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West Marine reports 4Q revenues

West Marine today reported an increase in net revenues for the fourth quarter, which ended Jan. 2, when adjusted to account for an extra week in the fiscal quarter.

The company had net revenues of $104.2 million for its 13-week 2009 fiscal fourth quarter. Adjusted to remove the impact of an extra week in the 2008 fiscal fourth quarter, 2009 fiscal fourth quarter adjusted net revenues increased by $1.7 million, or 1.7 percent, and adjusted comparable store sales increased by $2.6 million, or 3.2 percent, over last year.

Without this adjustment, however, net revenues decreased by $6.9 million, or 6.2 percent, to net revenues of $104.2 million compared to the 14-week 2008 fiscal fourth quarter, and comparable-store sales decreased by $4.3 million, or 4.8 percent.

Stores opened during fourth quarter 2008 and fiscal year 2009 increased net revenues by $4.6 million versus last year. However, the impact of stores closed during fourth quarter 2008 and fiscal year 2009 reduced net revenues by $4.4 million.

"It's certainly noteworthy that despite the still-difficult market environment, when you evaluate the reporting periods so that both 2008 and 2009 are based on the same number of weeks, we've achieved two consecutive quarters of comparable store and overall company growth," CEO Geoff Eisenberg said in a statement.

"The holiday season is not as important to West Marine as it is to most retailers, but it is still significant, and we were very pleased with customer response to our offers," he added. "With an anticipated decline in sales of street navigation products, we moved a lot of our investment towards other, more boating-related 'giftable' items, and these performed well."

Net revenues for the 52 weeks ending Jan. 2 were $588.7 million, a decrease of $42.6 million, or 6.7 percent, from net revenues of $631.3 million for the 53 weeks ending Jan. 3, 2009.

This was primarily due to a decline of 3.6 percent, or $18.7 million, in comparable store sales.

There was a further decrease of $27.1 million from store closures during fiscal year 2009, partly offset by $18.4 million of net revenues generated by new stores.

A webcast to discuss fourth quarter and full-year 2009 financial results is set for 9 a.m. PST March 4.

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