MarineMax posts wider loss as sales decline accelerates
The boat retailer’s same-store sales fell 15% in the latest quarter, reversing double-digit growth earlier in the year.
The recreational-boat retailer MarineMax (HZO) reported a net loss in its fiscal second quarter as revenue declined at the fastest pace in more than a year. Sales fell 16.5% from the prior-year period to $527.4 million, steepening from a 7.8% increase in the first quarter and marking the second consecutive quarter of year-over-year declines.
The drop reflected a sharp reversal in consumer demand: same-store sales decreased 15% after rising more than 10% in the prior quarter and 2.3% in the fiscal 2025 fourth quarter. The company said the pullback was most pronounced in entry-level boats, while premium segments continued to see sustained demand, as evidenced by sequential and year-over-year growth in customer deposits.
Despite the revenue decline, gross profit margin expanded 440 basis points to 34.4%, extending a trend of margin improvement that began in the prior quarter. The gain was offset by higher selling, general and administrative expenses, which rose to 32.3% of revenue from 26.4% a year earlier. Adjusted EBITDA fell 22.7% to $23.9 million, following a 40.4% decline in the first quarter.
The net loss widened to $2.6 million, or $0.12 a share, from net income of $3.3 million, or $0.14 a share, in the prior-year period. Adjusted net income declined to $0.9 million, or $0.04 a share, from $5.5 million, or $0.24 a share, a year earlier.
Segment performance mirrored the broader slowdown. Retail Operations revenue fell 16.1% to $525.3 million, while income from operations in the unit declined 40.8% to $12.4 million. Product Manufacturing revenue dropped 33.2% to $23.7 million, and the segment swung to a $5.1 million operating loss from a $3.4 million loss a year earlier.
MarineMax reaffirmed its full-year guidance, projecting adjusted EBITDA of $110 million to $125 million and adjusted net income of $0.40 to $0.95 a share. The company also refinanced its $1.49 billion senior secured credit facilities, expanding its revolving credit line to $150 million and extending debt maturity to June 2031. Floor plan borrowings declined to $689.9 million from $715.7 million in the prior quarter and $821.7 million a year earlier, reflecting lower inventory levels.