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OneWater Marine Inc. provides business update

by Jack Ezzell 4 Jun 10:16 PDT

OneWater Marine Inc. (NASDAQ: ONEW) ("OneWater" or "the Company") today provided a business update for its fiscal third quarter of 2020.

For the fiscal third quarter-to-date ended May 31, 2020, revenue increased in excess of 30% and same-store-sales topped 25% compared to the prior year. Despite several stores being impacted by government shelter-in-place orders, both sales and same-store-sales continued to exceed the Company's expectations. OneWater remains optimistic that these positive sales trends will continue based on the current volume of inbound leads.

"As many summer activities that have historically competed for time on the water have been canceled, our customers are turning to boating as a safe, outdoor leisure activity that allows families to come together and maintain social distancing. In addition, our stores and employees have proven their adaptability as we are able to engage in new, and often virtual, ways to meet the increased demand we are experiencing. As a result, the momentum we saw in April has continued as we moved through the quarter. In addition, our finance & insurance income further accelerated in May topping a very strong April," said Austin Singleton, Chief Executive Officer of OneWater. "There are still many unknowns as states begin to re-open, and the strength of the consumer demand remains uncertain. We are, however, optimistic that the desire to get out on the water in this unique time of our lives will continue to support demand during the summer selling season."

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