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RS Sailing 2021 - LEADERBOARD

MarineMax Shatters last year's Q2 Results

by Lisa Harrison 23 Apr 06:22 PDT
MarineMax © MarineMax

The demand for the boating lifestyle is evident as MarineMax announces impressive results for its second quarter ended March 31, 2021.

Revenue increased 70% to $523.1 million for the quarter, up from $308.5 million in the comparable period last year. Same-store sales grew over 45% on top of a 1% increase in the comparable quarter last year. The Company's significant geographic and product diversification and the effective utilization of its digital platform have driven growth over the past several years. These factors, along with increased industry demand, resulted in net income rising more than sevenfold to $38.9 million. This compares to net income of $5.1 million in the comparable period last year. The Company generated positive same-store sales growth during the March 2020 quarter, despite the impact of COVID-19.

W. Brett McGill, Chief Executive Officer and President, stated, "We delivered record sales and earnings growth in the quarter, driven by a robust 45% same-store sales increase and strong gross margins. We continue to gain market share as we capitalize on the foundational shift of new customers embracing the boating lifestyle and many of our existing customers upgrading to larger and newer boats. Additionally, our multiple product and service offerings enhance our customers boating 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 capitalizing on the ongoing changes in consumer behavior, while driving significant leverage in our operating model."

Mr. McGill continued, "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. With a balanced strategic plan, a committed team, premium brands, exceptional customer service, an enthusiastic customer base, a global market presence and the ongoing benefits from investment in technology, MarineMax is well-positioned to drive growth as the world's preferred boating and yacht retailer."

Boat owners that purchase through MarineMax join an elite group, considered family. They receive access to exclusive owners' only Getaways!® trips and events, exceptional service and parts support to keep you on the water all season, and a lifetime of memories with friends and family on the boat of your dreams.

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