West Marine earnings up in 2010

WATSONVILLE, Calif. — West Marine Inc. today released unaudited financial results for the fourth quarter and fiscal year ended Jan. 1.

Pre-tax income for fiscal year 2010 was $14.2 million, 49 percent higher than pre-tax income of $9.5 million in fiscal year 2009. Net income for the year was $13.2 million, an improvement of $0.9 million, or 6.9 percent, compared to net income in 2009.

Net revenues for the fifty-two weeks ended Jan. 1, 2011, were $622.8 million, a 5.8 percent increase over net revenues of $588.4 million for the fifty-two weeks ended Jan. 2, 2010. Comparable store sales increased 6.3 percent versus last year.

"We are pleased with the progress we are making with our ongoing plans to revitalize and grow the business," Geoff Eisenberg, West Marine's CEO, said in the company's year-end report. "We are proud that the actions we have taken and the strategies we are pursuing have delivered West Marine's best net income performance in a long time."

To read the company's full results, click here: West Marine fourth quarter and fiscal year end results

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