MarineMax yesterday announced the results of its fiscal 2026 first quarter.
Revenue was $505.2 million, a 7.8% increase year-over-year. Same-store sales increased more than 10%, and gross profit margin was 31.8%, down from 36.2% in the same quarter a year ago. Inventories at the quarter’s end decreased $167.3 million year-over-year. MarineMax reported a net loss of $7.9 million, or $0.36 per share, and an adjusted net loss of $4.6 million, or $0.21 per share.
The company said higher revenue was driven by an increase in comparable store sales, largely due to a shift in mix toward larger, premium products. It added that lower gross margin reflected an “increased promotional environment due to challenging retail conditions and mix of sales, partially offset by contribution from higher-margin businesses.”
MarineMax said inventories decreased year-over-year primarily due to actions taken “to reduce orders, eliminate brands and increase turns, given the challenged retail environment.”
“As anticipated, retail margin pressure persisted across the recreational boating industry in the December quarter, reflecting continued uncertainty and competitive dynamics, including elevated promotional activity, as the industry continues to right-size inventory,” president and CEO Brett McGill said in a statement. “While these conditions kept new and used boat margins well below historical levels, we were encouraged by the solid same-store sales growth achieved during the period.”
MarineMax reaffirmed its fiscal 2026 guidance, which forecasts adjusted EBITDA in the range of $110 million to $125 million, with adjusted net income of $0.40 to $0.95 per diluted share.
“Although conditions across the recreational marine industry remain challenging, we expect activity to gradually improve as we move into the spring selling season,” McGill added. “Early indications from this year’s retail boat shows have been encouraging, and our positioning in the premium segment should enable us to outperform the broader market as conditions improve.”
