Watsonville, Calif. West Marine reported Tuesday a loss of $12.8 million in the fourth quarter ended Jan. 2, compared with a loss of $29 million in the year-ago period.
Net revenues for the quarter dropped 6.4% to $103.9 million, compared with $111.1 million a year ago. Same-store sales decreased 4.8%.
For the year, the boating supplies retailer recorded a profit of $12.4 million, compared with a loss of $38.8 million for fiscal year 2008. Annual revenues were $588.4 million, down 6% from the previous year. Comp-store sales dropped 3.6%.
“Especially considering how difficult a year it was for the boating industry, I think it’s quite noteworthy that West Marine was profitable for the year,” said Geoff Eisenberg, West Marine’s CEO.
West Marine, the largest specialty retailer of boating supplies and accessories, has 334 company-operated stores located in 38 states, Puerto Rico and Canada and two franchised stores located in Turkey.