West Marine reports year-end, 4Q results

WATSONVILLE, Calif. - West Marine, Inc.'s net income was up 27.1 percent for the year ended Jan. 1, 2005 - to $25.5 million, or $1.20 per share, from $20.1 million, or $0.99 per share, for the previous year - but the company's net loss (unaudited) for the 13 weeks ended Jan. 1, was ($3.4 million), or ($0.16) per share, compared to a net loss of ($1.6 million), or ($0.08) per share, for the 14-week period in the previous year, West Marine reported in a release yesterday.

"We are very pleased with the significant increase in our earnings for 2004,” said Eric Nelson, chief financial officer.

Net sales for the 52 weeks ended Jan. 1, 2005, were $682.4 million, up 3.2 percent from $660.9 million for the 53 weeks ended Jan. 3, 2004. The extra week in the 2003 fiscal year calendar represented $6.2 million in additional sales. Comparable store net sales for 2004 increased 0.3 percent compared to the similar period a year ago.

Net sales for the 13 weeks ended Jan. 1, 2005 were $117.5 million, a decrease of 6.0 percent from $124.9 million for the 14 weeks ended Jan. 3, 2004. Comparable store net sales for the thirteen weeks ended Jan. 1, 2005 decreased by 3.3 percent compared to the first 13 weeks in the fourth quarter a year ago, mainly due to a calendar shift in 2004 that moved Christmas week and also accelerated the end of the boating season by one week versus the first 13 weeks in the fourth quarter a year ago, West Marine said.

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