West Marine reports 4Q, year-end results - Trade Only Today

West Marine reports 4Q, year-end results

Author:
Publish date:
Social count:
0

West Marine saw a 1.9 percent increase in net revenue in fiscal 2014 and net fourth-quarter revenue rose 8.9 percent compared with the quarter in the prior year.

Fiscal 2014 was a 53-week year for the California-based boating supplies and accessories retailer. Excluding the effects of the 53rd week, comparable-store sales rose 0.1 percent for the year and by 2.8 percent for the quarter.

"We're pleased with our strong fourth-quarter results,” CEO Matt Hyde said in a statement. “From increased comp store sales to a strong holiday response, our key growth strategies delivered solid top-line growth. We are optimistic that these strategic initiatives, combined with a strengthening boating industry, will give us good momentum as we start this year's boating season.”

For the year that ended Jan. 3, the company said it earned a profit of $1.9 million, or 8 cents a diluted share, compared with $7.8 million, or 32 cents a share, for the year that ended Dec. 28, 2013. Excluding the effect of an $800,000 tax valuation allowance related to Canadian operations, 2014 net income was $2.8 million, or 11 cents a share.

The company reported a loss of $10.3 million, or 42 cents a diluted share, for the 14-week 2014 quarter, compared with a loss of $11.2 million, or 46 cents a share, for the 13-week quarter a year earlier. Net revenue for the 2014 quarter rose by $10.6 million, or 8.9 percent, to $129.4 million, compared with $118.8 million in the prior year’s quarter.

Key financial projections for 2015 are in the following ranges:

  • Comparable-store sales growth of 1 percent to 4 percent on a comparable 52 weeks, year-over-year
  • EBITDA of $26 million to $31 million
  • Pretax income of $6 million to $11 million
  • Earnings per share of 14 cents to 27 cents

Related

For Sea Tow captain, every day is Father’s Day

Will Beck, owner of Sea Tow Palm Beach in West Palm Beach, Fla., probably won’t mind if he has to work on Father’s Day weekend because he’ll be more than likely have his 30-year-old son Connor, on board with him.