MarineMax Q2 2023 revenue down 7% from record year
MarineMax has reported a 7% fall in revenue to $570.3m for the second quarter (Q2) of its current financial year compared with record results posted for the same period in 2022. The yacht dealer attributed the decrease mainly to declining new and used yacht sales.
Brett McGill, CEO and president, MarineMax said that its Q2 results reflect the industry’s return to more seasonal sales trends after the exceptionally strong results seen throughout fiscal 2022 across the superyacht industry.
“Against that backdrop our team executed well, delivering a solid top line and record second quarter gross margin,” said McGill.
The decline in yacht sales also resulted in 13% lower same-store sales, compared with sales increases of 7% in the second quarter of fiscal 2022 and 45% the year before. However, this was partly offset by contributions from its subsidiary IGY Marinas and boat manufacturing revenue which are not included in the comparison.
However, despite the decline, the company still made $200.9m in profit. This was 2% down on last year, reflecting the decrease in revenue, said MarineMax.
But figures are still far above 2019 levels. Compared with the first six months of fiscal 2019, MarineMax’s revenue through the same period in fiscal 2023 has almost doubled to $1bn.
“While the unprecedented inventory shortages and lower interest rate environment of fiscal 2022 create a very difficult comparison for us this year, our results in historical context demonstrate clearly that our growth strategy is paying off, despite the macroeconomic volatility,” added McGill.
Although the firm is revising its 2023 guidance to reflect its current performance, McGill is confident the company will “outperform the market in the long run”. The business planned to balance expense management with investments to generate profitable growth.
“As we head into the traditionally strong summer selling season, our historically high backlog and strong customer demand reflect worldwide enthusiasm for boating as well as the demand for the high-quality products and services we are delivering to this global market,” he said.
