Net income for the first six months was $7.3 million, or $0.30 per diluted share, compared to net income of $12.5 million, or $0.51 per diluted share, for the first six months last year. Total inventory at the end of the second quarter was $243.6 million, a $6.5 million, or 2.7% increase versus the balance at June 29, 2013, and a 1.5% increase on an inventory per square foot basis. Inventory turns for 2014 were down 2.3% versus the first six months of last year.
West Marine, Inc. reported financial results for the second quarter ended June 28, 2014. Highlights:- Net revenues were $236.5 million, #
Return on Invested Capital ("ROIC") for the 52-week period ended June 28, 2014 was 4.9%, which compares to 6.1% ROIC for the 52-week period ended June 29, 2013. ROIC based on GAAP net income was 3.2% and 6.6% for the 52-week periods ended June 28, 2014 and June 29, 2013, respectively. Earnings before interest, taxes, depreciation and amortization ("EBITDA") for the second quarter of 2014 was $37.2 million, compared to $41.4 million for the same period last year.
West Marine, Inc. reported financial results for the second quarter ended June 28, 2014. Highlights:- Net revenues were $236.5 million, #
2014 Guidance
During the first half of 2014, our sales and gross profit results were lower than expected. Although we experienced solid gains in sales to our professional customers and in our merchandise expansion categories, our core product sales suffered and the shift in the product mix and customer type put pressure on our margins. Our core product sales tend to be dependent on boat-usage and include boat maintenance items, sailboat hardware, electrical parts and boating safety products.
West Marine, Inc. reported financial results for the second quarter ended June 28, 2014. Highlights:- Net revenues were $236.5 million, #
Consequently, we are lowering our previously-issued sales and earnings guidance for fiscal year 2014. We now expect pre-tax income in the range of $8.5 million to $11.0 million, approximately $7.0 million lower than our previously-communicated pre-tax income guidance. This will result in diluted earnings per share of approximately $0.19 to $0.25. Comparable store sales for full-year 2014 are now anticipated to range from down 1.0% to up 1.5%, with total revenues now expected to be in the range of $665 million to $680 million.We are now estimating EBITDA to be in the range of $27.5 million to $30.0 million. We anticipate capital expenditures for fiscal 2014 to be in the range of $28 million to $32 million.
West Marine, Inc. reported financial results for the second quarter ended June 28, 2014. Highlights:- Net revenues were $236.5 million, #
About West Marine
Founded in 1968 by a sailor, West Marine, Inc. has grown to become the largest omni-channel specialty retailer exclusively offering gear, apparel and footwear and other waterlife-related products to anyone who enjoys recreational time on or around the water. With 281 stores located in 38 states, Puerto Rico and Canada and an eCommerce website reaching domestic and international customers, West Marine is recognized as the dominant waterlife outfitter for cruisers, sailors, anglers and paddle sports enthusiasts. West Marine has everything you need for your life on the water.
West Marine, Inc. reported financial results for the second quarter ended June 28, 2014. Highlights:- Net revenues were $236.5 million, #
West Marine