MarineMax has been busy
There’s been a flurry of announcements from MarineMax, a publically quoted company on the New York Stock Exchange (HZO) and the largest recreational boat and yacht retailer in the US with 57 retail locations.
Since the beginning of May the company has announced the introduction of the MarineMax Community - community.marinemax.com - a website that allows users to share their boating experiences, photos, videos and opinions as well as other resources.
The company joined forces with Tracker Marine and created a boat superstore in Osage Beach, Missouri, home of Lake of the Ozarks, a 55,000 acre reservoir. They launched a new boating gear website - boatinggearcenter.com - to support the growth of the company’s boating gear and accessories retail business.
MarineMax also announced it had increased its existing finance facility with GE Capital from U$100m to U$150m. Last, but by no means least, it said it is to hold the MarineMax Outboard Invitational Series, which consists of four fishing tournaments held in different locations; three in Florida and one in Alabama.
All entry fees go to the Fisher House, a charity that supports America’s military personnel.
When asked about any underlying reasons for this burst of activity Michael McLamb, chief financial officer/executive vice president said: “The US industry is still generally showing mixed results but registrations are down year over year. MarineMax has seen new unit sales increase in the December and March quarters and signs are that April new unit sales are also up.”
He went on to say: “We attribute this growth to our retailing strategies which ‘envelope’ the customer and ensure they are enjoying the boating lifestyle with their families and friends.”
Unfortunately these initiatives have not yet had a positive impact on the MarineMax share price. It’s fallen from U$9.51 on 2 May to U$7.81 at the close of business 10 June.
