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Clearwater boat retailer MarineMax's sales jump, profits dive

Reporting its first sales increase in more than two years, beleaguered MarineMax Inc., found boaters will buy if prices drop far enough. The nation's biggest recreational boat retailer said revenues jumped 25 percent to $207 million in the quarter ended Sept. 30. The increase came after prices on last year's models and dropped brands were cut to unload unsold inventory to 56 percent of a year ago. The move helped the debt-free retailer shrink from a peak of 93 stores to 55. But it also tripled the Clearwater company's loss to $33 million, or $1.72 a share, from a year ago. "Pricing like that is not sustainable, but it is a sign our customers' willingness to spend in this economy is easing," said Bill McGill, chairman and chief executive officer.

Clearwater boat retailer MarineMax's sales jump, profits dive 11/05/09 [Last modified: Friday, November 6, 2009 1:54pm]
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