftWalk divisions, effective immediately. Crosno brings to Phoenix almost three decades of sales management experience in the footwear industry.
Most recently, he spent seven years as national sales manager at Munro & Company's American Division, a manufacturer of high quality comfort footwear in the United States. Prior to his career at Munro, Crosno spent 20 years with Nine West Group, where he held numerous sales executive and management positions leading to his appointment of senior vice president of sales and operations of the Selby Division in 2000.
Jarden to buy Pure Fishing
Jarden Corp. (NYSE: JAH), whose brands include Coleman and Campingaz, said it has agreed to buy fishing supplies company Pure Fishing Inc. Jarden will pay $300 million in cash, a $100 million five-year note with a 2-percent coupon and warrants exercisable into Jarden stock with a strike price of $45.32.
Pure Fishing's tackle, lures and rods are sold under the brands Abu Garcia, Berkley, Gulp and others. The company had 2006 revenue of more than $250 million, said Jarden, which in 2006 posted profit of $106 million on sales of $3.85 billion.
Jarden added it may also offer an additional payment based on the business' financial performance. Spirit Lake, Iowa-based, Pure Fishing will join Jarden's Coleman segment.
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