Canadian operations cut into West Marine Q3 profit

Watsonville, Calif. –- A tax valuation allowance related to its Canadian operations helped reduce net income at West Marine Inc. to $4.9 million in the third quarter of fiscal 2014, down 24% from $6.5 million in the same period the prior fiscal year. Net revenues were $196.5 million, a 2% jump from $193.4 million, and same-store sales rose 0.6%.



"Comparable stores sales showed slight gains for the quarter and we experienced stronger results from our growth strategies in merchandise expansion and store optimization,” said Matt Hyde, CEO of Wet Marine. “We remain focused on repositioning West Marine into a broader, waterlife outfitter and growing sales of core boating products."