West Marine reports increases for Q4 and 2010

Santa Cruz Sentinel
WATSONVILLE — Despite poor weather toward the end of the year, boating supplies and accessory retailer West Marine reported Tuesday a 3.3 percent jump in net revenues for the fourth quarter and improvements for the year overall.

Geoff Eisenberg, chief executive officer, said he was pleased with the quarter and “delighted” with overall sales growth of 5.8 percent for 2010.

“The revitalization of West Marine during the last few years, in an environment that has been so very challenging for boating, has resulted in both total sales and comparable store growth for six consecutive quarters” he said, comparing reporting periods of equal length.

The company also reported strides in several key areas such as the consolidation of smaller stores into a new larger store format, new lines of clothing and ongoing expansion of its wholesale and online business.

Comparable store sales for the fourth quarter increased 1.6 percent or $1.3 million. Revenues increased $6.4 million from stores opened during fourth quarter 2009 and fiscal year 2010. There were also store closures, however, which reduced revenues by $4.8 million.

The company plans to conduct a webcast conference call on the fourth quarter and year with analysts and investors on Feb. 24.

This article appeared here.


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