Mixed results at West 49
Canada-based action sport retailer West 49 has reported mixed financial results for its second quarter ended August 1. All figures are reported in Canadian dollars.
Net sales for the quarter fell $1.4 million, or 3.1%, to $43.6 million, but remained up slightly for the year-to-date. Comparable store sales fell 4.7%, while the West 49 banner remained relatively flat, with a slight decrease of 0.2%.
"We are pleased with the sales performance of our core West 49 banner during these challenging market conditions," said Sam Baio, chief executive officer. "However, we are disappointed by the sales performance of certain other elements of our business, specifically with respect to our girls business, which we will continue to monitor and address."
Gross margin for the quarter totalled $9.5 million, down $0.1 million from last year; however, gross margin accounted for 21.8% of net sales compared with 21.3% during the same quarter last year.
Net loss for the quarter improved to $1 million compared with a net loss of $1.8 million in the second quarter of 2008.
