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Clearwater boat retailer MarineMax expects loss

MarineMax of Clearwater showed signs Tuesday of a pummeling by financial markets and multiple hurricanes.

The nation's largest recreational boat retailer expects to report a net loss per share of 58 cents to 68 cents for the fourth quarter, according to an update.

That's compared with net earnings of 35 cents a share in the same quarter last year.

About 10 cents of the loss can be attributed to charges associated with closing seven stores, the company said.

It also expects to report revenue of approximately $165-million compared with $318-million in the same quarter last year.

That reflects a same-store sales decline of about 45 percent, far worse than the 1 percent same-store decrease it reported a year ago.

"Despite what is proving to be the harshest marine market in decades, we remain confident in our differentiated, customer-centric business model, which has positioned us as the leading retailer in our markets and has allowed us to continue to grow market share year after year," CEO Bill McGill said.

The company expects to release its full fourth-quarter and year-end results Nov. 11.

Clearwater boat retailer MarineMax expects loss 10/14/08 [Last modified: Wednesday, November 3, 2010 3:45pm]
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