OneWater Marine Inc. (NASDAQ:ONEW) Q2 2023 Results Conference Call May 4, 2023 8:30 AM ET
Company Participants
Jack Ezzell - CFO
Austin Singleton - CEO
Anthony Aisquith - President and COO
Conference Call Participants
Andrew Crum - Stifel
Martin Mitela - Raymond James
Fred Wightman - Wolfe
Alex Markgraff - KeyBanc Capital Markets
Craig Kennison - Baird
Michael Swartz - Truist Securities
Operator
Good day and thank you for standing by. Welcome to OneWater Marine's Fiscal Second Quarter 2023 Conference Call. [Operator Instructions]
I now like to hand the conference over to the speakers for some prepared remarks.
Jack Ezzell
Good morning, and welcome to OneWater Marine's Fiscal Second Quarter 2023 Earnings Conference Call. I'm joined on the call today by Austin Singleton, Chief Executive Officer; and Anthony Aisquith, President and Chief Operating Officer.
Before we begin, I'd like to remind you that certain statements made by management in this morning's conference call regarding OneWater Marine and its operations may be considered forward-looking statements under securities law and involve a number of risks and uncertainties. As a result, the company cautions you that there are a number of factors, many of which are beyond the company's control, which could cause actual results and events to differ materially from those described in the forward-looking statements. Factors that might affect future results are discussed in the company's earnings release, which can be found in the Investor Relations section on the company's website and in its SEC filings. The company disclaims any obligation or undertaking to update forward-looking statements to reflect circumstances or events that occur after the date the forward-looking statements are made, except as required by law.
And with that, I'd like to turn the call over to Austin Singleton, who will begin with a few opening remarks. Austin?
Austin Singleton
Thanks, Jack, and thank you, everyone, for joining today's call. We delivered strong second quarter results reflecting revenue growth of 19% on top of a 34% increase in the prior year period. Sales growth in the quarter was driven by a 23% increase in new boat sales and a 28% increase in service parts and other sales. Same-store sales grew 11%, well ahead of industry reports. Additionally, our parts and service business continues to grow at a good pace despite destocking that has been occurring at the big box retailers over the past several months.
The demand environment remains healthy. Boat show attendance and store traffic have been good as both new boaters and returning customers are attracted by our invaded offerings. From our perspective, we are seeing a continued change in customer buying cadence as we return to typical seasonality. Lead times and inventories continue to normalize and the customers are shopping around to find their next new boat. We continue to see market share gains as evident by our unit growth that has significantly outpaced the industry. We are pleased to see a return of balanced growth in both units sold and unit prices.