Here is a summary of West 49’s fourth quarter and fiscal 2010 results released this morning. West 49 is the industry’s largest customer in Canada. It operates a total of 136 stores under five banners.
Overall, the company said sales did well during peak periods but were otherwise erratic. Warm weather hurt outerwear sales, an important part of the business in Canada. The company did cut costs and improved profitability for the year.
To read about what executives said about its new brand, Volcom, its major new plans for its Off The Wall chain, how its moto store experiment is going and merchandising shift in its Billabong banners, click here.
Q4
Net sales: down 4.9% to $61.6 million.
Total same store sales: down 2.3%
West 49 banner same store sales: down 1.1%
Gross margin: down 80 basis points to 24.4% due to lower product margins.
Adjusted EBITDA: $3 million, down by $0.3 million.
Adjusted net income: $873,000 vs. $1.1 million the same period last year.
Full year
Net sales: down 2.4% to $205 million
Total same store sales: down 3.3%
West 49 same store sales: up 0.1%
Gross margin: up 140 basis points to 23.6%
Adjusted EBITDA: $7 million, up by $3.6 million
Adjusted net income: $200,000 vs. a $2.6 million loss last year.
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