Photo courtesy MarineMaxMarineMax reported a decline in same-store sales in its fiscal third quarter, but the company achieved higher revenue and profit, and increased its earnings guidance for the year.
Same-store sales dropped 5 percent in the quarter ended June 30, the company said in an earnings statement this morning. Revenue rose to a record $688.5 million, from $666.3 million in the same quarter last year. Net income improved to $70.2 million from $59.6 million.
“We are building on our previously communicated strategic vision that we began deploying in 2019, to transform MarineMax into a more diversified business model that would create greater resilience across ever-changing economic cycles,” CEO and president W. Brett McGill said in the statement. “This strategy produced another quarter of record gross margins and profits, driving sustained profitability by focusing on higher-margin businesses.”
New-unit sales were up in the recent quarter. The company said the retreat in same-store sales was caused by an inventory shortage of larger boats.
MarineMax raised its fiscal year 2022 guidance to a new range of $8.05 to $8.45 per share, from its previous forecast of $7.90 to $8.30 per diluted share. The company earned $6.78 per share in fiscal 2021.
“Business accelerated as we moved through the quarter, supported by unit growth year-over-year as we effectively worked to overcome ongoing supply-chain challenges and the weather-related delay to the start of the Midwest boating season,” McGill said. “We continue to gain market share, as the industry did not experience that same level of growth.”
