West Marine reports 4Q, year-end results

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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

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