West Marine's Q2 revenues down 5 percent
Net revenues for West Marine (Nasdaq:WMAR) dipped 5 percent in the second quarter, primarily driven by store closures.
For the quarter ended July 4, net revenues were $215.4 million compared to $226.7 million a year ago. Comparable store sales decreased 1 percent.
"While the sale of new boats has continued to be soft and the areas of our business that support that industry segment continue to suffer, we have benefited from an increase in boat usage in some markets, a shift towards more 'Do it Yourself' purchases given the current economic environment, and a positive reaction to our focus on core boating parts and accessories in support of these trends," Geoff Eisenberg, CEO of West Marine, said in a statement. "We have also benefited from changes in the competitive landscape as well as our ability to fund inventory investments while some others in our industry have not had that flexibility."
Net revenues in the stores segment were $194.7 million, a decrease of $5.0 million, or 2.5 percent, compared to same period last year. Wholesale segment revenues through the distribution centers were $8.9 million, a decrease of $3.9 million, or 30.5 percent. Net revenues in the direct sales segment were $11.8 million, a decrease of $2.5 million, or 17.2 percent.
Jarden expects Q2 profit to exceed analyst expectations
Jarden (NYSE: JAH), parent of Coleman, K2 and Marmot, said it expects to meet or exceed analysts' expectations for profit and sales when it reports second-quarter results later this week.
Jarden said it anticipates meeting or exceeding analysts' consensus estimates for earnings per share. It also expects second-quarter revenue to be in line with or slightly better than analysts' consensus estimates.
Analysts expect Jarden to post a second-quarter profit of $0.55 per share on $1.25 billion in revenue.
Jarden plans to release second-quarter results on July 22.
Luxottica closes acquisition of Multiopticas Internacional
Luxottica Group (NYSE: LUX), parent of Oakley, said it closed its acquisition of a 40-percent participation in Multiopticas Internacional, which was previously announced on May 27.
The company said the transaction, which is worth approximately EUR 40 million (USD $56.4 million), marks its entry into the retail business in South America, "a region with excellent growth potential and where the group already has a solid presence through its wholesale network."
Wolverine declares quarterly dividend
Wolverine World Wide (NYSE: WWW), parent of Merrell and Chaco, has declared a quarterly cash dividend of $0.11 per share of common stock. The dividend is payable on Nov. 2 to stockholders of record on Oct. 1. The company said the dividend is equal to the last quarterly dividend and reflects an indicated annual dividend of $0.44 per share.
--Compiled by Wendy Geister
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