Apparel retailer West 49 posts 70.1% higher sales at $50.7mn
25 Apr '06
3 min read
EBITDA for the fourth quarter increased by 268.8 percent to $5.9 million from $1.6 million for the same period last year.
Included in this quarter are one-time restructuring costs of $0.4 million or $0.01 per common share. Net income for the quarter was $2.7 million, or $0.04 per common share.
Financial Results for the Fiscal Year Net sales for fiscal 2006 increased 55.3 percent to $135.1 million from $87.0 million for fiscal 2005. Comparable store sales increased 7.2 percent, with the West 49 banner comparable store sales increasing 8.3 percent.
Gross margins for fiscal 2006 increased 68.0 percent to $38.3 million from $22.8 million for fiscal 2005. As a percentage of net sales, gross margins increased to 28.3 percent from 26.2 percent in the prior year.
EBITDA for the fiscal year increased 104.8 percent to $8.6 million from $4.2 million for the same period the prior year. Included in this year are one-time restructuring costs of $0.5 million or $0.01 per common share.
Net income for the fiscal year was $2.7 million, or $0.05 per common share.
At the end of fiscal 2006, the Company operated 107 stores, composed of 65 West 49 stores, 3 Billabong stores, 12 Off the Wall stores, and 27 stores under the banners Amnesia, Arsenic, and D-Tox compared with 57 West 49 stores and 1 Billabong store at the end of fiscal 2005.
Conference Call West 49 Inc will host a conference call on Tuesday, April 25, 2006 at 9:00 a.m. ET to discuss its fourth quarter and fiscal 2006-year end results.
A live audio web cast of the call will be available at http://www.newswire.ca/en/webcast/viewEvent.cgi?eventID=1453980.
West 49 Inc is a multi-banner specialty retailer of apparel, footwear and accessories related to skateboarding, snowboarding, and surfing, as well as the music industry, and fashion-forward young women.
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