Revenue decreased 9% for marine retailer OneWater Marine to $542 million for the quarter ending 30 June 2024, with same-store sales decreasing 8% for the quarter.
The company had a gross profit margin of 24.4% with gross profit totalling $132.6 million, down $26.8 million from $159.4 million for fiscal third quarter 2023.
The decline is put down to a progressively weaker market environment and a negative impact from weather in Texas.
Excluding the organisation’s Texas locations, same-store unit sales were down 1.9% for the fiscal third quarter.
“As we look to the balance of the fiscal year, we remain cautiously optimistic,” explained Austin Singleton, CEO at OneWater. “We are focused on proactively managing inventory and expenses, which should provide some tailwinds as we navigate into fiscal 2025.”
As we look to the balance of the fiscal year, we remain cautiously optimistic.
Austin Singleton, CEO, OneWater
New boat revenue decreased 10.4% and pre-owned boat revenue decreased 4.1%, driven by a decrease in units sold and average price per new unit.
Finance and insurance income increased slightly as a percentage of total boat sales.
Service, parts and other sales were down 8.4% compared to the prior year quarter. Excluding the impact from the dispositions that occurred in the fourth quarter of 2023, dealership segment service, parts and other sales were positive.
Distribution segment service, parts, and other sales were lower due to reduced production by boat manufacturers.
There was an increase in selling, general and administrative expenses as a percentage of revenue was driven by lower revenues.
For the full year 2024, OneWater is anticipating dealership same-store sales to be down mid-single digits.
