WATSONVILLE, Calif., Jan 11, 2011 (BUSINESS WIRE) — West Marine, Inc. (Nasdaq:WMAR) today reported net revenues for its 2010 fiscal fourth quarter ended January 1, 2011 of $107.3 million, an increase of $3.4 million, or 3.3%, from net revenues of $103.9 million a year ago.
Comparable store sales for the fourth quarter increased 1.6% or $1.3 million. Revenues increased $6.4 million from stores opened during fourth quarter 2009 and fiscal year 2010. However, the impact of stores closed during these same periods effectively reduced revenues by $4.8 million. The majority of the closures occurred in connection with the company’s on-going real estate optimization program to evolve into having fewer, larger stores.
Geoff Eisenberg, Chief Executive Officer of West Marine, said: “We are delighted to have finished 2010 with overall sales growth of 5.8% to $623 million in total net revenues. 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 when you adjust for the calendar shift in 2008 and evaluate the reporting periods so that both 2008 and 2009 are based on the same number of weeks.
“We were quite pleased with our fourth quarter total net sales growth of 3.3%. While unfavorable weather during November and December negatively impacted us in many markets, we experienced noteworthy increases with some of our key strategies, including our new larger store formats, casual and performance apparel initiatives, expansion of our Port Supply wholesale business through our more than 320 West Marine stores, and our increased focus on westmarine.com.
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