West Marine narrows net loss for Q4
By IBI Magazine
West Marine reported sales of US$123.8 million for its fourth quarter ended December 30, 2006, a one per cent decline compared to the same period last year. It also reported a net loss of US$6.0 million for the quarter, excluding a US$9.4 million charge for restructuring costs and store closures, compared to US$14.3 million net loss, excluding a US$14.3 million charge, for the same period a year ago. Sales for fiscal 2006 were US$716.6 million compared to US$692.3 million in 2005. Its net loss for the year was US$7.1 million compared to US$2.3 million a year ago. Same-store sales for the fifty-two weeks ended December 30, 2006 increased 2.4 per cent compared to the same period a year ago. For fiscal year 2007, West Marine currently estimates earnings ranging from US$0.45 to US$0.55 per share and an increase in comparable store sales ranging from 1 to 2 per cent. Net sales are expected to range from US$706 million to US$716 million for fiscal year 2007. A company statement noted that those numbers will reflect growth in its Port Supply wholesale and Direct Sales (including Internet) business segments.
(2 March 2007)
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