WATSONVILLE, Calif., Feb. 27, 2014 (GLOBE NEWSWIRE) -- West Marine, Inc. (Nasdaq:WMAR) today reported unaudited financial results for the fiscal year ended December 28, 2013.
- Net revenues were $663.2 million, a decrease of 1.8% compared to last year.
- Comparable store sales also decreased by 1.8%.
- Pre-tax income was $15.3 million, compared to pre-tax income of $24.5 million last year.
- Direct-to-consumer sales increased by 15.7% over last year, driven by our strategic investments in eCommerce.
- Sales in our merchandise expansion categories (which include footwear, apparel, clothing accessories, fishing products and paddle sports equipment) were up 6.1%, with sales of core usage-related products declining by 2.9%.
- The company remained debt-free at year-end and had $98.8 million available on its revolving credit line at the end of the period.
Fiscal Year and Fourth Quarter Financial Highlights
Net revenues for the fiscal year ended December 28, 2013 were $663.2 million, a decrease of 1.8% compared to net revenues of $675.3 million for fiscal year 2012.In line with our omni-channel focus, beginning in the first quarter of 2013, we changed our definition of comparable store sales to include sales from our direct-to-consumer and wholesale channels. As before, store sales are included in comparable store sales in the fiscal period in which they commence their 14th full month of operations. Stores that were closed or substantially remodeled (i.e., resulting in an increase or decrease of 40% or more of selling square footage) are excluded. Using this new definition, comparable store sales for 2013 decreased by 1.8% when compared to the same period last year. For 2012, we previously reported a 3.3% increase in comparable store sales. Using the new definition, our 2012 comparable store sales increased 3.1%. Matt Hyde, West Marine's CEO, commented: "I would characterize 2013 as a challenging year due to the unusually cold, rainy and windy weather in many of our markets during the first half of the year. We were disappointed in the results, but we have continued to make great progress with our three key growth strategies: eCommerce development; merchandise expansion; and store optimization. Our growth strategies continue to evolve West Marine into a waterlife outfitter by offering broader product selections, a more appealing in-store experience and ease of shopping options."