Expenses keep West Marine in the red for Q4

Watsonville, Calif. – Expenses in benefits, share-based compensation, and inventory that exceeded forecasts helped keep West Marine Inc. in the red during the fourth quarter of fiscal 2014. West Marine reported a net loss of $10.3 million, a small improvement from the $11.3 million net loss it reported in the same quarter the prior fiscal year.



Net revenues grew 9% to $129.4 million from $118.8 million. The addition of a 53rd week in fiscal 2014 helped boost that figure. Same-store sales rose 2.8%.



Matt Hyde, CEO of West Marine, focused on topline performance in his comments.



“From increased comp store sales to a strong holiday response, our key growth strategies delivered solid top line growth,” said Hyde. “We are optimistic that these strategic initiatives, combined with a strengthening boating industry, will give us good momentum as we start this year's boating season."



For the full fiscal year, West Marine reported net income of $1.9 million, down 77% from $7.8 million the previous fiscal year. Net revenues were $675.8 million, an increase of 2% compared to $663.2 million. Same-store sales edged up 0.1%. Same-store sales are expected to rise 1%-4% during fiscal 2015.