This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

West Marine Reports 2013 Results And Provides 2014 Full-Year Guidance

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."

1 of 4

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG

Markets

Chart of I:DJI
DOW 17,440.59 -127.94 -0.73%
S&P 500 2,067.64 -12.01 -0.58%
NASDAQ 5,039.7760 -48.8540 -0.96%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs