MarineMax revenue in the fiscal 2025 first quarter decreased 11.2% to $468.5 million from $527.3 million in the comparable period of fiscal 2024.
The results for the period ended December 31 2024 are primarily attributable to lower boat sales and disruption caused by Hurricanes Helene and Milton.
Revenue on a comparable-store basis decreased 11% from the prior-year period, compared to an increase of 4% in the first quarter of fiscal 2024 from the same period of fiscal 2023.
The recreational boat, yacht and superyacht services company had a gross profit margin of 36.2% with gross profit decreasing 3.3% to $169.7 million in the period compared to $175.5 million in the prior-year period.
“Our December quarter revenue and same-store sales performance reflected a combination of the soft retail environment that affected the recreational boating industry throughout 2024, and the significant disruptions caused by Hurricanes Helene and Milton,” said Brett McGill, CEO and president of MarineMax.
Maintaining a focus on cost efficiency, while also keeping a strong balance sheet, will be central to our plans in fiscal 2025.
Brett McGill
“With continued uncertainty in the economy, demand remained muted for much of the quarter, resulting in lower revenue and higher inventory at quarter-end compared with our expectations.”
However, he pointed out that despite macroeconomic headwinds, MarineMax gross profit margin strengthened.
“The increase was attributable to the promotional environment and the mix of sales year-over year, along with meaningful contribution from our higher-margin lines of business including, our marinas, Superyacht Services, and finance and insurance operations.”
The company’s acquisitions and organic growth has improved its margin and the diversification has improved its resilience to the challenges faced by the industry.
The company has also continued with its expense-reduction initiatives, including the divestiture or closure of three locations.
“Maintaining a focus on cost efficiency, while also keeping a strong balance sheet, will be central to our plans in fiscal 2025 as we work to enhance profitability and further strengthen our operational foundation,” said Brett McGill.
And he added that economic conditions in the recreational marine industry remain challenging however the company anticipates activity will improve as the industry moves into the spring selling season.
