FINANCE

MarineMax Q2 net income drops 16%

BY Dan Berthiaume

Clearwater, Fla. – MarineMax reported net income of $11.5 million in the second quarter of fiscal 2014, down 16% from $13.63 million a year earlier. A substantial increase in selling, general and administrative expenses drove the net income decrease.

Marinemax fared better in revenue, which grew approximately 22% to $214.4 million for the quarter compared with $175.8 million for the comparable quarter the prior year. Same-store sales increased approximately 22%.

William H. McGill, chairman, president and CEO of MarineMax, said the company will build on its sales success.

“It is our expectation that we should be able to build on this positive momentum into the remainder of fiscal 2014,” said McGill. “Our team and extensive brand offerings, coupled with our strong balance sheet, should position us to capture additional market share as the recovery in the industry continues. We expect that the pent-up demand will continue to build as consumer confidence increases and both new and seasoned boaters enjoy quality time on the water with friends and family.”

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Amazon sales surge, so does net loss

BY CSA STAFF

Second quarter sales at Amazon increased 23% to $19.3 billion thanks to growth of new and existing products, but the company reported an even bigger loss than it did the prior year.

Amazon said it lost $126 million, or 27 cents a share, during the quarter ended June 30, compared to a loss of $7 million, or two cents a share the prior year. Despite the loss, Amazon highlighted growth of its operating cash flow which increased 18% to $5.3 billion for the trailing 12 months period. Free cash flow increased to slightly more than $1 billion compared to $265 million for the prior year 12 month period.

Amazon founder and CEO Jeff Bezos typically doesn’t address the company’s financial performance and he held true to form in the second quarter with remarks focused on customers and products.

“We continue working hard on making the Amazon customer experience better and better,” Bezos said. “We’ve recently introduced Sunday delivery coverage to 25% of the U.S. population, launched European cross-border Two-Day Delivery for Prime, launched Prime Music with over one million songs, created three original kids TV series, added world-class parental controls to Fire TV with FreeTime, and launched Kindle Unlimited, an eBook subscription service.”

He also touched on a range of new services introduced under the Amazon Web Service platform and hailed the launch of the company’s new Fire smartphones which shipped recently.

“We can’t wait to get them in customers’ hands,” Bezos said.

Looking ahead, the company forecast a wide range of sales and operating loss possibilities for the third quarter. Net sales are expected to be between $19.7 billion and $21.5 billion while the company’s operating loss is forecast to range from $810 million and $410 million, compared to a $25 million operating loss in the third quarter 2013.

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Rite Aid appoints new CFO

BY CSA STAFF

Rite Aid has appointed former Roundy’s executive Darren Karst as EVP and CFO, effective Aug. 20, to succeed Frank Vitrano, who has announced he will retire in Sept. 2015. Karst will report to Rite Aid’s chairman and CEO John Standley.

Karst will be responsible for all aspects of the company’s finance, accounting, treasury, tax, investor relations, legal, risk management, internal assurance and asset protection functions.

“We are pleased to welcome Darren to the Rite Aid team,” said Standley. “He is a proven leader with a broad-based financial background and a track record of success across a range of operating and financial disciplines. I am confident Darren’s deep retail knowledge and experience will serve Rite Aid well as we move forward.”

At Roundy’s, a leading Midwest grocer based in Milwaukee, Wis., Karst served as EVP, CFO and assistant secretary since 2002. Prior to that, Karst was a partner at the Yucaipa Companies, a private equity investment firm. He also held executive financial positions within several Yucaipa portfolio companies, including Chicago-based Dominick’s, where he served as the CFO and a director.

Karst earned a bachelor’s degree in business administration and accounting from the University of Kansas in Lawrence. He is also a certified public accountant.

Until Sept. next year, Vitrano will retain the chief administrative officer responsibilities for the company’s information technology, real estate and indirect procurement functions. He will also serve as a key resource in the development and execution of new business and growth initiatives.

“I would also like to acknowledge the pivotal role Frank Vitrano has played in helping significantly improve Rite Aid’s business performance and results over the past six years,” added Standley. “We thank Frank for his dedication and hard work and we look forward to continuing to work together on executing our strategy to expand our health care offering and transform Rite Aid into a growing retail health care company.”

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