West Marine reported net revenues for its 2010 fiscal fourth quarter ended January 1, 2011 of $107.3 million, an increase of $3.4 million, or 3.3 percent over revenues of $103.9 million reported a year ago (all figures $US).
Comparable store sales for the fourth quarter increased 1.6 percent, or $1.3 million. Revenues increased $6.4 million from stores opened during fourth quarter 2009 and fiscal year 2010. However, the impact of stores closed during these same periods effectively reduced revenues by $4.8 million. The majority of the closures occurred in connection with the company's on-going real estate optimization program to evolve into having fewer, larger stores.
“We are delighted to have finished 2010 with overall sales growth of 5.8 percent to $623 million in total net revenues,” said West Marine CEO, Geoff Eisenberg. “While unfavorable weather during November and December negatively impacted us in many markets, we experienced noteworthy increases with some of our key strategies, including our new larger store formats, casual and performance apparel initiatives, expansion of our Port Supply wholesale business through our more than 320 West Marine stores, and our increased focus on westmarine.com.”