Price reductions lift sales at West 49
Canadian retailer West 49 Inc. has posted slightly higher sales for its third quarter ended October 27.
Net sales for the quarter increased 1.5% to $59.1 million compared with $58.2 million in the third quarter of last year. However, net income was $2.6 million, down from $3.9 million in the corresponding period in 2006.
CEO, Sam Baio, said: "While our stores in Western Canada and the Atlantic Provinces continued to generate strong sales, our financial results for the quarter were dampened by a challenging retail climate in Ontario and the need to clear older merchandise at Off The Wall as we transition the banner to a new merchandising strategy.”
“Additionally, we lowered our average selling price on key items such as footwear to help combat cross border shopping,” he added.
Meanwhile, net sales for the first nine months of the year increased 6.9% to $142.5 million compared with $133.3 million for the period last year.
The company also announced that Peter Kershaw has been appointed vice president, general merchandising manager. He will lead the buying team for the West 49, Billabong and Duke's Northshore banners and will also be responsible for the marketing and visual functions of these banners. Mr Kershaw will report directly to Mr Baio, effective January 7.
West 49 Inc. sells apparel, footwear, accessories and equipment for the skateboarding, snowboarding, surfing, BMX, motocross and music industries.
