MarineMax has reported a same-store sales increase of 1% year-on-year in its latest financial results.
The figures for the fourth quarter show a decrease of 5% reflecting the impact of Hurricane Helene.
“Resilient is the word that captures the spirit of our team members, who have shown extraordinary dedication and perseverance in the face of the devastating storms that hit Florida and the southeast over the past month,” said Brett McGill, CEO and president of MarineMax.
“Hurricanes Helene and Milton have caused significant damage across the region. Our team members have been at the forefront, ensuring that our operations continue and that we provide essential support to our customers.”
And he added that from an operational perspective, MarineMax performed well in light of what has proven to be one of the more challenging years for the industry.
“With sizeable month-over-month industrywide declines in unit sales, our ability to generate annual same-store sales growth in fiscal 2024 is a testament to the success of our long-term strategy,” he said.
Expense reduction remains a focus in fiscal 2025
Brett McGill
As part of the organisation’s long-term improvement plan, further cost-cutting actions were carried out during the fourth quarter, including consolidating certain retail locations.
“Expense reduction remains a focus in fiscal 2025, with the goal of driving improved operating leverage,” Brett concluded.
Revenue in the fiscal 2024 fourth quarter decreased 5% to $563.1 million from $594.6 million in the same period in 2023.
Gross profit decreased 5% to $193.2 million from $203.7 million in the prior-year period.
Despite lower boat margins and revenue in the fourth quarter of fiscal 2024, gross profit margin remained consistent with the prior-year period at 34.3%, driven by the increased contribution of higher-margin businesses including finance and insurance, marinas and the Company’s Superyacht Division.
Net income in the fiscal 2024 fourth quarter was $4 million, compared with net income of $15.1 million, in the same period in 2023.
Based on a preliminary assessment of damage from Hurricanes Helene and Milton, current business conditions, retail trends and other factors, the Company expects fiscal year adjusted EBITDA in the range of $150 million to $180 million.
