Record sales as MarineMax takes advantage of surge in outdoor pursuits
The latest financial results for US boat manufacturer, MarineMax, are further evidence of increased interest among consumers to get out on to the water.
Together with product diversification and effective implementation of its digital operation, the upsurge in demand resulted in second quarter net income of $38.9 million – more than seven times the net income achieved in the same period last year. The company also reported sales of $523 million, up by 70% and a record for the quarter, driven by a 45% same-store sales increase. Gross margins of 30% were also a record.
“We continue to gain market share as we capitalise on new customers embracing the boating lifestyle and many of our existing customers upgrading to larger and newer boats,” said W. Brett McGill, CEO and President. “Additionally, our multiple product and service offerings enhanced our customers’ needs while also driving growth. We extended our long track record of producing meaningful same-store sales growth while also executing on our balanced growth strategy.
“I am extremely proud of our team for successfully navigating through the pandemic and capitalising on the ongoing changes in consumer behaviour. As we enter our most active season, our large on-order backlog provides us with additional confidence for the balance of fiscal 2021, into fiscal 2022 and beyond.”
MarineMax has over 100 locations worldwide, including 77 retail dealership locations and 30 marinas or storage operations.